| 摘要: |
| 有风险投资参与的企业往往表现出更出色的业绩，风险投资家在投资过程中既可能扮演侦察员角色又可能担当教练员角色，学术界对于风险投资家的哪种行为是影响企业业绩的主要来源存在争议；针对风险投资家这两种角色的相关研究成果进行了系统梳理和初步探讨，发现大部分文献对于风险投资家的培育作用持肯定态度。 |
| 关键词: 风险投资 风险企业 风险投资家 侦察员 教练员 |
| DOI： |
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| Scout or Coach：The Role of Venture Capitalists Research Review |
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KONG Ling na1，WANG Yang1,2
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| Abstract: |
| In most cases，venture capital backed firms tend to perform better. In the process of investment，venture capitalists(VCs) may act as a “scout”，and a “coach” as well. However, in academia，there is no agreed conclusion about whether this outperformance is mainly attributed to the pre investment screening or post investment monitoring efforts of VCs. This paper presents related studying results of both the ex ante and ex post roles of VCs and carries out a preliminary discussion，finding most of the results support VCs’ “coach” function. |
| Key words: venture investment venture capital backed firms venture capitalists the scout the coach |
