创业投资机构行为、企业能力与高新技术企业成长研究

【作者】 王敏；

【导师】 贾生华；

【作者基本信息】 浙江大学 ， 企业管理， 2009， 博士

【摘要】 创业投资对经济发展有着重要的推动作用。因此,创业投资得到了理论界和实践界的广泛关注,成为理论研究、政策分析和企业经营的热点话题。中国创业投资产业发展较晚,但近年来发展迅速,呈现出募资规模和投资规模持续快速增长、产业投向分布趋于分散化、投资区域较为集中等特征。但是,相关政策法规不完善、退出机制尚不健全、高新技术企业对创业投资的作用认识不足等不利因素,制约了中国创业投资产业的快速发展及其对高新技术企业成长的促进作用。国际经验表明,创业投资对高新技术企业成长的促进作用主要依赖于创业投资机构为企业提供的支持行为。近年来,中国创业投资机构数量快速增长,但由于理念、人才、经验等限制,其支持行为尚缺乏有效性,导致对高新技术企业的促进作用有限。因此,科学识别和准确理解创业投资机构的有效支持行为及其作用机制,有助于实现中国创业投资产业和高新技术产业的持续快速发展。尽管创业投资与企业成长领域的国内外研究已取得了许多有价值的研究结论,但现有研究还至少存在三方面不足:第一,研究样本基本上来自创业投资业较为发达的国家,针对中国等创业投资业尚处于兴起阶段、配套法规政策不完善、资本市场不健全的国家的研究较少,来自发达国家的研究结论是否适用于中国还需进一步验证。第二,现有研究主要关注创业投资机构的属性特征及其对高新技术企业成长的影响,对创业投资机构行为特征的重要性尚缺乏足够重视。第三,关于创业投资促进企业成长的内在机制问题研究还基本停留在理论分析和描述性研究上,相关实证研究还不够深入和系统。因此,本研究以中国创业投资业和高新技术企业为考察对象,对创业投资机构行为特征对高新技术企业成长的作用进行检验,重点剖析创业投资机构行为特征促进高新技术企业成长的内部机制。为此,本研究对创业投资、企业成长、高新技术企业成长决定因素、创业投资对企业成长的影响等方面的基础理论和研究进展进行了较为全面和深入的综述,对中国创业投资业和高新技术产业的发展现状、特点与问题进行分析和总结,在对搜狐、赛维LDK、晶能光电等高新技术企业进行典型案例分析的基础上,构建了“创业投资机构行为特征—企业能力—高新技术企业成长”理论分析框架,主要通过问卷调查方法获取实证资料,采用多种统计分析方法实证检验创业投资促进高新技术企业成长的内在机制。研究的主要内容与结论包括:(1)通过综述创业投资对企业成长的影响,认为创业投资对企业成长的促进机制存在理论依据和经验支持。创业投资在西方国家高新技术企业成长过程中起着至关重要的作用,它有助于提高企业的成长速度,对企业IPO有积极作用,还有助于提高企业的创新绩效。创业投资主要通过资金支持和非资金方面的增值作用促进企业成长,但其作用的发挥要受到宏观和微观两个层面因素的影响。(2)结合理论分析、实地访谈和典型案例分析,构建“创业投资机构行为特征—企业能力—高新技术企业成长”理论分析模型。通过对高新技术企业成长决定因素、创业投资对高新技术企业成长的影响等相关方面的文献分析,对赛维LDK、晶能光电、巴士在线等高新技术企业和金沙江、淡马锡等创业投资机构高管的深度访谈与典型案例分析,从企业能力这一影响高新技术企业成长的重要因素视角,构建“创业投资机构行为特征—企业能力—高新技术企业成长”理论分析模型,其中,创业投资机构的行为特征和企业能力都具有多维性,据此剖析创业投资促进高新技术企业成长的内在机制。(3)采用问卷调查方法获取第一手数据资料,运用统计分析方法实证检验创业投资促进高新技术企业成长的内在机制。在文献综述、实地访谈和典型案例剖析的基础上,设计和完善针对高新技术企业的调查问卷,于2008年3月—2008年11月间发放企业调查问卷320份,回收有效问卷105份。采用因素分析、回归分析等多种方法,实证检验各项研究假设,主要得到如下结论:①创业投资机构对企业的投资规模、作为企业董事会成员方式提供管理支持和对企业的专业性管理支持强度这三种行为对高新技术企业成长有促进作用。②创业投资机构对高新技术企业的投资规模,对企业成长和员工成长起直接正向作用,对企业销售成长没有显著影响,③创业投资机构作为董事会成员提供管理支持,通过技术能力对高新技术企业成长起间接正向作用,通过创业导向对企业成长和员工成长起间接正向作用,对企业销售成长没有显著影响。④创业投资机构对高新技术企业提供的专业性管理支持强度,通过技术能力对企业成长和销售成长起间接正向作用,通过融资能力对企业成长起间接正向作用,对企业员工成长没有显著影响。本研究可能的创新点主要聚焦于提出并检验了“创业投资机构行为特征—企业能力—高新技术企业成长”理论分析模型,基于案例分析和统计分析的实证研究较为全面和深入地揭示出了中国背景下创业投资促进高新技术企业成长的内在机制,相关研究结论不仅回应了国内外有关创业投资影响高新技术企业成长的理论进展,还进一步剖析了创业投资机构的主要行为特征影响高新技术企业成长的内在机制,有助于相关理论的深化和发展,为官产学等各界全面深入理解创业投资的重要性提供了较为可靠的经验依据。创业投资对高新技术企业成长的影响研究,受制于各地创业投资业发展程度、企业数据获取等方面的制约,在国际上都是一项富有挑战性但极具潜力的研究议题,尚待理论深化和实证检验。限于笔者的研究能力和研究本身的探索性性质,本研究在样本数量与构成、客观数据获取、研究方法选择等方而都还存在一些不足,有待在进一步研究中不断完善。更多还原

【Abstract】 Venture capital industry plays an important role in promoting economic development. Therefore, venture capital has gained much attention from both academic research and practice, and has become a hot topic in theoretical research, policy analysis and business management. Venture capital industry in China started late, but has developed rapidly in recent years, showing a sustainable and rapid growth in the funds having been raised and investments having been made, industrial diversification of the investment and concentration of investment geographies. However, the contribution of venture capital industry to the development of Chinese high-tech industries is yet to be enhanced because of imperfect policies and financial market. It has been proved that this kind of contribution depends on the behaviors of the venture capital firms. However, the effect of Chinese venture capital firms’ behaviors is far from efficient. Therefore, it is urgent to identify these efficient behaviors, so as to enhance the growth potential and development capacity of the high-tech firms in China.Although many valuable research findings have been made in the areas of venture capital and firm growth, there are still at least two shortcomings in current research: First, research samples are basically from countries where the venture capital industry is more developed, and few researches are based on the samples form China. The venture capital industry is still underdeveloped, the supporting regulations and policies are imperfect, and its capital market is far from mature in China. Thus, it needs to be verified whether those findings from the developed countries are applicable to China. Secondly, the research on internal mechanism of how venture capital contributes to firm growth is basically conducted in the theoretical analysis and descriptive study, while relevant empirical researches needs to be more adequate and systematic. Therefore, this dissertation focuses on venture capital industry and high-tech firms in China, examines the impact of venture capital firm’s behavior on high-tech firms, and analyzes the internal mechanisms of how venture capital firm’s behavior contributes to the growth of high-tech firms.As such, this dissertation first includes a comprehensive and in-depth overview on the fundamental theories and research progresses in venture capital, firm growth, and the determinants of high-tech firms’ growth and influence of venture capital on firm growth. Then, it analyzes the current status, characteristics and problems of Chinese venture capital industry and high-tech industry. Based on the case study of high-tech firms such as LDK Solar and Lattice Power, a theoretical analysis framework is constructed of "venture capital firm’s behavior - firm capabilities -growth of high-tech firm". Empirical data are obtained mainly through questionnaire survey, and the internal mechanism of how venture capital firm’s behavior contributes to high-tech firms is verified by various statistical analysis methods. The main contents and conclusions of the study include:(1) The promotion mechanism of venture capital to firm growth is considered to have theoretical basis and empirical support, through overview of the impact of venture capital on firm growth. Venture Capital plays a vital role in the growth of high-tech firms in the western countries. It helps to increase the speed of firm growth, has a positive impact on IPO, and improves the innovation performance. Venture capital contributes to the firm growth, mainly through financial support and non-financial value-added service, but its role is subject to both the macro and micro factors.(2) The theoretical analysis framework of "venture capital firm’s behavioral characteristics - firm capabilities - growth of high-tech firm" is estabilished after careful theoretical analysis, interviews and case analysis. Through the literature analysis of the determinants of high-tech firms’ growth and the impact of venture capital on the growth of high-tech firms such as LDK Solar, Lattice Power and Bus-Online, and through interviews with executives from high-tech firms and venture capital firms, a theoretical analysis framework is constructed of "venture capital firm’s behavioral characteristics - firm capabilities - growth of high-tech firm", from the perspective of firm capability which is an important factor for high-tech firms’ growth. The venture capital firm’s behavioral characteristics and firm capabilities show multiple dimensionals, which are utilized to analyze the internal mechanism of how venture capital drives high-tech firms’ growth.(3) Questionnaire survey is adopted to obtain first-hand data, and statistical analysis is employed to empirically test the internal mechanism of how venture capital firm’s behavior contributes to the growth of high-tech firms. Based on the literature review, interviews and analysis of typical cases, a questionnaire for high-tech firms was designed and improved. 320 questionnaires were given out and 105 valid questionnaires were received from March to November in 2008. With the questionnaire survey data, factor analysis and regression analysis were utilized to empirically test the hypotheses, and conclusions were made as follows:①The investment size of venture capital firm, management support by presenting at the Board of Directors, and the intensity of functional management support are three factors that have a positive role in the growth of high-tech firms.②The investment size of venture capital firm has a direct positive impact on the growth of high-tech firms and the growth of firm’s employees, but has no impact on the growth of firm’s sales.③By providing management support by presenting at the Board of Directors, venture capital firms have an positive impact on the growth of firms through enhancing the technology capability, and have an positive impact on the growth of firms and the growth of firm’s employes through changing the entrepreneurial orientation of firms, and has no impact on the growth of firm’s sales.④The intensity of functional management supports provided by venture capital firms have an positive impact on the growth of firm and the growth of firm’s sales through improving firm’s technical capacity, and also have an positive impact on the growth of firm through enhancing firm’s financing capacity, and has no impact on the growth of firm’s employees.In this dissertation, the theoretical analysis framework of "venture capital firm’s behavioral characteristics - firm capabilities - growth of high-tech firm" is proposed and tested, and the internal mechanism of how venture capital firm’s behavior contributes to the growth of high-tech firms in China is revealed. The findings not only respond to the current theoretical development, but also develop the internal mechanism of how venture capital firm’s behavior influence the growth of high-tech firm, which is helpful for the further development of related theories, and provides reliable empirical reasons for the understanding of the importance of venture capital to academic research.This research of how venture capital firm’s behavior influences on the growth of high-tech firm is subject to a number of constraints, such as the development stage of venture capital and availability of research data in China. It is globally a research with both challenge and great potential because there exsit limited theories and practical experiences. Further efforts needs to be made increase the sample number and research method selections.更多还原