创投引入后的主体行为对企业成长的影响机制

宏观上,创业投资产业的繁荣和创业企业的蓬勃发展成为相互促进的力量。微观上,创投的引入是一把双刃剑,创投的资金支持和增值服务是促进企业成长的重要力量,但其"逐利动机"和潜在的道德风险也可能损害企业的成长性。基于行为的视角,文章分析了创投引入后,企业家和投资者的6类行为对企业成长的影响,并分析了企业家行为的中介作用。研究显示:企业家和投资者行为对企业潜力绩效有显著影响,企业家的生产行为和投资者的监督行为对企业竞争绩效有显著影响,企业家行为在投资者行为对创业企业成长的影响过程中发挥了部分中介效应。研究结论对全面认识投融资双方在创业企业成长中的作用发挥有重要意义。

How Subject Behaviors Affect Business Growth after the Introduction of Venture Investors

In macro, the prosperity of venture capital industry and the booming of new ventures promote each other. In Micro, the introduction of venture capital is a double-edged sword. The financial support and value-added services are important forces to promote business growth, while the “profit motive” and potential moral hazard may damage enterprise value. From the perspective of behavior, this paper analyzes the impact of subject behaviors on business growth, which includes production behavior, unproduction behavior, agent behavior of entrepreneurs, and supervision, support, speculation behavior of venture investors. And then it analyzes the intermediary role of entrepreneurial behavior. The conclusion shows that both entrepreneurs’ behavior and investors behavior have significant impact on the potential performance of enterprise. Both production behavior of entrepreneurs and supervision of investors have significant impact on competitive performance of enterprise. And the investors behavior affects potential performance through entrepreneurial behavior. This study is conducive to understanding the roles of investors and entrepreneurs in business growth systematically.