风险投资人声誉与新三板企业生产力实证研究

随着风险投资在创业过程中扮演着日益重要的角色,如何选择最合适的风险投资人,已经成为创业者和学术界共同关心的重要议题。基于资源基础和社会嵌入理论,利用系统广义矩两步法对新三板687家接受过风险投资机构注资公司的数据进行了回归分析,深入探究了不同类型风险投资人声誉对生产力的影响作用及其调节因素,研究发现:(1)引入具有较高声誉的风险投资人,可以帮助企业提升自身的生产力水平；(2)风险投资人的同行业声誉相较于行业外声誉,对于生产力的提升作用更加明显；(3)企业所处的生命周期阶段和行业不确定性高低,对于风险投资人声誉与企业生产力之间的关系起到调节作用。基于上述结论,建议企业在选择风险投资人时,一方面应优先选择在本行业具有丰富成功经验、拥有大量被投企业上市经历的投资者；另一方面,应该结合自身所处行业的特点、企业生命周期阶段,把握好引入风险投资人的最佳时机。

An Empirical Study on Venture Capitalist Reputation and NEEQ Firm Productivity

Venture capital has been playing an increasingly important role in entrepreneurship. How to select the most suitable venture capitalists (VC) has become a key issue of common concern among entrepreneurs and academia. Based on the resource-based view (RBV) and social embeddedness theory, this paper empirically conducts a regression analysis on the data of 687 VC-backed enterprises listed on National Equities Exchange and Quotations (NEEQ) and makes an in-depth study on the impact of different types of venture capitalists upon productivity and their moderating factors. The research finds the following. (1) The venture capitalists with better reputation will help enterprises improve their productivity. (2) The venture capitalist reputation within the industry has a more obvious function in increasing the productivity than the reputation outside the industry. (3) The life cycle of an enterprise and the industrial uncertainty have moderating effects in the relationship between venture capitalist reputation and business productivity. Based on the above conclusions, it suggests that in the selection of venture capitalists, the enterprises should make a priority selection of the investors that have more success within the industry and more experience of the invested enterprises successfully listed. On the other hand, the enterprises should consider the characteristics of their own industry and the life cycle to grasp the best opportunity of bringing in the venture capitalists.