孵化器与风险投资融合：动机、行为与绩效的关系.docVIP

孵化器与风险投资融合：动机、行为与绩效的关系* 钟卫东1，2 孙大海2 刘爱萍3 （1、厦门大学工商管理博士后科研流动站，厦门，361005；2、厦门高新技术创业中心博士后工作站，厦门，361009；3、科技部火炬高技术产业开发中心，北京，100045） [摘要] 孵化器与风险投资融合是促进科技型初创企业获取外部资源的一个重要手段。本文对我国孵化器与风险投资融合的动机、融合关系的紧密程度与孵化器运行绩效的关系进行了实证研究，并对孵化器的单位性质在其中的作用进行了分析。结果显示，孵化器为了自身发展而与风险投资融合的内在动机对两者融合的紧密程度具有正向影响，也对孵化器的运行绩效具有显著的正向影响；孵化器与风险投资融合关系的紧密程度对孵化器为在孵企业引入外部资源具有显著的正向影响；尽管目前事业单位性质的孵化器仍然在获取外部资源上占有优势，但孵化器单位性质对孵化器运行绩效的总体影响并不显著。 [关键词] 孵化器 风险投资 融合动机 融合关系 单位性质 Motivation, Behavior and Performance of Cooperation between Business Incubator and Venture Capital ZHONG Wei-dong1，2 ，SUN Da-hai2， LIU Ai-ping3 1. Postdoctoral Research Mobile Station in Business Administration，Xiamen University，Xiamen，361005；2、Postdoctoral Workstation，Xiamen Country Hi-Tech Innovation Centre，Xiamen，361009；3、TORCH High Technology Industry Development Center，Beijing，100045 Abstract: It is an important method for new High-Technology enterprises to obtain external resources that combining business incubator with venture capital. Empirical study on cooperation motivation between business incubator and venture capital, relation between cooperation degree and performance of business incubator are depicted, and the effect of unit character of different business incubator on those is analyzed. It is showed that internal motivation for development to cooperate with venture capital takes positive effect on the cooperation degree of business incubator and venture capital and on performance of business incubator, cooperation degree of business incubator and venture capital takes positive effect on introducing external resources of business incubator for Tenant Companies. Although now business incubators of institutional units have advantage to obtain external resources, the character of institutional units takes few effect on performance of business incubator. Keywords: Business Incubator, Venture Capital, Cooperation Motivation, Cooperation Relation, Unit Character 1、引言 针对科技企业在初创期普遍存在的资金缺乏、财务控制不力、经验不足、管理不善问题，世界各国财税政策对其进行扶持，重点发展以科技企业为对象的企业孵