创业企业高管团队特征对风投机构投资策略的影响——制度环境与机构专长的双重调节效应

高管团队作为创业企业的掌舵者，是风投机构制定投资策略的重要信号机制。因此，基于高阶理论，探究创业企业高管团队特征对风投机构投资策略的影响机制，进而剖析制度环境与风投机构行业专长对上述影响的调节机制，得出以下结论：①对于平均年龄较低、受教育水平较高、政治关系较强以及社会关系较强的创业企业高管团队而言，风投机构倾向于采取分阶段投资与联合投资策略；②良好的制度环境能够降低投资成本，帮助风投机构优化价值服务质量，弱化创业企业高管团队特征对风投机构分阶段投资与联合投资的影响；③较高的行业专长意味风投具有较完善的监督机制与丰富的资源网络，能够降低创业企业高管团队特征对风投机构分阶段投资与联合投资的影响。

The Influence of the Characteristics of Executive Team on the Investment Strategies of Venture Capital Institutions

As the helmsman of a startup,senior management team is an important signal mechanism for venture capital institutions to deploy investment strategies.Based on higher order theory,therefore,to explore business enterprise senior management team characteristics on the impact mechanism of vc institution investment strategy,then analyzes the institutional environment and the vc industry expertise regulating mechanism of the impact of the above,the following conclusions:①for low average age,the education level is higher,the stronger political relations and social relations strong entrepreneurial companies senior management team,venture capital institutions tend to adopt a phased investment and joint investment strategy;②a favorable institutional environment can reduce the investment cost and help venture capital institutions optimize the quality of value services,so as to weaken the influence of the characteristics of entrepreneurial enterprise's senior management team on the phased investment and joint investment of venture capital institutions;③higher industry expertise means that venture capital has a relatively complete supervision mechanism and rich resource network,so it can reduce the impact of the characteristics of senior management team of start-up enterprises on phased investment and joint investment of venture capital institutions.