风险投资介入与创业企业国际化——基于我国高科技上市公司的实证研究

风险投资对创业企业的成长具有举足轻重的作用;那么,风险投资的介入对其国际化会带来怎样的影响呢?文章基于资源基础观、代理理论和信号传递理论,分析了风险投资影响创业企业国际化的内在作用机理以及风险投资机构特质与创业企业国际化之间的关系,并以我国300家高科技上市公司的非平衡面板数据为样本进行了实证检验.结论表明:(1)风险投资介入不仅能够开拓创业企业国际化的广度,而且也能加强创业企业国际化的深度;(2)不同特质的风险投资机构对创业企业国际化的影响存在差异,有外资背景的、行业专长高的或采取联合投资策略的风险投资机构有利于创业企业在海外市场上的拓展和渗透.文章不仅拓展了现有的企业国际化理论,而且对创业企业的国际化实践也具有借鉴意义.

The Involvement of Venture Capital andthe Internationalization of Entrepreneurial Firms: An Empirical Study Based onChina's Listed High-tech Companies

Venture capital has very important influences on entrepreneurial firms' growth.Then, what would be the impact of venture capital on firms' internationalization? Based on RBV, agent theory, and signal transition theory, this paper analyzes the mechanism of the effect of venture capital on the internationalization of entrepreneurial firms, and the relation between characteristics of venture capital institutions and the internationalization of entrepreneurial firms, and empirically tests the hypotheses by unbalanced panel data from China's 300 listed high-tech companies.It comes to the results as follows: firstly, the involvement of venture capital not only improves the breadth of firms' internationalization, but also strengthens the depth of internationalization;secondly, the characteristics of venture capital institutions have different influences on entrepreneurial firms' internationalization, and entrepreneurial firms with foreign venture capital, venture capital with high industrial expertise, and syndication venture capital, have the advantages of broadening the breadth of the internationalization of entrepreneurial firms and promoting deep roots of entrepreneurial firms in international market.This paper not only extends existing firm internationalization theory, but also has reference for internationalization practice of entrepreneurial firms.