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论文编号：	12689
作者编号：	1120170879
上传时间：	2021/6/22 10:01:40
中文题目：	基于调节焦点视角的创业者-投资人互动机制研究
英文题目：	Research on the Interaction Mechanism between Entrepreneur and Investor from the Perspective of Regulatory Focus
指导老师：	张玉利
中文关键字：	风险投资决策；调节焦点；认知-情感系统；预期落差；融资意愿
英文关键字：	venture capital decision making; regulatory focus; cognitive- emotional system; expectation gap; capital acquisition intention
中文摘要：	新创企业囿于较高的不确定性和新进入劣势，难以通过传统融资渠道获得用以生存和成长的资金支持，资金缺乏是新创企业创立和发展的独特瓶颈。风险投资凭借其所提供的财务资金和管理咨询服务，在新创企业的融资过程中体现出独特优势，深受创业者青睐。因此，风险投资成为创业研究领域的核心议题。本研究依托调节焦点理论，将投资人的投资决策看作是创业者和投资人调节焦点匹配的驱动结果。在此判断的基础上，考察认知系统和情感系统在投资决策机制中的关键作用以及制度情境的影响效果。进一步，探讨投资决策所形成的预期落差对创业者融资意愿的影响，以及创业者调节焦点、投资人声誉和多元主体投资所起到的调节效应。研究通过情境实验和问卷调查的实证研究方法，采用方差分析和层级回归等分析方法对假设进行检验，得到以下结论和发现。 第一，本研究基于调节焦点理论，考察创业者-投资人调节焦点匹配对投资人投资意愿和投资数额的影响。结果表明，创业者-投资人调节焦点匹配有利于驱动投资人投资意愿的形成和投资数额的提升。这一发现从动机视角出发深入分析风险投资决策的微观机制，同时为更好地理解创业行为提供了有潜力的动机视角框架，明确调节焦点是风险投融资决策潜在的驱动因素，有助于丰富风险投融资决策的前置因素体系。 第二，本研究超越单纯关注创业者-投资人调节焦点匹配对投资决策影响的局限，进一步基于认知-情感个性系统理论对两者间的中介变量加以挖掘，提炼投资决策过程中的关键微观机制。结果表明，情绪体验是两者间的中介机制，而认知风格并非中介机制。进一步讨论发现，投资人认知风格由投资人调节焦点影响且具有相对稳定性，而投资人情绪体验由创业者调节焦点影响且具有相对传染性，两者在投资决策过程中呈现非对称互动机制。同时研究发现，制度情境成为投资决策机制的重要边界条件，在投资决策过程中扮演着重要角色。 第三，风险投资研究往往以“投资人注资”作为研究终点，并强调其对于新创企业创业绩效的重要作用，然而现实的风险投资实践不止于此。创业者所获得的实际投资额度会大幅低于预期，从而形成预期落差情境。此时部分创业者接受融资而另一部分创业者拒绝融资，现有研究还未对预期落差情境下创业者融资意愿差异产生足够重视，使得研究难以全面解释风险投资的动态过程，忽视创业者在风险投资过程中的主体性和能动性。研究基于前景理论并通过实证检验表明，预期落差与创业者融资意愿呈现显著负相关关系，即预期落差成为创业者融资的阻碍因素。 第四，研究在考察创业者面对预期落差情境下融资意愿的基础上，探究预期落差可能的补偿机制，即讨论创业者调节焦点、投资人声誉和多元主体投资的调节效应。通过情境实验和问卷调查的实证方法，结果表明创业者调节焦点调节效应不显著，进一步讨论发现，预期落差形成的情境调节焦点影响创业者的融资意愿；投资者声誉和多元主体投资的调节效应成立，两者均显著正向调节预期落差对创业者融资意愿的作用效果，是预期落差情境下创业者融资的有效补偿机制。 本研究的主要工作及创新点体现在以下三个方面：第一，拓展调节焦点视角下投融资决策机制的前置因素体系。本研究基于调节焦点理论这一重要的动机理论，关注被极大低估甚至忽视的风险投资人调节焦点动机成因在投资决策过程中的关键驱动作用，不仅考察投资人制定投资决策的特定方式，同时解释其行为的内在动机，使得研究更有效地贴合创业实践；第二，提供双边视角下创业者-投资人互动机制的研究思路。本研究突破性地将创业者-投资人两个本就密不可分的主体加以结合，采用双边互动视角对两者内在动机的匹配情况加以分析，并讨论其对投资人投资决策的影响，克服了以往研究仅从单一视角考察风险投资决策的不足；第三，补充预期落差情境下创业者融资决策机制的理论缺口。研究兼顾投资决策和融资决策两个阶段，不仅延长了投融资决策过程的逻辑链条，而且填补了创业者在融资过程中主体性和能动性的理论解释，是对前景理论文献的重要补充并丰富了风险投融资的研究脉络。同时，研究关于预期落差及其补偿机制的概念对一般决策情境同样予以启示。 本研究的结构安排如下：第一章绪论起概述作用，介绍研究背景、研究意义、研究内容和研究方法等；第二章文献综述与基础理论，阐释本研究的研究现状和研究空白并介绍研究的基础理论；第三章理论假设与模型构建，提出本研究的研究假设和理论模型；第四章研究设计与研究方法，对情境实验法和问卷调查法加以论述并说明实验样本选择与操纵方式；第五章为实证检验与结果分析过程；第六章对研究所得结论进行总结和讨论，并指出研究不足和未来研究方向。
英文摘要：	New ventures are limited by high uncertainty and new entry disadvantages, and it is difficult to obtain financial support for survival and development through traditional financing channels. The lack of funds is a unique bottleneck for the creation and development of new ventures. Venture capital, with its financial capital and management consulting services, shows its unique advantages in the financing process of start-ups, and is favored by entrepreneurs. Therefore, venture capital has become a core issue in the field of entrepreneurship. Based on the regulatory focus theory, this research regards the investment decision of investors as the driving result of the matching of regulatory focus between entrepreneurs and investors. On the basis of this judgment, it examines the key role of the cognitive system and the emotional system in the investment decision-making mechanism and the effect of China's unique institutional context. Further, this research explores the impact of the expected gap formed by investment decisions on entrepreneurs' willingness to obtain capital, as well as the moderating effects of entrepreneurs' regulatory focus, investor’s reputation and multi-subject investment. The research uses empirical research methods such as situational experiments and questionnaire surveys, and uses analysis methods such as variance analysis and regression analysis to test the hypothesis, and the following conclusions and findings are obtained. First, this research is based on the regulatory focus theory, examining the impact of entrepreneur-investor regulatory focus matching on investors' investment willingness and investment amount. The results show that entrepreneur-investor regulatory focus matching is conducive to driving the formation of investors' investment willingness and the increase of investment amount. This finding provides an in-depth analysis of the micro-mechanisms of venture capital decision-making from the perspective of motivation, and at the same time provides a potential motivational perspective framework for a better understanding of entrepreneurial behavior. It is clear that the regulatory focus is a potential driving factor for venture capital decision-making, which helps enrich the pre-factor system of entrepreneurial decision-making. Second, this research goes beyond the limitation of simply focusing on the impact of entrepreneur-investor regulatory focus matching on investment decision-making, and further based on the cognitive-affective personality system theory to explore the mediating variables between the two, and refine the key micro-levels in the investment decision-making process mechanism. The results show that emotional experience is the mediating mechanism, while cognitive style is not the mediating mechanism; further discussion found that cognitive style is affected by investors' regulatory focus and is relatively stable, and emotion is affected by entrepreneur' s regulatory focus which id relatively mutable, the two present an asymmetric interaction mechanism in the investment decision-making process. At the same time, the study found that China's unique institutional environment has become an important boundary condition of the investment decision-making mechanism, and it plays an important role in the investment decision-making process. Third, venture capital research often takes "Investors invest funds " as the research end point, and emphasizes its important role in the entrepreneurial performance of new ventures. However, the actual venture capital practice does not stop there. The amount of investment obtained by entrepreneurs is often significantly lower than expected, thus forming an expected gap situation. At the time, some entrepreneurs accept capital while others refuse the capital. Existing research has not paid enough attention to the phenomenon of entrepreneurs obtaining capital, which makes it difficult to fully explain the dynamic process of venture capital and ignores the entrepreneur’s subjectivity and initiative in the process of venture capital. The research is based on the prospect theory and empirical tests. The results show that the expected gap and entrepreneurs’ willingness to obtain capital present a significant negative correlation, that is, the expected gap becomes an obstacle to entrepreneurs’ access to capital. Fourth, the study explores the possible compensation mechanism for the expected gap based on the context of differentiated expected gaps, that is, discusses the moderating role of entrepreneur’s regulatory focus, investor reputation, and multi-subject investment. Through the empirical methods of situational experiments and questionnaire surveys, the results show that the entrepreneur's regulatory focus is not significant. The situational regulatory focus formed by the expected gap affects entrepreneurs’ willingness to obtain capital; the moderating effect of investor reputation and joint investment is established, both of which will significantly positively effect of the expected gap on entrepreneurs’ capital acquisition, which is an effective compensation mechanism for entrepreneurs to obtain capital in the context of expected gaps. The theoretical contributions and innovations of this study are mainly reflected in the following three aspects: First, it reveals the investment decision-making mechanism based on the perspective of regulatory focus. This research is based on the important motivational theory of regulatory focus theory. It focuses on the regulatory focus of venture capitalists, which has been greatly underestimated or even ignored, is the key driving force in the process of investment decision-making. It not only examines the specific ways of investors in making investment decisions, but also explains the intrinsic motivation of their behavior, so that the research can more effectively fit the entrepreneurial practice. Second, it observes the entrepreneur-investor interaction mechanism based on a bilateral perspective. This research breaks through the integration of the two inseparable entities, entrepreneurs and investors, and adopts the perspective of bilateral interaction to analyze the match between the two intrinsic motivations, and discusses its impact on investors’ investment decision-making. Previous research only examined venture capital decision-making from a single perspective. Third, research combines the investor investment and entrepreneur accepting capital. Research on both investment decision-making and funding decision-making has not only extended the logical mechanism of the investment decision-making process, but also filled up the theoretical explanation of the entrepreneur's subjectivity and initiative. It is an important supplement to the literature and the study enriches the context of venture capital. At the same time, the research on the concept of the compensation mechanism for the expected drop also gives enlightenment to the general decision-making situation. The structure of this research is arranged as follows: Chapter 1 Introduction serves as an overview, introducing the research background, research significance, research content and research methods; Chapter 2 Literature review and Basic theory explains the research status and research gaps of this research and introduces the research basic theory; Chapter 3 Theoretical hypothesis and Model construction proposes the research hypothesis and theoretical model of this study; Chapter 4 Research design and Research method discusses the situational experiment method and questionnaire survey method and explains the experimental sample selection and manipulation method; Chapter 5 is the process of empirical test and result analysis; Chapter 6 Summarizes and Discusses the conclusions of the research, and points out the research limitations and future research directions.
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