摘要
新创企业通过创业者的身份特征获取外部合法性来克服新进入缺陷,同时向外释放企业能够创业成功的综合信号,从而获得风险投资。在已有研究的基础上,引入新创企业早期阶段融资的动态视角,探讨了新创企业隶属身份种群密度、创业者工作背景多样性与企业获得不同阶段融资之间的作用机制,并基于IT桔子数据库中5040个新创企业样本,使用生存分析方法中的Cox比例风险模型对该机制进行了验证。研究发现:新创企业隶属身份种群密度与创业者工作背景多样性均促进新创企业获得早期融资。两者的交互作用对新创企业获得首轮融资具有促进效应,但对新创企业获得二轮融资具有抑制效应。研究结论为新创企业如何获得早期不同阶段融资促进企业生存成长提供了一定的实践参考。
New ventures use identity characteristics of their founding team to acquire external legitimacy,and send comprehensive signals about new ventures’likelihood for success in the meantime,so as to obtain venture capital.On the base of the existed researches,it introduced the dynamic perspective of new ventures’early-stage financing,and explored the mechanism of identity population density of new ventures,diversity of entrepreneurs’work background experience,and the early stage financing of new ventures.Based on the sample of 5040 new ventures in the IT Orange database,it tested the mechanism with Cox PH model.The results are as following.Both identity population density of new ventures and diversity of entrepreneurs’work background experience promote new ventures to obtain early-stage financing,and their interaction promote new ventures to obtain the first round of financing but prevents new ventures to obtain the second round of financing.The research results provide a certain empirical reference for new ventures to acquire venture capital of different rounds in early-stage and help start-ups improve their chances of survival and growth up.
作者
刘琳琳
姚小涛
亓晖
LIU Lin-lin;YAO Xiao-tao;QI Hui(School of Management,Xi’an Jiaotong University,Xi’an 710049,China)
出处
《研究与发展管理》
CSSCI
北大核心
2023年第5期99-113,共15页
R&D Management
基金
国家自然科学基金面上项目“变化中的烙印:历史资源视角下组织的印记与战略变革关系机制研究”(72172120),“场域流变、组织身份与多元制度逻辑响应研究”(71772146)。
关键词
新创企业
身份种群
早期融资
综合信号
生存分析
new venture
identity population
early-stage financing
comprehensive signal
survival analysis
