分阶段投资对企业创新绩效的影响——从失败容忍的角度出发
Journal: Economics DOI: 10.12238/ej.v8i4.2508
Abstract
分阶段投资作为风险投资的一种方式,从失败宽容度的角度出发,能够通过缓解被投企业被套牢的风险,减少道德风险的发生,及时修正逆向选择,具有对企业的监督治理的替代作用,对企业创新绩效产生激励效果,但也面临着增加风投机构的谈判和缔约成本、延误成本,导致企业家的短视行为的困境,对企业创新绩效产生不良影响。分阶段投资在提升企业创新绩效方面的作用值得进一步研究讨论。
Keywords
分阶段投资；企业创新绩效；失败宽容度
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[3] 吴友,董静.风险投资与企业创新:效果评估与机制验证[J].上海经济研究,2022,(04):112-128.
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[5] 陈艳.我国风险投资对企业技术创新影响的机理研究[D].苏州大学,2014.
[6] YIFEI MAO,Xuan Tian and Xiaoyun Yu.Unleashing innovat ion.2016.Workingpaper.
[7] Jia N,Huang K G,Man Zhang C.Public governance, corpor ate gove rnance, and firm innovation: An examination of state -owned enterprise s[J].Academy of Management Journal,2019, 62(1):220-247.
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