摘要
在“双创”背景下,我国的科技创新创业活动空前活跃。但大量科创企业因轻资产、信息不对称等原因,难以获得外部投资者的认可。在这种情境下,高管团队成为投资者识别企业能力的重要手段。本文基于高阶理论和组织合法性理论,构建了科创企业高管团队异质性对融资能力影响的理论模型,并以国内一线股权众筹平台55家企业的279份问卷为样本进行了实证研究。结果显示,高管团队异质性对企业融资能力有显著的正向影响,这一结论为科创企业高效获取融资提供了重要的理论依据。
Amid the background of new normal economy and mass entrepreneurship and innovation policy,Chinese entrepreneurial innovation activities have never been more active.However,due to short in fixed assets and technical information asymmetry technological and innovative startups(TI Startups)have great difficulty in being recognized by investors,and so are more like to suffer from financing difficulties.In this context,top management team has become a most reliable indicator for the investors to determine the company's value.This paper combines the upper echelons theory and organization legitimacy theory to establish a theoretical model of TMT heterogeneity's influence on TI Startups' financing abilities,and used questionnaires to testify the hypothesis.We use the questionnaire of 80 companies,which have successfully accomplished shareholder crowdfunding on mainstream platforms,to test our hypothesis.Our empirical results show that the heterogeneity of TMT has a significant positive influence on financing ability of TI Startups,providing the TI Startups with strong theoretical directions.
作者
吕晨
张文杰
刘书宁
黄瀚雯
LV Chen;ZHANG Wenjie;LIU Shuning;HUANG Hanwen(School of Economics and Management,Tianjin Chengjian University,Tianjin 300384,China;Business School of NanKai University,Tianjin 300071,China)
出处
《未来与发展》
2021年第1期61-66,共6页
Future and Development
基金
天津市教委科研计划项目:组织合法性视角下高管团队特征对高科技企业融资约束影响机制研究(编号2018SK052)。
关键词
科创企业
组织合法性
高管团队异质性
融资能力
technological and innovative startups
organization legitimacy
top management team heterogeneity
financing ability
