过往绩效与公司风险投资:高管政治网络的调节效应

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科研管理 ›› 2012, Vol. 33 ›› Issue (1) : 138-146.

论文

过往绩效与公司风险投资:高管政治网络的调节效应

戴维奇¹, 魏江², 余纯国²

作者信息 +

Past performance and corporate venture capital:The moderating effect of top management’s political networking

Dai Weiqi¹, Wei Jiang², Yu Chunguo²

Author information +

文章历史 +

摘要

本文基于展望理论探讨过往绩效与公司风险投资的关系,接着从威胁-刚性理论出发讨论高管政治网络-经济转型背景下对企业具有特殊意义的一类社会网络-对于过往绩效与公司风险投资关系的影响。研究发现:(1)过往绩效对于公司风险投资的影响是负向的;(2)高管政治网络对上述两者的关系具有显著的正向调节作用。这一结果表明单一的理论视角难以全面解释公司风险投资的动因,将展望理论与威胁-刚性理论结合能增进我们对这一现象的理解。本文探索了展望理论的边界条件,并深化了展望理论在组织层面研究中的运用。

Abstract

Building upon the prospect theory, the relationship between firm’s past performance and corporate Venture Capital(VC) is examined. Following the threat-rigidity theory, the moderating effect of top management’s political networking-a distinct and critical type of social network in the context of transition economy-on the past performance-VC link is explored. The results show that (1) past performance has negative effects on VC; (2) top management’s political networking positively moderates the relationship between past performance and VC. The findings indicate that (1) single theoretical perspective is insufficient to fully explicate the antecedents of VC; (2) by integrating the prospect theory with threat-rigidity theory, VC phenomenon could be further understood. The boundary of the prospect theory is explored and extended to the organization-level research.

导出引用

戴维奇, 魏江, 余纯国. 过往绩效与公司风险投资:高管政治网络的调节效应[J]. 科研管理. 2012, 33(1): 138-146

Dai Weiqi, Wei Jiang, Yu Chunguo. Past performance and corporate venture capital:The moderating effect of top management’s political networking[J]. Science Research Management. 2012, 33(1): 138-146

中图分类号： F271

参考文献

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