Value cognition of New Technology-based Firms An Ezploratory Research on Chinese Technology Entrepreneurs and Venture Capitalists
In understanding the value cognition process and divergence between Chinese venture capitalists (VC) and techno-entrepreneurs (TE), we classify the numerous value cognitive criteria into two types, Resource and Performance, and construct a new dependent variable Importance of resource over performance (IROP) to explore the value cognition gap between Chinese VCs and TEs. Based on a survey data of 33 TEs and 27 VCs collected in China in 2007, we show that the perceived relative importance of Resource over Performance decreases along the NTBFs development stage, with both VCs and TEs allocating higher weight on Performance over Resource indicators as the NTBF grows. Furthermore, we find the gap in the perceived IROP between VCs and TEs is significant in the middle and late stages; however such difference is not significant in early stages. Our findings have implications on both the techno-entrepreneurship literature and the venture capital financing practices.
resource performance new technology-based firm NTBF) venture capitalist (VC) techno-entrepreneur (TE)
Guofeng Luo Yi Tan Haitian Lu
School of Management Huazhong University of Science & Technology Wuhan, China Antai College of Economics & Management Shanghai Jiaotong University Shanghai, China School of Accounting and Finance Hong Kong Polytechnic University Hong Kong, China
国际会议
大连
英文
1-6
2008-10-12（万方平台首次上网日期，不代表论文的发表时间）