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论文编号：	9491
作者编号：	1120130806
上传时间：	2017/12/6 16:36:34
中文题目：	风险投资人的投资行为和投资绩效研究 ——基于人力资本特征相似性的视角
英文题目：	Venture Capitalists’ Investment Behavior and Performance: From the Perspective of Personal Similarity-Based Rationale
指导老师：	黄福广
中文关键字：	风险投资人；社会网络；合作关系；投资绩效；风险投资过程
英文关键字：	venture capitalists; social network; cooperative relationship; investment performance; venture capital investment process
中文摘要：	风险投资人在风险投资活动中扮演着关键角色，会直接影响最终投资结果。风险投资过程具有高度的不确定性,风险投资人与企业家之间也存在严重的信息不对称问题,交易双方的沟通合作成为降低交易成本和投资风险的关键。根据社会网络理论，人力资本特征相似的个体之间容易建立强联结，形成相对亲密和封闭的社会网络，有助于交易双方开展有效的信息交流。根据社会认同理论，个体更容易对与自己具有相似性特征的群体产生好感和偏好，能够形成对彼此身份的认同和信任，建立长期稳定的合作关系。因此，当风险投资人和企业家之间人力资本特征具有相似性时，有助于双方开展全面有效的沟通，并建立相互信任的合作关系，进而对风险投资的整个过程产生影响。 本文以信息不对称理论、不完全契约理论和社会网络理论作为基础，利用2004年-2015年在创业板和中小板上市，且上市前有风险资本支持的企业，获取608个投资案例作为研究样本，研究风险投资人与企业家之间人力资本特征相似性对风险投资活动的影响。本文针对风险投资人和企业家在毕业学校、所学专业、行业经验以及性别等四个人力资本特征之间的相似性进行研究，将风险投资活动分成投资选择、投资策略、投后管理和投资绩效四部分。通过OLS和Logit回归方法，验证每章提出的研究假设，并做进一步的分析得到更加稳健可靠的研究结论。 本文研究的主要结论包括：第一，当风险投资人与企业家人力资本特征相似时，风险投资人更倾向于投资高科技企业和早期发展阶段企业，在低声誉风险投资机构中人力资本特征相似性对风险投资人投资高科技企业的影响更加明显；第二，当风险投资人与企业家人力资本特征相似时，对风险投资人分阶段投资策略的选择无影响，但风险投资人会较少的采用联合投资策略，且倾向于投资企业首轮融资阶段；第三，当风险投资人与企业家人力资本特征相似时，风险投资人更有可能进入被投资企业担任高管，但是会增加企业第一类代理成本。第四，当风险投资人和企业家人力资本特征相似时，风险资本投资绩效更高，通过中介效应检验，进一步发现人力资本特征相似性会通过“投资阶段选择”和“是否参与投后管理”影响投资绩效。 本文研究的主要创新点包括：第一，以降低风险投资过程中的信息不对称为线索，揭示了风险投资人与企业家之间的关系网络对风险投资交易的促进作用。第二，利用人力资本特征相似性形成的信任，验证了风险投资人和企业家之间的合作关系在风险资本投后管理的重要作用。第三，从人力资本特征相似性的角度，研究发现当风险投资人与企业家之间存在“友善”的关系时更容易产生合谋。第四，利用人力资本特征相似性进行研究，能够避免地理距离的研究中的内生性问题，打破地理距离的约束和限制，进一步揭示风险资本投资偏好和投资结果形成的原因，丰富风险投资的基础理论。
英文摘要：	Venture capitalists (VCs) play key roles in venture capital (VC) activities, and are responsible for the final benefits. In those activities, VCs and entrepreneurs (EPs) both face serious information asymmetry and high uncertainty. It is the fact that to strengthen communication and cooperation is crucial to diminish transactions costs and investment risks. According to the theory of social network, there are relatively intimate and closed social relations between individuals with similar human capital characteristics, which could help each other to carry out the effective information communication. From the perspective of social identity theory, individuals with similar characteristics are more probable to develop positive identities and relationships, cooperation. In the case of VCs and EPs, the similar human capital characteristics could effectively promote the communication and mutual trust, and play holistic impacts on VC. Based on the information asymmetry theory, incomplete contract theory and social network theory, the author researched 608 companies supported by VC, which were listed on the Chinese gem and small plates (2004-2015), and explored the relationships between VC activities and the similarity of human capital characteristics of VCs and EPs. Specifically, the characteristics of human capital were measured by graduate university, major, experience and gender. Correspondingly, VC activities were operationalized by investment options, investment strategies, investment management and investment performance. In addition, the authored verified hypotheses by OLS and Logit regression. The conclusions of this dissertation include: firstly, if VCs and EPs have similar human capital characteristics, VCs tend to invest in high-tech enterprises and early developing enterprises. Especially, for the VC institutions with low reputation, the similarity of human capital characteristics has a more significant impact on VCs investing in high-tech enterprises. Secondly, if VCs and EPs have similar human capital characteristics, that has no effects on the selection of investment strategies in different stages. VCs adopt less joint investment strategies and incline to invest in the first round of financing of enterprises. Thirdly, if VCs and EPs have similar human capital characteristics, it is more possible for VCs to be recruited as executives by the invested enterprises, however, that leads to an increase on the agency costsⅠ. Fourthly, if VCs and EPs have similar human capital characteristics, the VC investment performance is better. By intermediary effect test, it is known that the similarity of human capital characteristics affects the investment performance through the investment time selection and post-investment management strategies The originality of this dissertation is followed: Firstly, along the clue of reducing information asymmetry, it is revealed that how the relationship between VCs and EPs promotes VC investment. Secondly, the research verifies the importance of cooperation between VCs and EPs on the post-investment management by trust built based on similarity of human capital characteristics. Thirdly, in terms of similarity of human capital characteristics, the existence of ‘friendly relationship’ between VCs and EPs are subject to conspiracy. Fourthly, this research analyzed the VCs’ behavior aiming at similarity of human capital characteristics, which avoids the problem of endogeny in geographical distance studies. furthermore, it clearly reveals the factors affecting VC investment preferences and -investment benefits, and enriches the fundamental theory of VC.
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