不同管理风格下创业投资参与程度对创业企业绩效的影响

摘要

Based on the venture capital involvement have a dual effect on the firm performance ,using large sample data from CVsource database during the period from 2000 to 2014 ,adopting the multiple regression model ,this paper investi‐gates the impact of different management style's venture capital involvement on venture firm performance duration in China's venture capital market .We find that there is an invested U‐-shape relationship betw een different management style's venture capital involvement and firm performance ,before venture capital involvement reach the optimum value ,with the increase of venture capital involvement ,firm performance will increase ,venture capital involvement have a promoting effect on the firm performance ;after venture capital involvement increase to the optimum value ,with the increase of ven‐ture capital involvement ,firm performance begins to decline ,venture capital involvement have a inhibition effect on the firm performance .%基于创业投资参与程度对企业绩效具有双重效应，以中国创业投资市场为研究背景，运用 CV‐Source数据库2000－2014年的大样本数据，使用多变量回归模型，研究不同管理风格下创业投资参与程度对创业企业绩效的影响。结果发现，不同管理风格下 VC参与程度与企业绩效间存在显著倒 U 型关系，在VC参与程度达到最优值之前，随着参与程度的增加，企业绩效随之提升，VC参与程度对企业绩效具有促进效应；但超过最优值后，随着 VC参与程度的增加，企业绩效却呈递减趋势，VC参与程度对企业绩效具有抑制效应。