Entrepreneurs’ Access to Private Equity in China: The Role of Social Capital
研究了中国企业家社会资本对风险投资决策的影响，基于158个风险投资案例，发现社会资本与增长潜力、技术产品共同影响投资选择，且强关系直接影响合同条款、投资交付和估值等过程决策。
This article examines the effect of entrepreneurs’ social capital on investment decisions of venture capitalists. The empirical data is composed of 158 venture capital decisions in the People’s Republic of China. We found that entrepreneurs’ social capital has significant effects on investment selection decisions of venture capitalists in interaction with growth potential and technology/products of the venture. We also found that strong ties between entrepreneurs and venture capitalists have significant direct effects on investment process decisions such as contractual covenants, investment delivery, and venture valuation.