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在关系型社会中,契约与信任是风险投资激励和约束风险企业的重要控制形式。本文通过211份有效调查问卷实证检验了风险投资领域中契约和信任对风险企业成长绩效的影响,并进一步探究了两者在作用过程中的关系。结果表明,契约和信任均与风险企业成长绩效存在显著的正向关系,即风险投资使用契约或发挥信任作用均能促进风险企业业绩成长。契约和信任独立的积极作用得到证实,但研究未发现两者对风险企业成长绩效的共同影响。本文的贡献在于突破了已有文献在研究样本和范围上的局限性,并引入社会学信任理论全面解释了风险投资和风险企业间的关系。
In a relational society, contractual and trust are the important forms of control that venture capital encourages and binds risky ventures. In this paper, 211 valid questionnaires are used to empirically test the impact of contractual and trust on the performance of venture capital firms in the field of venture capital, and to further explore the relationship between the two in the course of their role. The results show that there is a significant positive relationship between contract and trust and the growth performance of venture firms, that is, the use of contract or trust can promote the performance of venture firms. The positive role of contractual and trust independence was confirmed, but the research did not find the common impact of the two on the growth performance of venture firms. The contribution of this paper is to break through the limitations of the existing literature in the sample and scope of the study, and to introduce the theory of social trust to fully explain the relationship between venture capital and venture capital.