科技创业企业资源禀赋与外部财务股东引入.docxVIP

科技创业企业资源禀赋与外部财务股东引入 ——基于通讯与信息技术上市公司的经验证据 内容提要：创业企业股权关系的构建是创始股东与外部股东双向选择的结果。创始股东的资源禀赋既影响其获取外部资源的 “动机”，又决定其是否具备吸引外部资源的“机会”。文章基于资源基础理论、财务理论和社会网络理论，从“动机”与“机会”的双重角度分析了科技企业创始股东的技术资源、社会资本与财务资本对引入外部财务股东的影响，并采用通讯与信息技术行业上市公司的经验数据证实如下结论：以专利权为代表的技术资源发挥信号作用，有利于吸引更多风险资本；创始股东的社会资本对财务股东的引入具有正向作用；创始股东的初始资本投入量，与外部财务资本引入成反比；财务资本、技术资源与社会资本都比较丰富的科技创业企业倾向于不接受财务股东。研究结论对于资源基础观与股权结构研究具有理论启示，对于科技创业企业的融资活动具有重要实践意义。关键词：创业企业；财务投资者;财务资本；技术资源；社会资本中图分类号：F275.1 文献标识码：A 文章编号： 收稿日期：Technological Enterprises’ Resource endowment and Financial Investors——Evidence of Communication and Information Technology Listing CorporationAbstract: The formation of the Technological Enterprises’ equity relationship is a two-way selection between the founders and external shareholders by simultaneously examining both inducement and opportunity factors which affected by their resource endowments. Drawing upon resource based, corporate finance and social network theory literatures this paper put forward the inducements-opportunities analysis framework and identified the important roles of the three kinds of resources in introducing an external financial investors. Using empirical data of communication and information technology listing corporations, I have proved that patents as a signal of quality is beneficial to attract more venture capital, founders’ social capital is positive to the probability of introducing them, while the FFF financial capital has negative impact on it. And on the whole, the more the firm’s financial capital, technical resource and social capital, the fewer the financial shareholders accepted by the firm. The research conclusion has theoretical enlightenment for the study on resource based view and ownership structure, and also has practical significance for the entrepreneurial ventures’ financing . Key words: venture enterprise; financial investor; financial capital; technical resource; social capital引言科技创业企业的创业资源一般以技术资源与人力资源为主，财务资本是其在初创与成长阶段最稀缺的资源(Eisenhardt Schoonhoven, 1996; 王瀚轮, 2014)，这是