风险资本与孵化器合作投资:组织维度的考量

在支持创新创业方面,孵化器与风险资本进行投资合作意义重大。实证分析了孵化器组织因素对两者合作投资形成的影响。结果表明,资源禀赋、目标协同性及产权差异对合作形成均具有显著影响。在资源互补性方面,强强合作概率最高;在目标协同性方面,商业型孵化器与风投合作的可能性较大;另外,产权差异而不是产权类别对合作形成产生不利影响。最后,结合实证结果和现实情况,提出了政策启示。

Organizational Factors and Syndicate Formation between Venture Capitals and Incubators

In supporting of business innovation and entrepreneurship, investment cooperation between venture capital (VC) and business incubator (BI) is of great significance, but the potential benefits have seldom been explored in practice. This paper empirically analyzes organizational factors that affect the formation of investment syndicate between VCs and BIs. Results show that goal, resource, and ownership significantly affect the syndicate formation. For the factor of resource, strong-strong pairs have higher probability to be syndicated. For the factor of goal coordination, VCs have higher probability to syndicate with commercial BI rather than other types. Furthermore, difference in ownership is negatively related with the syndicate formation. The interactive effect between the factors is somehow alternative. This paper also puts forward suggestions to promote the cooperation between VCs and BIs in China.