摘要
本文主要根据3个案例访谈资料的内容编码和数据叠加,归纳出了风险投资契约条款设置动因、条款设置、条款影响、设置动因与条款设置关系、条款设置与条款影响关系的量表。研究发现,条款设置受信息不对称、不确定性和新进入缺陷的驱动,管理参与是最重要的条款设置;管理参与与所有的设置动因有关,并对风险企业有最全面的影响,管理参与是设置动因向条款影响传导的核心环节;条款设置对风险企业的业务经营、公司战略和公司治理有影响,最集中地体现在业务经营上。通过案例研究,本文提出了风险投资契约条款设置动因与条款影响传导模型,构建了风险投资契约条款设置动因及其作用机理理论。
Based mainly on the content coding and data overlay from interview data of three cases,we have,in this article,inducted the measuring scales of the risk investment contracts in the aspects of the terms stimulation motivation,terms stipulation,the impact of terms,the relationship between the motivation of the stipulation and the terms stimulation,and the relationship between terms stipulation and terms' impact.By our study,we have found that terms stipulation is driven by the information asymmetry,the uncertainty and the drawbacks of the newly entering,that the participation of the management is the key link that leads the stimulation motivation to the impact of terms,that the terms stipulation has an effect on venture firms' business operation,strategy,and control—mainly on and with concentration on their business operation.By our case study,we have offered a conduction model of the effect of the motivation of terms and terms stimulation in the contracts of risk investment and built a theory about the motivation of the terms stipulation in the risk investment contract and about the mechanism of the function thereof.
出处
《管理世界》
CSSCI
北大核心
2011年第2期127-141,188,共15页
Journal of Management World
