摘要
本文通过建立一个概念模型论证了企业家创业能力、企业创新类型与企业获得风险资本融资之间的关系,并考虑了市场导向与突变创新的交互作用对企业获得风险资本融资的影响,同时采用高新技术企业多行业的大样本数据验证了我们的模型。分析结果表明,企业家创业能力对获得风险资本融资具有显著正向影响,突变创新能够促进企业获得风险资本融资,企业家创业能力对突变创新也有正向影响。市场导向的调节作用表现在,市场导向进一步增强突变创新与风险资本融资之间的正相关关系,这反映出风险资本在选择投资项目时更加注重企业突变创新与市场导向的结合。
In order to investigate the relationship among entrepreneurial competence, radical innovation and venture capital financing, a conceptual model is proposed and it is further examined empirically. This model not only discusses the relationship among entrepreneurial competence, radical innovation and venture capital financing, but also examines the moderator effect among radical innovation and market orientation, the radical innovation＇s mediating effect between entrepreneurial competence and venture capital financing. With a survey about Chinese High-tech firms in Shenzhen City, Chongqing City, Beijing City, Wuhan City and so on, we test the hypotheses, these data was from multi-industry. The results show that： first, entrepreneurial competence can facilitate radical innovation, entrepreneurial competence and market orientation can facilitate venture capital financing, the pre- vious study has devoted more attention to venture capitalist＇s review on project innovation and entrepreneurial, and less attention to the impact of entrepreneurial competence on venture capital financing, our study consider entrepreneurial competence will influence venture capital financing, this means that the venture capitalist will pay more attention on entrepreneurial competence besides the project and the venture firms; second, radical innovation has the mediating effect between entrepreneurial competence and venture capital financing, entrepreneurial competence not only had direct influence on venture capital financing but also had indirect influence on venture capital financing by making firms process radical innovation; finally, this relationship between entrepreneurial competence and venture capital financing is further moderated by market orientation, such that the relationship is stronger when the market orientation is high. These results show the important role of market orientation in radical innovation when venture capitalist chooses the portfolio company. The theoretical and practical implication is discussed at the en
出处
《南开管理评论》
CSSCI
2008年第3期65-71,共7页
Nankai Business Review
基金
教育部新世纪优秀人才支持计划项目(NCET-07-0906)阶段性研究成果
关键词
风险资本
创业能力
突变创新
市场导向
Venture Capital
Entrepreneurial Competence
Radical Innovation
Market Orientation
