Research on the Relationship Between Venture Capitalists’ Trust in the Entrepreneur and Their Investment Behaviors

IF 2.3 4区管理学 Q3 BUSINESS

Entrepreneurship Research Journal Pub Date : 2020-08-25 DOI:10.1515/erj-2020-0151

Su-lei Li, Hongtao Yang

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引用次数: 1

Abstract

Abstract Venture capitalists’ trust in entrepreneurs and their investment behaviors does not interact directly; Trust is a psychological state rather than static and stable phenomena. The relationship is affected by multiple factors. This study aims to develop a better understanding of the complex relationship and to show the degree of influence among factors, and to reveal “The Bewilderment of Decision-making” of VC. Based on SEM, this paper analyzes the relationship between the factors: the influencing factors at the initial stage of trust, trust, investor risk appetite, entrepreneurs’ behaviors, capitalists’ decision-making Behaviors, capitalists’ post-investment Behaviors. Our qualitative analysis is based on data by issuing 323 questionnaire surveys of 104 Chinese venture capital firms which are divided into different regions by Global Entrepreneurship Monitor (GEM). By analyzing various behaviors, we find that entrepreneurs’ behavior is a key factor in this relationship. Several factors studied earlier have a positive impact on the capitalist’s pre-investment decision-making behavior, but no significant impact on post-investment behavior. These results include trust and investor risk appetite. Through interviews, it was found that the capitalist’s post-investment behavior was related to the capitalist’s ability, resources, management mechanism and other factors.

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风险资本家对企业家的信任与投资行为的关系研究

风险资本家对企业家的信任与其投资行为不直接互动;信任是一种心理状态，而不是静态稳定的现象。这种关系受到多种因素的影响。本研究旨在更好地理解各种因素之间的复杂关系和影响程度，揭示风险投资的“决策困惑”。基于SEM分析了信任初始阶段的影响因素、信任、投资者风险偏好、企业家行为、资本家决策行为、资本家投后行为之间的关系。我们的定性分析基于对104家中国风险投资公司的323份问卷调查，这些公司被全球创业观察(GEM)划分为不同地区。通过对各种行为的分析，我们发现企业家的行为是影响这种关系的关键因素。前面研究的几个因素对资本家的投资前决策行为有正向影响，但对投资后行为没有显著影响。这些结果包括信任和投资者风险偏好。通过访谈发现，资本家的投后行为与资本家的能力、资源、管理机制等因素有关。

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来源期刊

Entrepreneurship Research Journal BUSINESS-

CiteScore

4.50

自引率

21.10%

发文量

期刊介绍： Entrepreneurship Research Journal (ERJ) was launched with an Inaugural Issue in 2011. Professor Ramona Zachary at Baruch College and Professor Chandra Mishra at Florida Atlantic University introduce a new forum for scholarly discussion on entrepreneurs and their activities, contexts, processes, strategies, and outcomes. Positioned as the premier new research journal within the field of entrepreneurship, ERJ seeks to encourage a scholarly exchange between researchers from any field of study who focus on entrepreneurs, and will include both theoretical and empirical articles, with priority being given to high quality theoretical and empirical papers that have managerial or public policy orientation as well as ramifications for entrepreneurship research overall. Topics: -Research Modeling, Design, and Methods: entrepreneurship theories and conceptualizations, entrepreneurship research methods. -The Individuals-Opportunities-Resources Nexus: nascent entrepreneurs, opportunity recognition, drivers of value creation, and emergence, innovation and technology entrepreneurs, entrepreneurial risk and reward, entrepreneurial cognition and behavior. -Inclusive of Near Environments: family entrepreneurship, networks, teams and alliances, venture capital and angel investor groups, entrepreneurial communities, hubs, clusters and public policy, social entrepreneurship. -Distinct Entrepreneurial Stage or Setting: entrepreneurial growth and strategy, boards, governance and leadership, corporate entrepreneurship, international and emerging market entrepreneurship.