过往绩效与公司风险投资:高管政治网络的调节效应

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

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

1. 浙江财经学院, 浙江杭州 310018;
2. 浙江大学管理学院, 浙江杭州 310058

收稿日期:2010-05-12 修回日期:2011-06-29 出版日期:2012-01-27 发布日期:2012-02-03
作者简介:戴维奇(1977- ),男(汉),浙江杭州人,浙江财经学院讲师,博士。研究方向:战略管理、创业管理。魏江(1970- ),男(汉),浙江诸暨人,浙江大学管理学院教授,博士,博士生导师。研究方向:技术创新管理、战略管理。余纯国(1970- ),男,泰国人,浙江大学管理学院副教授,博士。研究方向:国际商务、战略管理。
基金资助:
国家自然科学基金面上项目:知识网络双重嵌入、知识整合与制造型集群企业能力轨迹跃迁研究,项目编号:71072112,起止时间:2011年1月-2013年12月。

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

Dai Weiqi¹, Wei Jiang², Yu Chunguo²

1. Zhejiang University of Finance and Economics, Hangzhou 310018, China;
2. School of Management, Zhejiang University, Hangzhou 310058, China

Received:2010-05-12 Revised:2011-06-29 Online:2012-01-27 Published:2012-02-03

摘要/Abstract

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。

关键词: 过往绩效, 公司风险投资, 高管政治网络

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.

Key words: past performance, corporate VC, top management’s political networking

中图分类号:

F271

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.

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