创业企业家集权与自主创新意愿：基于内外双重视角的分析

    将领导权力视为重要情境因素外,其直接影响组织创新的内在机理正逐渐受到关注。与以往探讨成熟企业领导权力不同,本研究聚焦创业企业家权力,并从行业类别和信息决策视角剖析了创业企业家集权对自主创新意愿的作用机制。通过获取创业板跨年度创业企业样本,运用随机效应Tobit模型和随机效应负二项模型进行实证研究。研究结果表明：①企业家集权更能激发创业企业自主创新意愿;②识别行业要素类别发现,该集权配置对技术密集型行业创业企业自主创新更为有效,而在非技术密集型行业创业企业中则存在负向效应;③提高跨层知识异质程度会增强企业家集权对自主创新意愿的促进作用;④行业要素类别对企业家集权与自主创新意愿的调节还依赖于跨层知识异质程度。据此提出针对创业企业创新管理实践和经济转型的启示。     

Fortune favors the experienced: entrepreneurs’ Internet-Era Imprint,digital entrepreneurship and venture capital

This study focuses on entrepreneurs’ Internet-era imprint and its effect on the level of digital entrepreneurship and entrepreneurial firms’ venture capital. From the perspective of imprinting theory and signaling theory, we find that entrepreneurs with Internet-era imprint are more willing to use digital technologies in their entrepreneurial process, which raises the level of digital entrepreneurship within a firm. Imprint-driven digital entrepreneurship acts as a quality signal to increase the success rate of access to venture capital from financial institutions. In addition, venture capital providers do not value the entrepreneurs’ personal socioeconomic status for easier access to external resources, but rather their Internet-era imprint, which is more relevant to the success of digital entrepreneurship. Our hypotheses are supported using data from the Chinese private entrepreneurial firms in 2016. Overall, our efforts to extend imprinting theory to digital entrepreneurship literature suggest that the Internet-era imprint persists in the digital entrepreneurial process. Moreover, this study enriches the signaling mechanisms in entrepreneurial venture capital research by conceptualizing digital entrepreneurship as a signal.     

Entrepreneurial experiments in science policy: Analyzing the Human Genome Project

We re-conceptualize the role of science policy makers, envisioning and illustrating their move from being simple investors in scientific projects to entrepreneurs who create the conditions for entrepreneurial experiments and initiate them. We argue that reframing science policy around the notion of conducting entrepreneurial experiments - experiments that increase the diversity of technical, organizational and institutional arrangements in which scientific research is conducted - can provide policy makers with a wider repertoire of effective interventions. To illustrate the power of this approach, we analyze the Human Genome Project (HGP) as a set of successful, entrepreneurial experiments in organizational and institutional innovation. While not designed as such, the HGP was an experiment in funding a science project across a variety of organizational settings, including seven public and one private (Celera) research centers. We assess the major characteristics and differences between these organizational choices, using a mix of qualitative and econometric analyses to examine their impact on scientific progress. The planning and direction of the Human Genome Project show that policy makers can use the levers of entrepreneurial experimentation to transform scientific progress, much as entrepreneurs have transformed economic progress.     

基于道德风险的天使投资最优融资合约研究

摘要：作为创业企业的重要融资方式,天使投资存在显著的信息非对称,由此导致的代理问题对天使投资融资合约产生影响。针对创业企业家的道德风险问题,本文基于委托代理理论构建一个理论模型,研究并求解出天使投资最优融资规模及最优股权分配比例。研究发现：最优融资规模及最优股权分配比例是存在的,且能够有效缓解企业家的道德风险问题;当道德风险问题严重时,最优融资规模及天使投资人的最优股权分配比例均减少;优质的创业项目能够提高融资规模并提升企业家的股权分配比例;创业企业家良好的创业能力与经历,能够提高融资规模但会降低企业家的股权分配比例。由此,本文研究结论较好的解释了国内外天使投资的投资实践,并且为天使投资合约的设计提供理论指导。     

Business models for sustainable technologies: Exploring business model evolution in the case of electric vehicles

Sustainable technologies challenge prevailing business practices, especially in industries that depend heavily on the use of fossil fuels. Firms are therefore in need of business models that transform the specific characteristics of sustainable technologies into new ways to create economic value and overcome the barriers that stand in the way of their market penetration. A key issue is the respective impact of incumbent and entrepreneurial firms’ path-dependent behaviour on the development of such new business models. Embedded in the literature on business models, this paper explores how incumbent and entrepreneurial firms’ path dependencies have affected the evolution of business models for electric vehicles. Based on a qualitative analysis of electric vehicle projects of key industry players over a five-year period (2006–2010), the paper identifies four business model archetypes and traces their evolution over time. Findings suggest that incumbent and entrepreneurial firms approach business model innovation in distinctive ways. Business model evolution shows a series of incremental changes that introduce service-based components, which were initially developed by entrepreneurial firms, to the product. Over time there seems to be some convergence in the business models of incumbents and entrepreneurs in the direction of delivering economy multi-purpose vehicles.     

A Framework and Databases for Measuring Entrepreneurial Ecosystems

Scholarly literature on the concept of entrepreneurial ecosystems has increased sharply over the past five years. The surge in interest has also heightened the demand for robust empirical measures that capture the complexity of dynamic relationships among ecosystem constituents. We offer a framework for measurement that places collaborative relationships among entrepreneurs, firms, government agencies, and research institutions at the center of the ecosystem concept. We further emphasize the four roles of the federal government as a catalyst, coordinator, certifier, and customer in shaping these relationships. Despite the central importance of these firm-government interactions, there is surprisingly little research on suitable methodologies and appropriate data for systematically and reliably incorporating them into measures of ecosystem health. Our study aims to address this gap in the literature by first developing a conceptual framework for measuring entrepreneurial ecosystems and then describing an array of accompanying databases that provide rich and detailed information on firms and their relationships with government organizations, accelerators, and research institutions. A major advantage of our approach is that all the underlying databases are drawn from non-confidential, publicly available sources that are transparently disclosed and regularly updated. This greatly expands the potential community of scholars, managers, and policymakers that may independently use these databases to test theories, make decisions, and formulate policies related to innovation and entrepreneurship.     

创业生态系统中的政府治理：新创企业成长视角

政府参与和市场调节相结合是现代经济社会的现实选择，政府参与并因情施策对于创业生态系统的健康发展和新创企业的成长至关重要。本文以杭州梦想小镇为例，运用治理理论，采用叙事分析法研究了政府在加速新创企业成长期间所扮演角色的动态演化和作用机理。研究显示：政府作为创业生态系统的主体之一，通过其代理机构的市场化的运作机制，经历了混合型、渐变式的动态演化过程，具体包括孵化期的科层治理、成长期的网络治理和腾飞期的市场治理，由此形成了“政府引导+市场主导”的双重、渐变治理机制，助力新创企业的成长。同时，政府在加速新创企业成长中所起到的作用呈现了多元性和不可或缺性。     

A theoretical analysis of the role of social networks in entrepreneurship

Entrepreneurship involves innovation and uncertainty. We outline a theory of entrepreneurship, which highlights the importance of social networks in promoting innovation and reducing uncertainty. Our findings suggest that this “social” aspect of entrepreneurship increases the probability of entrepreneurial success. The results also lend credence to theories of entrepreneurship that suggest that entrepreneurial opportunities are formed endogenously by the entrepreneurs who create them. We also consider the public policy implications of our findings.     

A framework and databases for measuring entrepreneurial ecosystems

Scholarly literature on the concept of entrepreneurial ecosystems has increased sharply over the past five years. The surge in interest has also heightened the demand for robust empirical measures that capture the complexity of dynamic relationships among ecosystem constituents. We offer a framework for measurement that places collaborative relationships among entrepreneurs, firms, government agencies, and research institutions at the center of the ecosystem concept. We further emphasize the four roles of the federal government as a catalyst, coordinator, certifier, and customer in shaping these relationships. Despite the central importance of these firm-government interactions, there is surprisingly little research on suitable methodologies and appropriate data for systematically and reliably incorporating them into measures of ecosystem health. Our study aims to address this gap in the literature by first developing a conceptual framework for measuring entrepreneurial ecosystems and then describing an array of accompanying databases that provide rich and detailed information on firms and their relationships with government organizations, accelerators, and research institutions. A major advantage of our approach is that all the underlying databases are drawn from non-confidential, publicly available sources that are transparently disclosed and regularly updated. This greatly expands the potential community of scholars, managers, and policymakers that may independently use these databases to test theories, make decisions, and formulate policies related to innovation and entrepreneurship.     

我国创业板上市企业治理问题研究述评与展望

创业板市场的兴起与涌现出的问题引起了众多学者的关注.总结当前研究成果,研究主要集中在揭示创业板上市公司IPO抑价奇特现象背后的实质,提出了与解释主板IPO抑价现象不同的承销商合谋假说、投资者非理性假说与制度漏洞假说;分析创业板上市公司内部治理有效性,突出了创业企业内部治理优化与主板成熟企业内部治理安排的比较性;探讨创业板上市公司的技术创新投入和创新能力以及创新对绩效的贡献,主要对创业企业的成长性进行综合评价.通过当前研究的梳理,指出了今后在创业板市场规范与创业板上市公司治理领域中重点关注的方向.     

企业治理结构与技术创新

技术创新对于企业的生存与发展日益重要。但是，现有的关于企业技术创新影响因素很少考虑企业治理结构因素及其对企业技术创新的影响。本的分析表明，企业治理结构与技术创新密切相关，企业经营持股水平的提高，具有强烈支持企业创新意愿的机构投资的引入，董事会规模的缩小，外部董事数量的增加，董事会专业委员会的设立以及董事长与总经理的职责分离都有助于提高企业技术创新水平，在此基础上，本提出促进企业技术创新的治理改革对策。     

企业治理结构与技术创新

技术创新对于企业的生存与发展日益重要，但是，现有的关于企业技术创新影响研究很少考虑企业治理结构因素及其对企业技术创新的影响，本的分析表明，企业治理结构与技术创新密切相关，企业经营持股水平的提高，具有强烈支持企业创新意愿的机构投资的引入、董事会规模的缩小、外部董事数据的增加，董事会专业委员会的设立以及董事长与总经理的职责分离都有助于提高企业技术创新水平，在此基础上，本提出了促进了企业技术创新的治理改革对策。     

创业期望、风险恐惧与新生企业家的创业行为——基于调节聚焦理论

随着“大众创业、万众创新”战略部署的推进,我国国民的创业热情被点燃。但是,我国的创业政策和生态环境仍不够完善,使得很多创业者处于“临渊羡鱼”的观望状态。因此,迫切需要探讨创业期望和风险恐惧对新生企业家创业行为的影响机制。本文基于调节聚焦理论,解析了创业期望对新生企业家创业行为的影响机制,并探究了风险恐惧对新生企业家创业行为的影响机制。研究结果表明：新生企业家的创业期望越高,其创业积极性也就越高,并且会采取积极的创业投资行为。风险恐惧会降低新生企业家的创业倾向,但是个体一旦选择了创业行为后,风险恐惧对新生企业家创业投资行为的影响取决于其创业期望水平。当新生企业家创业期望水平较高时,风险恐惧的增加会驱动新生企业家萌发促进聚焦的调节机制,此时积极投资将处于主导地位,因此新生企业家会实施积极的投资行为。但是如果创业期望水平较低时,风险恐惧的增加会催生新生企业家产生预防聚焦的调节机制,此时害怕失败将处于主导地位,因此新生企业家会减少创业投资。     

R&D strategies and entrepreneurial spawning

This paper analyzes how different R&D strategies of incumbent firms affect the quantity and quality of their entrepreneurial spawning. When examining entrepreneurial ventures of ex-employees of firms with different R&D strategies, three things emerge: First, firms with persistent R&D investments and a general superiority in sales, exports, productivity, profitability and wages are less likely to generate entrepreneurs than firms with temporary or no R&D investments. Second, start-ups from knowledge intensive business service (KIBS) firms with persistent R&D investments have a significantly increased probability of survival. No corresponding association between the R&D strategies of incumbents and survival of entrepreneurial spawns is found for incumbents in manufacturing sectors. Third, spin-outs from KIBS-firms are more likely to survive if they start in the same sector, indicating the importance of inherited knowledge. These findings suggest that R&D intensive firms are less likely to generate employee start-ups, but their entrepreneurial spawns tend to be of higher quality.     

Contextualizing entrepreneurial innovation: A narrative perspective

We review literatures that inform entrepreneurial innovation, paying particular attention to different conceptualizations of contexts. Early research explored micro and macro approaches with some scholars taking an actor-centric perspective and others a context-centric perspective. Bridging these perspectives, different scholars proposed multilevel approaches, arguing that opportunities are “found” or “made” by entrepreneurs whose efforts are moderated by contexts. More recent constitutive approaches, such as those informed by structuration, complexity and disequilibrium theories, have viewed entrepreneurial innovation as a process wherein actors and contexts are co-created. We add to constitutive approaches by examining how entrepreneurs contextualize innovation through narratives. A narrative perspective considers entrepreneurial innovation as an ongoing process involving embedded actors who contextualize innovation through performative efforts. We discuss the implications of this perspective for policy, entrepreneurs, and research.     

风险投资进入时间、技术偏好对创新绩效影响——基于创业板制造业企业的PSM检验

准确评估风险投资的进入时间、技术偏好对创业企业创新绩效的影响,对我国风险投资发展、指导未来我国产业结构转型升级具有重要意义。本文与进入创业企业的时间联系,考虑其技术偏好,构筑了“风险投资进入时间--技术偏好--创业企业创新绩效影响”逻辑链条;并以2009-2012年创业板制造业企业为例,采用PSM方法,分析了不同时间进入的风险投资的技术偏好及其对创业企业创新绩效的影响得到：上市前1年内进入的风险投资的技术偏好不显著,对创业企业创新绩效的动态促进作用不显著,无论是突破式创新还是渐进式创新;上市前1年以上进入的风险投资的技术偏好显著,对创业企业创新绩效存在显著的动态促进作用,但随着时间推移,对创业企业创新绩效的影响程度越来越小,且对渐进式创新影响的持续性和程度大于突破式创新。     

Why do incumbents fund startups? A study of the antecedents of corporate venture capital in China

Established firms are instrumental in funding entrepreneurial ventures, a practice known as corporate venture capital (CVC). Yet, our knowledge of the reasons firms engage in CVC is calibrated mainly on data from the United States and Europe. Such a restricted focus limits our understanding of CVC practices and objectives. Accordingly, we adopt an abductive approach to study the antecedents of CVC in China. The country is a vibrant entrepreneurial setting, second only to the USA in total startup numbers and funding amounts. We construct a comprehensive data of Chinese CVCs during the late 2010s by integrate Chinese and international databases. Cross-industry analyses of CVC patterns underscore a novel objective; one that is predominantly associated with harnessing growth through market expansion rather than the prevailing view of CVC as a window on technology. The findings mirror the features of the Chinese setting, where entrepreneurs profit from the dramatic expansion in economic activity and serve as a vehicle to leverage the global innovation frontier.     

Paradoxical transparency? Capital market responses to exploration and exploitation disclosure

We draw on information risk theory and paradox theory to examine the additive and combined effects of disclosing exploration and exploitation information on cost of equity capital. We build on theory that presupposes that the information disclosed by a firm about its innovation activities will reduce information risk of investors. However, we contend that disclosure of exploration and exploitation innovation activities could convey potentially paradoxical expectations about a firm's future value. Based on longitudinal data of the UK FTSE 350 firms from 2011–2016, we show that firms tend to disclose more information related to exploration than exploitation. However, the bulk of market benefits are driven by exploitation rather than exploration disclosures—except for R&D-active firms that are rewarded for exploration disclosure. We also find that the combined disclosure is negatively associated with cost of equity capital, with the sub-population of R&D-active firms particularly accruing synergies from combined disclosure of both exploration and exploitation. These findings suggest that the market differentiates between exploration and exploitation information in addressing information risk, more so than previously assumed. We discuss implications for information-type-dependency in information-risk theory, the outward projection of internal paradoxes, capital market valuations of disclosure by R&D-active firms, opportunity-seeking by large publicly listed corporations, and policy implications.     

Government,venture capital and the growth of European high-tech entrepreneurial firms

Using a new European Union-sponsored firm-level longitudinal dataset, we assess the impact of government-managed (GVC) and independent venture capital (IVC) funds on the sales and employee growth of European high-tech entrepreneurial firms. Our results show that the main statistically robust and economically relevant positive effect is exerted by IVC investors on firm sales growth. Conversely, the impact of GVC alone appears to be negligible. We also find a positive and statistically significant impact of syndicated investments by both types of investors on firm sales growth, but only when led by IVC investors. Our results remain stable after controlling for endogeneity, survivorship bias, reverse causality, anticipation effects, legal and institutional differences across countries and over time and are stable with respect to potential non-linear effects of age and size of entrepreneurial firms. Overall, our analysis casts doubt on the ability of governments to support high-tech entrepreneurial firms through a direct and active involvement in VC markets.     

企业家情怀与创新投入关系的实证研究

企业家情怀是否会影响企业的创新投入？本文主要依据计划行为理论,从企业家情怀与创新投入的关系入手,构建了企业家情怀经由风险承担与压力应对影响企业创新投入的概念模型,并提出了相应的假设。利用183份有效问卷进行了实证分析。研究結果表明,企业家情怀能够促进企业的创新投入,风险承担和压力应对在情怀到创新投入的影响路径中起到部分中介作用。论文将企业家情怀纳入创新研究,补充和完善了企业创新动机理论,对企业家情怀的研究也有效拓展了企业家精神理论的内容,论文同时也从企业家层面和政府层面提出了管理启示,最后对未来的研究进行了展望。