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題名 創業融資對中小企業國際化績效表現的影響
The impact of venture capital on the international performance of small and medium enterprises作者 韋燁
Wei, Ye貢獻者 黃秉德
Huang, Ping-Der
韋燁
Wei, Ye關鍵詞 中小企業
國際化創業
創業融資
SMEs
International entrepreneurship
Venture capital日期 2019 上傳時間 12-二月-2019 16:01:30 (UTC+8) 摘要 中小企業已經成為了中國大陸經濟高速發展的重要支柱。在當前『大眾創業、萬眾創新』的浪潮下,國內中小企業的競爭壓力越來越大,因而有越來越多具有野心的創業家開始把眼光投向海外市場,中小企業國際化便逐漸成為了值得關注的一個議題。本文便從當下中小企業研究領域的兩個熱點議題『國際化』和『創業融資』著手,探索創業融資在中小企業國際化中所扮演的角色。本文首先回顧和整理了中小企業國際化以及創業融資相關的文獻,闡明了創業融資之於中小企業的意義以及中小企業在國際化發展中所需的資源和能力。其次,本文選取了在『新三板』掛牌的企業作為本文的研究樣本,採用『多元線性回歸』的統計方法,利用Stata15.0和SPSS21兩個統計軟體,針對創業融資及創業投資機構的特徵對中小企業國際化績效表現的影響進行了實證分析。研究發現:1)創業融資對於中小企業國際化績效表現具有顯著的正向作用;2)具備政府或外資背景的創投機構更能促進被投資企業國際化績效表現;3)獲得過策略投資機構投資的中小企業在國際化績效表現上顯著優於其他中小企業;4)參與融資的創投機構數量對被投資企業的國際化績效表現具有顯著正向影響。最後,本文針對此次實證研究結果進行討論,並提出了相關的建議。本文為具有國際化發展願景的中小企業提供了重要的參考和理論依據,對促進中小企業國際化在理論和實踐兩方面的發展都具有現實意義。
Nowadays, Small and Medium Enterprises (SMEs) have become the significant mainstay of the economic development of China. With the movement of “Mass Innovation and Entrepreneurship” which was initiated by the Chinese government, the development of SMEs has drawn unprecedented attention from the entire country and has become the major source of economic vitality in China. In this case, there is an increasing number of ambitious entrepreneurs and managers of SMEs looking for business opportunities outside of China. Internationalization of SMEs has become a noteworthy research especially in the context of the Chinese market. The study aims to explore the effects on the international performance of SMEs that are brought by the involvement of venture capital. First of all, the paper reviews the relevant literatures on the areas of “venture capital” and “internationalization of SMEs” in order to outline the effects of venture capital, as well as the resources and abilities that are required for the successful internationalization of SMEs. Then, some specific research questions are defined. In the next section, an empirical research is conducted on a sample of companies that is currently listed in National Equities Exchange and Quotations (NEEQ). Multiple Linear Regression is adopted in this research and the statistical analysis is conducted via Stata15.0 and SPSS21. The findings of this empirical research can be concluded as the following: 1) SMEs with the involvement of venture capital have significantly better performance on internationalization than those who do not have; 2) The venture investment institutions with the association of government or foreign capital can significantly promote the international performance of SMEs; 3) SMEs who have the support of strategic investment institutions have better international performance compared to those who do not have; 4) More venture investment institutions involved brings more positive effects on the international performance of SMEs. Discussions about the findings and several suggestions are provided in the last section so as to help managers of SMEs achieve success in the international market, as well as to improve future academic research in this field.參考文獻 Berger, A. N., & Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of banking & finance, 22(6-8), 613-673.Brander, J. A., Amit, R., & Antweiler, W. (2002). Venture‐capital syndication: Improved venture selection vs. the value‐added hypothesis. Journal of Economics & Management Strategy, 11(3), 423-452.Cavusgil, S. T., & Knight, G. (2015). The born global firm: An entrepreneurial and capabilities perspective on early and rapid internationalization. Journal of International Business Studies, 46(1), 3-16.Collinson, S., & Houlden, J. (2005). Decision-making and market orientation in the internationalization process of small and medium-sized enterprises. MIR: Management International Review, 413-436.Cornett, M. M., Marcus, A. J., Saunders, A., & Tehranian, H. (2007). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, 31(6), 1771-1794.Council, A. M., McKinsey, & Company. (1993). Emerging Exporters: Australia`s High Value-added Manufacturing Exporters : Final Report of the Study by McKinsey & Company and the Australian Manufacturing Council Secretariat to the Australian Manufacturing Council, June 1993: Australian Manufacturing Council.Crick, D., & Jones, M. V. (2000). Small high-technology firms and international high-technology markets. Journal of international marketing, 8(2), 63-85.Cumming, D. J., & Johan, S. A. (2013). Venture capital and private equity contracting: An international perspective. Academic Press.Da Rin, M., & Penas, M. F. (2007). The effect of venture capital on innovation strategies (No. w13636). National Bureau of Economic Research.Dana, L. P. (Ed.). (2004). Handbook of research on international entrepreneurship. Edward Elgar Publishing.Davila, A., Foster, G., & Gupta, M. (2003). Venture capital financing and the growth of startup firms. Journal of business venturing, 18(6), 689-708.Dubini, P., & Aldrich, H. (1991). Personal and extended networks are central to the entrepreneurial process. Journal of Business Venturing, 6(5), 305-313.Dunning, J. H. Trade, location of economic activities, and the MNE:A search for an electric approach. In B. Online, International Allocation of Economic Activity[J]. Holme and Meier. 1977Faria, A. P., & Barbosa, N. (2014). Does venture capital really foster innovation?. Economics Letters, 122(2), 129-131.Fernhaber, S. A., & McDougall‐Covin, P. P. (2009). Venture capitalists as catalysts to new venture internationalization: the impact of their knowledge and reputation resources. Entrepreneurship Theory and Practice, 33(1), 277-295.Gompers, P. A., & Lerner, J. (2004). The venture capital cycle. MIT press.Gorman, M., & Sahlman, W. A. (1989). What do venture capitalists do?. Journal of business venturing, 4(4), 231-248.Grant, R. M. (1999). The resource-based theory of competitive advantage: implications for strategy formulation. In Knowledge and strategy (pp. 3-23).Halt, G. B., Donch, J. C., Stiles, A. R., & Fesnak, R. (2017). Sources of Company Funding. In Intellectual Property and Financing Strategies for Technology Startups (pp. 11-33). Springer, Cham.Harveston, P. D., Kedia, B. L., & Davis, P. S. (2000). Internationalization of born global and gradual globalizing firms: The impact of the manager. Journal of Competitiveness Studies, 8(1), 92.Hellmann, T., & Puri, M. (2000). The interaction between product market and financing strategy: The role of venture capital. The Review of Financial Studies, 13(4), 959-984.Hellmann, T., & Puri, M. (2002). Venture capital and the professionalization of start‐up firms: Empirical evidence. The journal of finance, 57(1), 169-197.Johanson, J., & Vahlne, J. E. (2009). The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership. Journal of international business studies, 40(9), 1411-1431.Kaplan, S. N., & Stromberg, P. (2001). Venture capitals as principals: contracting, screening, and monitoring. American Economic Review, 91(2), 426-430.Karra, N., Phillips, N., & Tracey, P. (2008). Building the born global firm: developing entrepreneurial capabilities for international new venture success. Long Range Planning, 41(4), 440-458.Kortum, S., & Lerner, J. (2001). Does venture capital spur innovation?. In Entrepreneurial inputs and outcomes: New studies of entrepreneurship in the United States (pp. 1-44). Emerald Group Publishing Limited.Large, D., & Muegge, S. (2008). Venture capitalists` non-financial value-added: an evaluation of the evidence and implications for research. Venture Capital, 10(1), 21-53.Madsen, T. K., & Servais, P. (1997). The internationalization of born globals: an evolutionary process?. International business review, 6(6), 561-583.McDougall, P. P., & Oviatt, B. M. (2000). International entrepreneurship: the intersection of two research paths. Academy of management Journal, 43(5), 902-906.Metrick, A., & Yasuda, A. (2010). Venture capital and the finance of innovation.Musteen, M., Datta, D. K., & Butts, M. M. (2014). Do International Networks and Foreign Market Knowledge Facilitate SME Internationalization? Evidence From the C zech R epublic. Entrepreneurship theory and practice, 38(4), 749-774.Oviatt, B. M., & McDougall, P. P. (1994). Toward a theory of international new ventures. Journal of international business studies, 25(1), 45-64.Oviatt, B. M., & McDougall, P. P. (1995). Global start-ups: Entrepreneurs on a worldwide stage. Academy of Management Perspectives, 9(2), 30-43.Oviatt, B. M., & McDougall, P. P. (2005). Defining international entrepreneurship and modeling the speed of internationalization. Entrepreneurship theory and practice, 29(5), 537-553.Peneder, M. (2014). The impact of venture capital on innovation behavior and fi rm growth. In Perspectives on Financing Innovation (pp. 193-223). Routledge.Petersen, M. A., & Rajan, R. G. (1995). The effect of credit market competition on lending relationships. The Quarterly Journal of Economics, 110(2), 407-443.Rasmussen, E. S., & Tanev, S. (2015). The emergence of the lean global startup as a new type of firm. Technology Innovation Management Review, 5(11).Reuber, A. R., & Fischer, E. (1997). The influence of the management team`s international experience on the internationalization behaviors of SMEs. Journal of International Business Studies, 28(4), 807-825.Reuber, A. R., & Fischer, E. (2002). Foreign sales and small firm growth: The moderating role of the management team. Entrepreneurship Theory and Practice, 27(1), 29-45.Roudini, A., & Osman, M. H. M. (2012). The role of international entrepreneurship capability on international performance in born global firms. Ibusiness, 4(02), 126.Shamsuddoha, A. K., Yunus Ali, M., & Oly Ndubisi, N. (2009). Impact of government export assistance on internationalization of SMEs from developing nations. Journal of Enterprise Information Management, 22(4), 408-422.Sullivan, D. (1994). Measuring the degree of internationalization of a firm. Journal of international business studies, 25(2), 325-342.Tian, X. (2011). The role of venture capital syndication in value creation for entrepreneurial firms. Review of Finance, 16(1), 245-283.Weerawardena, J., Mort, G. S., Liesch, P. W., & Knight, G. (2007). Conceptualizing accelerated internationalization in the born global firm: A dynamic capabilities perspective. Journal of world business, 42(3), 294-306.Yeoh, P. L. (2004). International learning: antecedents and performance implications among newly internationalizing companies in an exporting context. International Marketing Review, 21(4/5), 511-535.中國報告大廳(2017)。2017-2022年中國企業經營管理項目行業市場深度調研及投資戰略研究分析報告,2017年7月5日。創投圈(2017)。2016創投行業年度生態報告,2017年1月16日。趙曙明、高素英、周建和劉建朝, (2010)。企業國際化的條件、路徑、模式及其啟示。科學學與科學技術管理, 1, 116-112。騰訊研究院 (2017)。2017中國創新創業報告,2017年9月12日。 描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
105363133資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105363133 資料類型 thesis dc.contributor.advisor 黃秉德 zh_TW dc.contributor.advisor Huang, Ping-Der en_US dc.contributor.author (作者) 韋燁 zh_TW dc.contributor.author (作者) Wei, Ye en_US dc.creator (作者) 韋燁 zh_TW dc.creator (作者) Wei, Ye en_US dc.date (日期) 2019 en_US dc.date.accessioned 12-二月-2019 16:01:30 (UTC+8) - dc.date.available 12-二月-2019 16:01:30 (UTC+8) - dc.date.issued (上傳時間) 12-二月-2019 16:01:30 (UTC+8) - dc.identifier (其他 識別碼) G0105363133 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/122337 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所(MBA學位學程) zh_TW dc.description (描述) 105363133 zh_TW dc.description.abstract (摘要) 中小企業已經成為了中國大陸經濟高速發展的重要支柱。在當前『大眾創業、萬眾創新』的浪潮下,國內中小企業的競爭壓力越來越大,因而有越來越多具有野心的創業家開始把眼光投向海外市場,中小企業國際化便逐漸成為了值得關注的一個議題。本文便從當下中小企業研究領域的兩個熱點議題『國際化』和『創業融資』著手,探索創業融資在中小企業國際化中所扮演的角色。本文首先回顧和整理了中小企業國際化以及創業融資相關的文獻,闡明了創業融資之於中小企業的意義以及中小企業在國際化發展中所需的資源和能力。其次,本文選取了在『新三板』掛牌的企業作為本文的研究樣本,採用『多元線性回歸』的統計方法,利用Stata15.0和SPSS21兩個統計軟體,針對創業融資及創業投資機構的特徵對中小企業國際化績效表現的影響進行了實證分析。研究發現:1)創業融資對於中小企業國際化績效表現具有顯著的正向作用;2)具備政府或外資背景的創投機構更能促進被投資企業國際化績效表現;3)獲得過策略投資機構投資的中小企業在國際化績效表現上顯著優於其他中小企業;4)參與融資的創投機構數量對被投資企業的國際化績效表現具有顯著正向影響。最後,本文針對此次實證研究結果進行討論,並提出了相關的建議。本文為具有國際化發展願景的中小企業提供了重要的參考和理論依據,對促進中小企業國際化在理論和實踐兩方面的發展都具有現實意義。 zh_TW dc.description.abstract (摘要) Nowadays, Small and Medium Enterprises (SMEs) have become the significant mainstay of the economic development of China. With the movement of “Mass Innovation and Entrepreneurship” which was initiated by the Chinese government, the development of SMEs has drawn unprecedented attention from the entire country and has become the major source of economic vitality in China. In this case, there is an increasing number of ambitious entrepreneurs and managers of SMEs looking for business opportunities outside of China. Internationalization of SMEs has become a noteworthy research especially in the context of the Chinese market. The study aims to explore the effects on the international performance of SMEs that are brought by the involvement of venture capital. First of all, the paper reviews the relevant literatures on the areas of “venture capital” and “internationalization of SMEs” in order to outline the effects of venture capital, as well as the resources and abilities that are required for the successful internationalization of SMEs. Then, some specific research questions are defined. In the next section, an empirical research is conducted on a sample of companies that is currently listed in National Equities Exchange and Quotations (NEEQ). Multiple Linear Regression is adopted in this research and the statistical analysis is conducted via Stata15.0 and SPSS21. The findings of this empirical research can be concluded as the following: 1) SMEs with the involvement of venture capital have significantly better performance on internationalization than those who do not have; 2) The venture investment institutions with the association of government or foreign capital can significantly promote the international performance of SMEs; 3) SMEs who have the support of strategic investment institutions have better international performance compared to those who do not have; 4) More venture investment institutions involved brings more positive effects on the international performance of SMEs. Discussions about the findings and several suggestions are provided in the last section so as to help managers of SMEs achieve success in the international market, as well as to improve future academic research in this field. en_US dc.description.tableofcontents 中文摘要 I英文摘要 II目次 III圖次 IV表次 V第壹章 緒論 1第貳章 文獻綜述 5第一節 概念定義 5第二節 相關研究 10第三節 研究問題與假設 21第叁章 研究方法 27第肆章 實證分析 34第一節 樣本選擇與來源 34第二節 數據分析 35第伍章 討論、研究限制及建議 42第一節 討論 42第二節 研究限制與建議 45參考文獻 50附錄 55 zh_TW dc.format.extent 1267664 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105363133 en_US dc.subject (關鍵詞) 中小企業 zh_TW dc.subject (關鍵詞) 國際化創業 zh_TW dc.subject (關鍵詞) 創業融資 zh_TW dc.subject (關鍵詞) SMEs en_US dc.subject (關鍵詞) International entrepreneurship en_US dc.subject (關鍵詞) Venture capital en_US dc.title (題名) 創業融資對中小企業國際化績效表現的影響 zh_TW dc.title (題名) The impact of venture capital on the international performance of small and medium enterprises en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Berger, A. N., & Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of banking & finance, 22(6-8), 613-673.Brander, J. A., Amit, R., & Antweiler, W. (2002). Venture‐capital syndication: Improved venture selection vs. the value‐added hypothesis. Journal of Economics & Management Strategy, 11(3), 423-452.Cavusgil, S. T., & Knight, G. (2015). The born global firm: An entrepreneurial and capabilities perspective on early and rapid internationalization. Journal of International Business Studies, 46(1), 3-16.Collinson, S., & Houlden, J. (2005). Decision-making and market orientation in the internationalization process of small and medium-sized enterprises. MIR: Management International Review, 413-436.Cornett, M. M., Marcus, A. J., Saunders, A., & Tehranian, H. (2007). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, 31(6), 1771-1794.Council, A. M., McKinsey, & Company. (1993). Emerging Exporters: Australia`s High Value-added Manufacturing Exporters : Final Report of the Study by McKinsey & Company and the Australian Manufacturing Council Secretariat to the Australian Manufacturing Council, June 1993: Australian Manufacturing Council.Crick, D., & Jones, M. V. (2000). Small high-technology firms and international high-technology markets. Journal of international marketing, 8(2), 63-85.Cumming, D. J., & Johan, S. A. (2013). Venture capital and private equity contracting: An international perspective. Academic Press.Da Rin, M., & Penas, M. F. (2007). The effect of venture capital on innovation strategies (No. w13636). National Bureau of Economic Research.Dana, L. P. (Ed.). (2004). Handbook of research on international entrepreneurship. Edward Elgar Publishing.Davila, A., Foster, G., & Gupta, M. (2003). Venture capital financing and the growth of startup firms. Journal of business venturing, 18(6), 689-708.Dubini, P., & Aldrich, H. (1991). Personal and extended networks are central to the entrepreneurial process. Journal of Business Venturing, 6(5), 305-313.Dunning, J. H. Trade, location of economic activities, and the MNE:A search for an electric approach. In B. Online, International Allocation of Economic Activity[J]. Holme and Meier. 1977Faria, A. P., & Barbosa, N. (2014). Does venture capital really foster innovation?. Economics Letters, 122(2), 129-131.Fernhaber, S. A., & McDougall‐Covin, P. P. (2009). Venture capitalists as catalysts to new venture internationalization: the impact of their knowledge and reputation resources. Entrepreneurship Theory and Practice, 33(1), 277-295.Gompers, P. A., & Lerner, J. (2004). The venture capital cycle. MIT press.Gorman, M., & Sahlman, W. A. (1989). What do venture capitalists do?. Journal of business venturing, 4(4), 231-248.Grant, R. M. (1999). The resource-based theory of competitive advantage: implications for strategy formulation. In Knowledge and strategy (pp. 3-23).Halt, G. B., Donch, J. C., Stiles, A. R., & Fesnak, R. (2017). Sources of Company Funding. In Intellectual Property and Financing Strategies for Technology Startups (pp. 11-33). Springer, Cham.Harveston, P. D., Kedia, B. L., & Davis, P. S. (2000). Internationalization of born global and gradual globalizing firms: The impact of the manager. Journal of Competitiveness Studies, 8(1), 92.Hellmann, T., & Puri, M. (2000). The interaction between product market and financing strategy: The role of venture capital. The Review of Financial Studies, 13(4), 959-984.Hellmann, T., & Puri, M. (2002). Venture capital and the professionalization of start‐up firms: Empirical evidence. The journal of finance, 57(1), 169-197.Johanson, J., & Vahlne, J. E. (2009). The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership. Journal of international business studies, 40(9), 1411-1431.Kaplan, S. N., & Stromberg, P. (2001). Venture capitals as principals: contracting, screening, and monitoring. American Economic Review, 91(2), 426-430.Karra, N., Phillips, N., & Tracey, P. (2008). Building the born global firm: developing entrepreneurial capabilities for international new venture success. Long Range Planning, 41(4), 440-458.Kortum, S., & Lerner, J. (2001). Does venture capital spur innovation?. In Entrepreneurial inputs and outcomes: New studies of entrepreneurship in the United States (pp. 1-44). Emerald Group Publishing Limited.Large, D., & Muegge, S. (2008). Venture capitalists` non-financial value-added: an evaluation of the evidence and implications for research. Venture Capital, 10(1), 21-53.Madsen, T. K., & Servais, P. (1997). The internationalization of born globals: an evolutionary process?. International business review, 6(6), 561-583.McDougall, P. P., & Oviatt, B. M. (2000). International entrepreneurship: the intersection of two research paths. Academy of management Journal, 43(5), 902-906.Metrick, A., & Yasuda, A. (2010). Venture capital and the finance of innovation.Musteen, M., Datta, D. K., & Butts, M. M. (2014). Do International Networks and Foreign Market Knowledge Facilitate SME Internationalization? Evidence From the C zech R epublic. Entrepreneurship theory and practice, 38(4), 749-774.Oviatt, B. M., & McDougall, P. P. (1994). Toward a theory of international new ventures. Journal of international business studies, 25(1), 45-64.Oviatt, B. M., & McDougall, P. P. (1995). Global start-ups: Entrepreneurs on a worldwide stage. Academy of Management Perspectives, 9(2), 30-43.Oviatt, B. M., & McDougall, P. P. (2005). Defining international entrepreneurship and modeling the speed of internationalization. Entrepreneurship theory and practice, 29(5), 537-553.Peneder, M. (2014). The impact of venture capital on innovation behavior and fi rm growth. In Perspectives on Financing Innovation (pp. 193-223). Routledge.Petersen, M. A., & Rajan, R. G. (1995). The effect of credit market competition on lending relationships. The Quarterly Journal of Economics, 110(2), 407-443.Rasmussen, E. S., & Tanev, S. (2015). The emergence of the lean global startup as a new type of firm. Technology Innovation Management Review, 5(11).Reuber, A. R., & Fischer, E. (1997). The influence of the management team`s international experience on the internationalization behaviors of SMEs. Journal of International Business Studies, 28(4), 807-825.Reuber, A. R., & Fischer, E. (2002). Foreign sales and small firm growth: The moderating role of the management team. Entrepreneurship Theory and Practice, 27(1), 29-45.Roudini, A., & Osman, M. H. M. (2012). The role of international entrepreneurship capability on international performance in born global firms. Ibusiness, 4(02), 126.Shamsuddoha, A. K., Yunus Ali, M., & Oly Ndubisi, N. (2009). Impact of government export assistance on internationalization of SMEs from developing nations. Journal of Enterprise Information Management, 22(4), 408-422.Sullivan, D. (1994). Measuring the degree of internationalization of a firm. Journal of international business studies, 25(2), 325-342.Tian, X. (2011). The role of venture capital syndication in value creation for entrepreneurial firms. Review of Finance, 16(1), 245-283.Weerawardena, J., Mort, G. S., Liesch, P. W., & Knight, G. (2007). Conceptualizing accelerated internationalization in the born global firm: A dynamic capabilities perspective. Journal of world business, 42(3), 294-306.Yeoh, P. L. (2004). International learning: antecedents and performance implications among newly internationalizing companies in an exporting context. 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