章节

风险投资和创业企业总是完美一对吗

关键词

作者

罗超亮 ,贵州财经大学工商学院讲师、管理学博士,研究方向为战略管理、风险投资。在《中山大学学报》《南开管理评论》等期刊上发表多篇论文,现主持国家自然科学基金青年项目1项,参与国家自然科学基金项目多项。
符正平 ,教授,中山大学自贸区综合研究院院长,兼粤港澳发展研究院副院长,研究方向:产业组织与管理、区域发展战略与管理。
刘冰 ,中山大学旅游学院副教授、管理学博士、硕士生导师。主要研究领域为战略管理、旅游管理、风险投资、社会网络。在Tourism Management、《南开管理评论》、《旅游学刊》等期刊发表多篇论文。主持并完成国家自然科学基金项目和国家社会科学基金项目多项。
王曦 ,南华大学经济管理与法学学院讲师,管理学博士。主要研究领域为战略管理、风险投资、社会网络。在《西北工业大学学报》《山西财经大学学报》等CSSCI期刊上发表论文近10篇。主持湖南省社会科学基金项目1项,参与国家自然科学基金项目多项。

参考文献 查看全部 ↓
  • [1]贾宁,李丹.创业投资管理对企业绩效表现的影响[J].南开管理评论,2011,(1):96-106.
  • [2]李晓翔,刘春林.冗余资源与企业绩效关系的情境研究——兼谈冗余资源的数量变化[J].南开管理评论,2011,(3):4-14.
  • [3]沈维涛,叶小杰,徐伟.风险投资在企业 IPO 中存在择时行为吗——基于我国中小板和创业板的实证研究[J].南开管理评论,2013,16(2):133-142.
  • [4]吴超鹏,吴世农,程静雅,王璐.风险投资对上市公司融资行为影响的市政研究[J].经济研究,2012,(1):105-119.
  • [5]吴翠凤,吴世农,刘威.风险投资介入创业企业偏好及其方式研究——基于中国创业板上市公司的经验数据[J].南开管理评论,2014,(5):151-160.
  • [6]肖斌卿,李心丹,顾妍,王树华.中国上市公司投资者关系与公司治理——来自 A 股公司投资者关系调查的证据[J].南开管理评论,2007,10(3):51-60.
  • [7]肖兴志,何文韬,郭晓丹.能力积累,扩张行为与企业持续生存时间——基于我国战略性新兴产业的企业生存研究[J].管理世界,2014,(2):77-89.
  • [8]张三保,张志学.区域制度差异,CEO管理自主权与企业风险承担——中国30省高技术产业的证据[J].管理世界,2012,(4):101-114.
  • [9]张学勇,廖理.风险投资背景与公司IPO:市场表现与内在机理[J].经济研究,2011(6):118-132.
  • [10]周建,杨帅,郭卫锋.创业板民营企业战略决策机制对公司绩效影响研究[J].管理科学,2014,27(2):1-14.
  • [11]Aiken L S,West S G,Reno R R. Multiple regression:Testing and interpreting interactions[M]. Sage,1991.
  • [12]Arthurs J D,Busenitz L W. Dynamic capabilities and venture performance:The effects of venture capitalists[J]. Journal of Business Venture,2006,21(2):195-215.
  • [13]Audretsch D B,Lehmann E E,Plummer L A. Agency and governance in strategic entrepreneurship[J]. Entrepreneurship Theory and Practice,2009,33(1):149-166.
  • [14]Barney J B,Busenitz L W,Fiet J O,Moesel D D. New venture team’s assessment of learning assistance from venture capital firms[J]. Journal of Business Venturing,1996,11(4):257-272.
  • [15]Barney J. Firm Resources and sustained competitive advantage[J]. Journal of Management,1991,17(1):99-120.
  • [16]Bottazzi L,Rin M D,Hellmann T. Who are the active investors?Evidence from venture capital[J]. Journal of Financial Economics,2008,89(3):488-512.
  • [17]Bourgeois L J,Singh J V. Organizational slack and political behavior among top management teams[C]. Academy of Management Proceedings,1983,(1):43-47.
  • [18]Bourgeois L J. On the measurement of organizational slack[J]. Academy of Management Review,1981,6(1):29-39.
  • [19]Bowman E H. Risk seeking by troubled firms[J]. Sloan Management Review,1982,23(4):33.
  • [20]Bradley S W,Shepherd D A,Wiklund J. The importance of slack for new organizations facing ‘tough’environments[J]. Journal of Management Studies,2011,48(5):1071-1097.
  • [21]Bromiley P. Testing a causal model of corporate risk taking and performance[J]. Academy of Management Journal,1991,34(1):37-59.
  • [22]Brush T H,Bromiley P,Hendrickx M. The free cash flow hypothesis for sales growth and firm performance[J]. Strategic Management Journal,2000,21(4):455-472.
  • [23]Cheng J L C,Kesner I F. Organizational slack and response to environmental shifts:The impact of resource allocation patterns[J]. Journal of Management,1997,23(1):1-18.
  • [24]Child J. Organizational structure,environment and performance:The role of strategic choice[J]. Sociology,1972,6(1):1-22.
  • [25]Coffee J C. Liquidity versus control:The institutional investor as corporate monitor[J]. Columbia Law Review,1991,91(6):1277-1368.
  • [26]Cumming D,Dai N. Hedge fund regulation and misreported returns[J]. European Financial Management,2010,16(5):829-857.
  • [27]Cyert R M,March J G. A behavioral theory of the firm[M]. New Jersey:Prentice Hall,1963.
  • [28]Daniel F,Lohrke F T,Fornaciari C J,Turner,R A. Slack resources and firm performance:A meta-analysis[J]. Journal of Business Research,2004,57(6):565-574.
  • [29]D’aveni R A,Ravenscraft D J. Economies of integration versus bureaucracy costs:Does vertical integration improve performance?[J]. Academy of Management Journal,1994,37(5):1167-1206.
  • [30]Davis G F,Stout S K. Organization theory and the market for corporate control:A dynamic analysis of the characteristics of large takeover targets,1980-1990[J]. Administrative Science Quarterly,1992,37(4):605-605.
  • [31]Fitza M,Matusik S F,Mosakowski E. Do VCs matter?The importance of owners on performance variance in start-up firms[J]. Strategic Management Journal,2009,30(4):387-404.
  • [32]Fried V H,Bruton G D,Hisrich R D. Strategy and the board of directors in venture capital-backed firms[J]. Journal of Business Venturing,1998,13(6):493-503.
  • [33]Geoffrey Love E,Nohria N. Reducing slack:The performance consequences of downsizing by large industrial firms,1977-93[J]. Strategic Management Journal,2005,26(12):1087-1108.
  • [34]George G. Slack resources and the performance of privately held firms[J]. Academy of Management Journal,2005,48(4):661-676.
  • [35]Gompers P A. Grandstanding in the venture capital industry[J]. Journal of Financial Economics,1996,42(1):133-156.
  • [36]Greene P G,Brush C G,Hart M M. The corporate venture champion:A resource-based approach to role and process[J]. Entrepreneurship Theory and Practice,1999,23(3):103-122.
  • [37]Hambrick D C,Finkelstein S. Managerial discretion:A bridge between polar views of organizational outcomes. In Cummings L L,Staw B M.(Eds),Research in Organizational Behavior,1987:369-406. Greenwich,CT:JAI Press.
  • [38]Hellmann T,Puri M. The interaction between product market and financing strategy:The role of venture capital[J]. The Review of Financial Studies,2000,13(4):959-984.
  • [39]Hochberg Y V,Ljungqvist A,Lu Y. Whom you know matters:Venture capital networks and investment performance[J]. The Journal of Finance,2007,62(1):251-301.
  • [40]Hsu D H,Ziedonis R H. Resources as dual sources of advantage:Implications for valuing entrepreneurial-firm patents[J]. Strategic Management Journal,2013,34(7):761-781.
  • [41]Jensen M C,Meckling W H. Theory of the firm:Managerial behavior,agency costs and ownership structure[J]. Journal of Financial Economics,1976,3(4):305-360.
  • [42]Ju M,Zhao H. Behind organizational slack and firm performance in China:The moderating roles of ownership and competitive intensity[J]. Asia Pacific Journal of Management,2009,26(4):701-717.
  • [43]Khanna T,Palepu K. Why focused strategies may be wrong for emerging markets[J]. Harvard Business Review,1997,75(4):41-43.
  • [44]Kim H,Kim H,Lee P M. Ownership structure and the relationship between financial slack and R&D investments:Evidence from Korean firms[J]. Organization Science,2008,19(3):404-418.
  • [45]Kortum S,Lerner J. Assessing the contribution of venture capital to innovation[J]. RAND Journal of Economics,2000,31(4):674-692.
  • [46]Li P P,Leung K,Chen C C,Luo J D. Indigenous research on Chinese management:What and how[J]. Management and Organization Review,2012,8(1):7-24.
  • [47]Liu H,Jiang X,Zhang J,Zhao X. Strategic flexibility and international venturing by emerging market firms:The moderating effects of institutional and relational factors[J]. Journal of International Marketing,2013,21(2):79-98.
  • [48]Manigart S,Baeyens K,Van Hyfte W. The survival of venture capital backed companies[J]. Venture Capital,2002,4(2):103-124.
  • [49]March J G,Simon H A. Organizations[M]. New York:John Wiley and Sons,1958.
  • [50]Megginson W L,Weiss K A. Venture capitalist certification in initial public offerings[J]. The Journal of Finance,1991,46(3):879-903.
  • [51]Meyer A D. Adapting to environmental jolts[J]. Administrative Science Quarterly,1982,27(4):515-537.
  • [52]Mishina Y,Pollock T G,Porac J F. Are more resources always better for growth?Resource stickiness in market and product expansion[J]. Strategic Management Journal,2004,25(12):1179-1197.
  • [53]Morrow J L,Sirmon D G,Hitt M A,Holcomb T R. Creating value in the face of declining performance:Firm strategies and organizational recovery[J]. Strategic Management Journal,2007,28(3):271-283.
  • [54]Mousa F T,Marlin D,Ritchie W J. Configurations of slack and their performance implications:an examination of high-tech IPOs[J]. Management Decision,2013,51(2):225-247.
  • [55]Nohria N,Gulati R. Is slack good or bad for innovation?[J]. Academy of Management Journal,1996,39(5):1245-1264.
  • [56]Pang C,Shen H,Li Y. How organizational slack affects new venture performance in China:A contingent perspective[J]. Chinese Management Studies,2011,5(2):181-193.
  • [57]Peng M W,Li Y,Xie E,Su Z. CEO duality,organizational slack,and firm performance in China[J]. Asia Pacific Journal of Management,2010,27(4):611-624.
  • [58]Pound J. Proxy contests and the efficiency of shareholder oversight[J]. Journal of Financial Economics,1988,20(3):237-265.
  • [59]Puri M,Zarutskie R. On the life cycle dynamics of venture-capital-and non-venture-capital-financed firms[J]. The Journal of Finance,2012,67(6):2247-2293.
  • [60]Ritter J R,Welch I. A review of IPO activity,pricing,and allocations[J]. The Journal of Finance,2002,57(4):1795-1828.
  • [61]Sahlman W A. The structure and governance of venture-capital organizations[J]. Journal of Financial Economics,1990,27(2):473-521.
  • [62]Sapienza H J. When do venture capitalists add value?[J]. Journal of Business Venturing,1992,7(1):9-27.
  • [63]Sharfman M P,Wolf G,Chase R B,Tansik D A. Antecedents of organizational slack[J]. Academy of Management Review,1988,13(4):601-614.
  • [64]Shen W,Cho T S. Exploring involuntary executive turnover through a managerial discretion framework[J]. Academy of Management Review,2005,30(4):843-854.
  • [65]Shleifer A,Vishny R W. Large shareholders and corporate control[J]. Journal of political Economy,1986,94(3,Part 1):461-488.
  • [66]Simsek Z. CEO tenure and organizational performance:An intervening model[J]. Strategic Management Journal,2007,28(6):653-662.
  • [67]Sirmon D G,Hitt M A,Ireland R D. Managing firm resources in dynamic environments to create value:Looking inside the black box[J]. Academy of Management Review,2007,32(1):273-292.
  • [68]Smith D A,Lohrke F T. Entrepreneurial network development:Trusting in the process[J]. Journal of Business Research,2008,61(4):315-322.
  • [69]Sorenson O,Stuart T E. Bringing the context back in:Settings and the search for syndicate partners in venture capital investment networks[J]. Administrative Science Quarterly,2008,53(2):266-294.
  • [70]Stam W,Elfring T. Entrepreneurial orientation and new venture performance:The moderating role of intra-and extraindustry social capital[J]. Academy of Management Journal,2008,51(1):97-111.
  • [71]Stan C V,Peng M W,Bruton G D. Slack and the performance of state-owned enterprises[J]. Asia Pacific Journal of Management,2014,31(2):473-495.
  • [72]Tan J,Peng M W. Organizational slack and firm performance during economic transitions:Two studies from an emerging economy[J]. Strategic Management Journal,2003,24(13):1249-1263.
  • [73]Teng B S. Corporate entrepreneurship activities through strategic alliances:A resource-based approach toward competitive advantage[J]. Journal of Management studies,2007,44(1):119-142.
  • [74]Vanacker T,Collewaert V,Paeleman I. The relationship between slack resources and the performance of entrepreneurial firms:The role of venture capital and angel investors[J]. Journal of Management Studies,2013,50(6):1070-1096.
  • [75]Wan W P,Yiu D W. From crisis to opportunity:Environmental jolt,corporate acquisitions,and firm performance[J]. Strategic Management Journal,2009,30(7):791-801.
  • [76]Wangrow D B,Schepker D J,Barker V L. Managerial discretion:An empirical review and focus on future research directions[J]. Journal of Management,2015,41(1):99-135.
  • [77]Williamson O E. Managerial discretion and business behavior[J]. The American Economic Review,1963,53(5):1032-1057.
  • [78]Young M N,Peng M W,Ahlstrom D,Bruton G D,Jiang Y. Corporate governance in emerging economies:A review of the principal-principal perspective[J]. Journal of Management Studies,2008,45(1):196-220.

风险投资和创业企业总是完美一对吗

可试读20%内容 PDF阅读 阅读器阅览

试读已结束,剩余80%未读

¥14.34 查看全文 >

VIP免费

章节目录

  • 第一节 引言
    1. 一 研究背景
    2. 二 研究问题
  • 第二节 理论基础和研究假设
    1. 一 冗余资源和创业企业绩效的关系
      1. (一)冗余资源和创业企业绩效的关系
    2. 二 风险投资机构的介入对冗余资源和创业企业绩效关系的影响
    3. 三 风险投资机构的介入程度对冗余资源和创业企业绩效关系的影响
  • 第三节 研究设计
    1. 一 数据搜集
    2. 二 变量测量
      1. (一)被解释变量
      2. (二)解释变量
      3. (三)控制变量
  • 第四节 实证分析及结果
    1. 一 描述性统计结果
    2. 二 相关系数分析结果
    3. 三 多元回归分析结果
    4. 四 共线性、内生性问题及其他稳健性检验
      1. (一)共线性问题说明
      2. (二)内生性问题说明
      3. (三)稳健性检验
  • 第五节 结论与讨论
    1. 一 主要结论
    2. 二 理论贡献
    3. 三 管理启示及政策建议
    4. 四 进一步讨论及研究展望

章节图片/图表

查看更多>>>