投资后影响风险投资绩效的关键因素——基于浙江省156家风投机构的实证分析
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摘要
风险投资绩效具有不确定性,良好的投后管理将会减少或消除潜在的投资风险,实现投资的保值增值。在被投企业实际控制人的人品可靠的前提下,管理能力、专业知识和经验、被投企业上市等是影响风险投资绩效最为关键的因素。知识产权价值、知识产权保护、投后非资本增值服务、社会中介服务体系等是影响风险投资绩效较为关键的因素。法律、政策环境对被投企业的成长绩效和风险投资绩效没有显著的直接影响。因此,在投后管理方面,风险投资机构应持续加强对被投企业实际控制人的人品、管理能力及经验和专业知识等方面的关注,积极为被投企业推荐合适的社会中介服务机构,尽力帮助被投企业上市,保持对被投企业知识产权价值变化的敏感性。各级政府应加快发展并完善多层次的资本市场,健全风险资本退出机制,尽快规范社会中介服务机构的发展。
Venture capital investment performance is uncertain,a good post-investment management will reduce or eliminate the potential investment risk,increase the value of investments. In the premise of reliable character of actual business controllors,management capability,expertise and experience,listed investment companies and other factors affect the performance of the most critical risk investment. IP value,intellectual property protection,post-investment and non-capital value-added services,social intermediary service system are the most critical factors affecting venture capital investment performance. Legal and policy environment have no significant and direct impact on the growth performance of portfolio companies and venture capital performance. Thus,in the post-investment management,venture capital institutions should continue to strengthen the portfolio companies in terms of the actual controllors' character,management capability and experience and professional knowledge,and actively recommend appropriate social service agencies for the portfolio companies,trying to help listed investment companies to maintain the sensitivity of the changing value of intellectual property. Government at all levels should accelerate the development and improve the multi-level capital market,improve the mechanism of venture capital,and standardize the development of social service agencies as soon as possible.
Venture capital investment performance is uncertain,a good post-investment management will reduce or eliminate the potential investment risk,increase the value of investments. In the premise of reliable character of actual business controllors,management capability,expertise and experience,listed investment companies and other factors affect the performance of the most critical risk investment. IP value,intellectual property protection,post-investment and non-capital value-added services,social intermediary service system are the most critical factors affecting venture capital investment performance. Legal and policy environment have no significant and direct impact on the growth performance of portfolio companies and venture capital performance. Thus,in the post-investment management,venture capital institutions should continue to strengthen the portfolio companies in terms of the actual controllors' character,management capability and experience and professional knowledge,and actively recommend appropriate social service agencies for the portfolio companies,trying to help listed investment companies to maintain the sensitivity of the changing value of intellectual property. Government at all levels should accelerate the development and improve the multi-level capital market,improve the mechanism of venture capital,and standardize the development of social service agencies as soon as possible.
引文
①Gorman M,Sahlman W A,"What do venture capitalists do?"Journal of Business Venturing,vol.4 po.4(1989.07),pp.231-248.
①彭飞、汤海溶:《风险投资家与投资后管理效果研究综述》,《探索》,2010年第4期,第105-110页。
②陈听、石国玲、沈乐平:《国有风险投资的投资后续管理困境与对策》,《科技管理研究》,2007年第8期,第15-17页。
③张丰、金智:《基于层次分析法的风险投资后管理行为研究》,《科技管理研究》,2009年第29期,第13-15页。
④李延喜:《风险投资的后续管理对创业企业价值增值的影响》,《科学学与科学技术管理》,2002年第4期,第27-30页。
⑤李想、张静:《风险投资后管理对被投企业创业指向作用方法研究》,《管理学家》,2014年第7期,第65-67页。
⑥庄振信、代勇:《风险投资后管理与被投资企业绩效关系研究综述》,《财经界》,2014年第35期,第15-18页。Knockaert M,"Do human capital and fund characteristics drive follow-up behaviour of early stage high-tech VCS,"Vlerick leuven Gent Management School Working paper 2005,p.20.
⑦Ernst H,Legler S,Lichtenthalert U,"Determinants of patent value:insights from a simulation analysis,"Technological Forecastirzgand Social Change vol.77,no.1(2010.01),pp.1-19.
⑧万小丽、朱雪忠:《专利价值的评估指标体系及模糊综合评价》,《科研管理》,2008年第9期,第185-191页。
⑨张凯:《风险投资中道德风险及评价体系》,硕士学位论文,电子科技大学,2005年,第18-29页。
⑩Herron L,Robinson Jr R B,"A Structural Model of the Effects of Entrepreneurial Characteristics on Venture Performance,"Journal of Business Venturing,vol.8,no.3(1993.03),p.281.
①Chandler G N,Hanks S H,"Founder competence,the environment,and venture performance,"Entrepreneurship Theory and Practice,vol.18,no.3(1994.03),pp.77-89.
②Bertoni F,Massimo G,Grilli L,"Venture capital financing and the growth of high-tech start-ups:Disentangling treatment from selection effects,"Research Policy,vol.40,no.7(2011.09),pp.1028-1043.
③Jeng L A,Wells P C,"The determinants of venture capital funding:evidence across countries,"Journal of Corporate Finance,vol.6,no.3(2000.09),pp.241-289.
④Pagano M,Panetta F,Zingales L,"Why do companies go public?An empirical analysis,"Journal of Finance vol.53,no.1(1998.02),pp.27-61.
⑤Rin M D,Nicodano G,Sembenelli A,"Public Policy and the Creation of Active Venture Capital Markets,"Journal of Public Economics,vol.90,no.8-9(2006.09),pp.1699-1723.
⑥Pukthuanthong K,Thiengtham D,Walker T,"Why venture capital markets are well developed in some countries but comparatively small in others:Evidence from Europe;'in Gregoriou G N,Kooli M,Kraeussl R,Venture Capital in Europe,Oxford:Butterworth-Heinemann 2007,pp.33-49.
⑦Douglas J,Cumming,Jeffrey G,Maclntosh,"Venture Capital Exits in Canada and the United States,"The University of Toronto Law Journal,vol.53,no.2(2003.spring),pp.101-199.
①Nielsen S B,Keuschnigg C,"Public Policy for Venture Capital,"International Tax and Public Finace,vol.8,no.4(2001.08),pp.557-572.
②Dushnitsky G,Lenox M J,"When do incumbents learn from entrepreneurial ventures?Corporate venture capital and investing firm innovation rates,"Research Policy,vol.34,no.5(2005.05),pp.615-639.
③万小丽、朱雪忠:《专利价值的评估指标体系及模糊综合评价》,《科研管理》,2008年第2期,第185-191页。张格亮:《我国风险投资家对项目评价指标的选用研究》,博士学位论文,东北财经大学,2012年,第19页。
④Ginarte J C,Park W G,"Determinants of Patent Rights:A Cross-National Study,"Research Policy,vol.26,no.3(1997.05),pp.283-301.
⑤Knockaert M,"Do human capital and fund characteristics drive follow-up behaviour of early stage high-tech VCS,"Vlerick leuven Gent Management School Working paper,2005.龙勇、庞思迪、张合:《风险资本投资后管理对高新技术企业治理结构影响研究》,《科学学与科学技术管理》,2010年第9期,第158-162页。刘二丽《风险投资企业的信任、投资后管理对创业企业成长绩效的影响研究》,北京:中国经济出版社,2011年,第20-22页。
⑥MacMillan I C,Siegel R,Narasimha P N,"Criteria Used by Venture Capitalists to Evaluate New Venture Proposals,"Journal of Business venturiug,vol.1,no.1(1985.winter),pp.119-128.苗壮:《风险企业家胜任能力评价研究》,硕士学位论文,南京航空航天大学,2007年,第20页。
⑦苏元飞:《风险投资退出方式及退出绩效研究》,硕士学位论文,西南财经大学,2011年,第12页。
⑧李雪灵:《风险投资支撑环境作用机理研究》,博士学位论文,吉林大学,2005年,第20页。
⑨张炜:《中小高技术企业创业知识资本与成长绩效关系研究》,博士学位论文,浙江大学,2005年,第22页。Chandler G N,Hanks S H,"Founder Competence,the Environment,and Venture Performance,"Entrepreneurship Theory and Practice,no.3(1994),pp.77-89.
①Hair F,Tatham L,Anderson E,Black C,Multivariate Data Analysis,Upper Saddle River:Prentice Hall,1998,p.653.
①彭飞、汤海溶:《风险投资家与投资后管理效果研究综述》,《探索》,2010年第4期,第105-110页。
②陈听、石国玲、沈乐平:《国有风险投资的投资后续管理困境与对策》,《科技管理研究》,2007年第8期,第15-17页。
③张丰、金智:《基于层次分析法的风险投资后管理行为研究》,《科技管理研究》,2009年第29期,第13-15页。
④李延喜:《风险投资的后续管理对创业企业价值增值的影响》,《科学学与科学技术管理》,2002年第4期,第27-30页。
⑤李想、张静:《风险投资后管理对被投企业创业指向作用方法研究》,《管理学家》,2014年第7期,第65-67页。
⑥庄振信、代勇:《风险投资后管理与被投资企业绩效关系研究综述》,《财经界》,2014年第35期,第15-18页。Knockaert M,"Do human capital and fund characteristics drive follow-up behaviour of early stage high-tech VCS,"Vlerick leuven Gent Management School Working paper 2005,p.20.
⑦Ernst H,Legler S,Lichtenthalert U,"Determinants of patent value:insights from a simulation analysis,"Technological Forecastirzgand Social Change vol.77,no.1(2010.01),pp.1-19.
⑧万小丽、朱雪忠:《专利价值的评估指标体系及模糊综合评价》,《科研管理》,2008年第9期,第185-191页。
⑨张凯:《风险投资中道德风险及评价体系》,硕士学位论文,电子科技大学,2005年,第18-29页。
⑩Herron L,Robinson Jr R B,"A Structural Model of the Effects of Entrepreneurial Characteristics on Venture Performance,"Journal of Business Venturing,vol.8,no.3(1993.03),p.281.
①Chandler G N,Hanks S H,"Founder competence,the environment,and venture performance,"Entrepreneurship Theory and Practice,vol.18,no.3(1994.03),pp.77-89.
②Bertoni F,Massimo G,Grilli L,"Venture capital financing and the growth of high-tech start-ups:Disentangling treatment from selection effects,"Research Policy,vol.40,no.7(2011.09),pp.1028-1043.
③Jeng L A,Wells P C,"The determinants of venture capital funding:evidence across countries,"Journal of Corporate Finance,vol.6,no.3(2000.09),pp.241-289.
④Pagano M,Panetta F,Zingales L,"Why do companies go public?An empirical analysis,"Journal of Finance vol.53,no.1(1998.02),pp.27-61.
⑤Rin M D,Nicodano G,Sembenelli A,"Public Policy and the Creation of Active Venture Capital Markets,"Journal of Public Economics,vol.90,no.8-9(2006.09),pp.1699-1723.
⑥Pukthuanthong K,Thiengtham D,Walker T,"Why venture capital markets are well developed in some countries but comparatively small in others:Evidence from Europe;'in Gregoriou G N,Kooli M,Kraeussl R,Venture Capital in Europe,Oxford:Butterworth-Heinemann 2007,pp.33-49.
⑦Douglas J,Cumming,Jeffrey G,Maclntosh,"Venture Capital Exits in Canada and the United States,"The University of Toronto Law Journal,vol.53,no.2(2003.spring),pp.101-199.
①Nielsen S B,Keuschnigg C,"Public Policy for Venture Capital,"International Tax and Public Finace,vol.8,no.4(2001.08),pp.557-572.
②Dushnitsky G,Lenox M J,"When do incumbents learn from entrepreneurial ventures?Corporate venture capital and investing firm innovation rates,"Research Policy,vol.34,no.5(2005.05),pp.615-639.
③万小丽、朱雪忠:《专利价值的评估指标体系及模糊综合评价》,《科研管理》,2008年第2期,第185-191页。张格亮:《我国风险投资家对项目评价指标的选用研究》,博士学位论文,东北财经大学,2012年,第19页。
④Ginarte J C,Park W G,"Determinants of Patent Rights:A Cross-National Study,"Research Policy,vol.26,no.3(1997.05),pp.283-301.
⑤Knockaert M,"Do human capital and fund characteristics drive follow-up behaviour of early stage high-tech VCS,"Vlerick leuven Gent Management School Working paper,2005.龙勇、庞思迪、张合:《风险资本投资后管理对高新技术企业治理结构影响研究》,《科学学与科学技术管理》,2010年第9期,第158-162页。刘二丽《风险投资企业的信任、投资后管理对创业企业成长绩效的影响研究》,北京:中国经济出版社,2011年,第20-22页。
⑥MacMillan I C,Siegel R,Narasimha P N,"Criteria Used by Venture Capitalists to Evaluate New Venture Proposals,"Journal of Business venturiug,vol.1,no.1(1985.winter),pp.119-128.苗壮:《风险企业家胜任能力评价研究》,硕士学位论文,南京航空航天大学,2007年,第20页。
⑦苏元飞:《风险投资退出方式及退出绩效研究》,硕士学位论文,西南财经大学,2011年,第12页。
⑧李雪灵:《风险投资支撑环境作用机理研究》,博士学位论文,吉林大学,2005年,第20页。
⑨张炜:《中小高技术企业创业知识资本与成长绩效关系研究》,博士学位论文,浙江大学,2005年,第22页。Chandler G N,Hanks S H,"Founder Competence,the Environment,and Venture Performance,"Entrepreneurship Theory and Practice,no.3(1994),pp.77-89.
①Hair F,Tatham L,Anderson E,Black C,Multivariate Data Analysis,Upper Saddle River:Prentice Hall,1998,p.653.