, 1
7733 
19651风险投资对我国的创新、创业和经济发展起到了越来越重要的作用。本文从风险投资与宏观经济、风险投资机构与创业企业、风险投资机构本身三个方面对国内外相关文献进行系统梳理，并对比评述了中国风险投资研究的进展和不足。在综述回顾的基础上，本文提出了未来可进一步探索的三个研究方向：新兴市场制度嵌入下的风险投资活动、风险投资机构与创业企业间的关系类型及其对创业企业成长的影响、风险投资管理人网络关系在风险投资决策中的作用。本文的研究可以为风险投资的研究和实践提供有益的启示。
风险投资研究：综述与展望
摘要
参考文献
2 党兴华, 董建卫, 吴红超. 风险投资机构的网络位置与成功退出: 来自中国风险投资业的经验证据[J]. 南开管理评论,2011, (2): 82-91, 101 DOI:10.3969/j.issn.1008-3448.2011.02.010
5 龙玉, 赵海龙, 张新德, 等. 时空压缩下的风险投资——高铁通车与风险投资区域变化[J]. 经济研究,2017, (4): 195-208 DOI:10.3969/j.issn.1002-5863.2017.04.070
7 张天舒, 陈信元, 黄俊. 政治关联、风险资本投资与企业绩效[J]. 南开管理评论,2015, (5): 18-27 DOI:10.3969/j.issn.1008-3448.2015.05.003
9 Aggarwal R, Kryscynski D, Singh H. Evaluating venture technical competence in venture capitalist investment decisions[J]. Management Science,2015, 61(11): 2685-2706 DOI:10.1287/mnsc.2014.2117
10 Ball E, Chiu H H, Smith R. Can VCs time the market? An analysis of exit choice for venture-backed firms[J]. The Review of Financial Studies,2011, 24(9): 3105-3138 DOI:10.1093/rfs/hhr042
13 Bruton G D, Ahlstrom D. An institutional view of China’s venture capital industry: Explaining the differences between China and the West[J]. Journal of Business Venturing,2003, 18(2): 233-259 DOI:10.1016/S0883-9026(02)00079-4
14 Cumming D, Knill A. Disclosure, venture capital and entrepreneurial spawning[J]. Journal of International Business Studies,2012, 43(6): 563-590 DOI:10.1057/jibs.2012.9
15 Dai N, Nahata R. Cultural differences and cross-border venture capital syndication[J]. Journal of International Business Studies,2016, 47(2): 140-169 DOI:10.1057/jibs.2015.32
16 Dimov D, Shepherd D A, Sutcliffe K M. Requisite expertise, firm reputation, and status in venture capital investment allocation decisions[J]. Journal of Business Venturing,2007, 22(4): 481-502 DOI:10.1016/j.jbusvent.2006.05.001
17 Fitza M, Matusik S F, Mosakowski E. Do VCs matter? The importance of owners on performance variance in start-up firms[J]. Strategic Management Journal,2009, 30(4): 387-404 DOI:10.1002/smj.v30:4
18 Franke N, Gruber M, Harhoff D, et al. Venture capitalists’ evaluations of start‐up teams: Trade-offs, knock-out criteria, and the impact of VC experience[J]. Entrepreneurship Theory and Practice,2008, 32(3): 459-483 DOI:10.1111/j.1540-6520.2008.00236.x
19 Gerasymenko V, Arthurs J D. New insights into venture capitalists’ activity: IPO and time-to-exit forecast as antecedents of their post-investment involvement[J]. Journal of Business Venturing,2014, 29(3): 405-420 DOI:10.1016/j.jbusvent.2013.06.003
20 Gorman M, Sahlman W A. What do venture capitalists do?[J]. Journal of Business Venturing,1989, 4(4): 231-248 DOI:10.1016/0883-9026(89)90014-1
21 Gu Q, Lu X H. Unraveling the mechanisms of reputation and alliance formation: A study of venture capital syndication in China[J]. Strategic Management Journal,2014, 35(5): 739-750 DOI:10.1002/smj.2014.35.issue-5
22 Hellmann T, Puri M. The interaction between product market and financing strategy: The role of venture capital[J]. The Review of Financial Studies,2000, 13(4): 959-984 DOI:10.1093/rfs/13.4.959
23 Huang L, Knight A P. Resources and relationships in entrepreneurship: An exchange theory of the development and effects of the entrepreneur-investor relationship[J]. Academy of Management Review,2017, 42(1): 80-102 DOI:10.5465/amr.2014.0397
24 Kaplan S N, Strömberg P. Venture capitalists as principals: Contracting, screening, and monitoring[J]. American Economic Review,2001, 91(2): 426-430 DOI:10.1257/aer.91.2.426
25 Li Y, Chi T L. Venture capitalists’ decision to withdraw: The role of portfolio configuration from a real options lens[J]. Strategic Management Journal,2013, 34(11): 1351-1366 DOI:10.1002/smj.2013.34.issue-11
26 Li Y, Zahra S A. Formal institutions, culture, and venture capital activity: A cross-country analysis[J]. Journal of Business Venturing,2012, 27(1): 95-111 DOI:10.1016/j.jbusvent.2010.06.003
27 Liu Y, Maula M. Local partnering in foreign ventures: Uncertainty, experiential learning, and syndication in cross-border venture capital investments[J]. Academy of Management Journal,2016, 59(4): 1407-1429 DOI:10.5465/amj.2013.0835
28 Ma D L, Rhee M, Yang D Y. Power source mismatch and the effectiveness of interorganizational relations: The case of venture capital syndication[J]. Academy of Management Journal,2013, 56(3): 711-734 DOI:10.5465/amj.2010.0832
29 Pahnke E C, McDonald R, Wang D, et al. Exposed: Venture capital, competitor ties, and entrepreneurial innovation[J]. Academy of Management Journal,2015, 58(5): 1334-1360 DOI:10.5465/amj.2012.0777
30 Patzelt H, zu Knyphausen-Aufseß D, Fischer H T. Upper echelons and portfolio strategies of venture capital firms[J]. Journal of Business Venturing,2009, 24(6): 558-572 DOI:10.1016/j.jbusvent.2008.05.006
31 Petkova A P, Wadhwa A, Yao X, et al. Reputation and decision making under ambiguity: A study of U.S. venture capital firms’ investments in the emerging clean energy sector[J]. Academy of Management Journal,2014, 57(2): 422-448 DOI:10.5465/amj.2011.0651
32 Puri M, Zarutskie R. On the life cycle dynamics of venture-capital-and non-venture-capital-financed firms[J]. The Journal of Finance,2012, 67(6): 2247-2293 DOI:10.1111/j.1540-6261.2012.01786.x
33 Sorenson O, Stuart T E. Bringing the context back in: Settings and the search for syndicate partners in venture capital investment networks[J]. Administrative Science Quarterly,2008, 53(2): 266-294 DOI:10.2189/asqu.53.2.266
34 Zarutskie R. The role of top management team human capital in venture capital markets: Evidence from first-time funds[J]. Journal of Business Venturing,2010, 25(1): 155-172 DOI:10.1016/j.jbusvent.2008.05.008
35 Zhelyazkov P I, Gulati R. After the break-up: The relational and reputational consequences of withdrawals from venture capital syndicates[J]. Academy of Management Journal,2016, 59(1): 277-301 DOI:10.5465/amj.2013.0768
引用本文
张曦如, 沈睿, 路江涌. 风险投资研究：综述与展望[J]. 外国经济与管理, 2019, 41(4): 58-70.
导出参考文献，格式为：
