企业绩效、高管人力资本特征与控制权配置——基于我国中小企业板风险企业的经验数据

本文选择了2006-2008年深市中小板块前十大股东中有风险投资持股的168家企业作为研究样本,对于企业绩效、高管人力资本特征是否影响风险投资企业控制权配置进行了实证检验.研究显示,(1)风险投资持股与企业绩效之间显著负相关,呈现出控制权安排具有相机抉择的特征,即当公司的绩效表现不佳时,风险投资者获得了更多的权力,而公司状况好转时,风险投资者的权力会释放控制权;(2)高层管理团队成员受教育水平和政治背景与风险投资企业配置权之间显著负相关,高管团队成员平均年龄和专业背景异质性对风险投资企业控制权配置影响不显著.

Firm Performance, Human Resources' Characteristics of Senior Managers and Control Right Allocation: Evidence from Small and Medium Board' s Venture Enterprises in China

This paper chooses 168 VC-backed firms which venture capital is top ten shareholders of 2006-2008 Shenzhen small and medium-sized listed companies,to testify the influences on controlling right allocation exerted by firm performance and human resources' characteristics of senior managers.The results are shown as follows.Firstly,there is a negative correlation between the shares proportion of venture capital and firm performance,in other words,discretion is the characteristic of control right allocation,when...