Pacific-Basin Finance Journal, available, December 2017

在薄弱的法律保护下风险资本家增加价值的行为

作者：Hui Li (La Trobe University, Australia),

Xiaohui Wu (Xiamen University, China),

Ying Ye (Tsinghua University, China),

Qi Zeng (University of Melbourne, Australia)

摘要：利用两组手工收集的调查数据，我们研究了风险资本家在中国薄弱的法律环境下增加价值的活动。风险投资通过信托不仅可以监控公司，而且还发挥着增值的作用。我们研究了基于战略声誉的(C-trust)、基于知识的(K-trust)和基于身份的(I-trust)三种类型的信托对中国风险投资中公司业绩表现的影响。我们发现，C-trust只通过增加对互补资源的使用来提高公司的绩效。而K-trust和I-trust还可以通过降低交易成本和提高团队精神来刺激绩效。

Venture capitalists' value-enhancing activities under weak protection of law

Hui Li (La Trobe University, Australia), Xiaohui Wu (Xiamen University, China), Ying Ye (Tsinghua University, China), Qi Zeng (University of Melbourne, Australia)

ABSTRACT

Using two sets of hand-collected survey data, we studied the value-adding activities of venture capitalists (VCs) operating in the weak legal environment of China. VCs exert value-enhancing efforts in addition to monitoring through trust considerations. We identified the effects of three types of trusts, strategic reputation-based (C-trust), knowledge-based (K-trust), and identification-based (I-trust), on a company's performance while investing venture capital in China. We find that the C-trust acts only through increased use of complementary resources to improve a firm's performance. K-trust and I-trust can also stimulate in two other ways by reducing transaction costs and improving team-spirit.

原文链接：https://www.sciencedirect.com/science/article/pii/S0927538X17305814

翻译：阙江静