塞翁失马，焉知非福：高管职业流动对企业合作网络的影响——以风险投资行业为例

摘要/Abstract

摘要： 高管职业流动往往伴随着企业人力和社会资本的转移，进而作用于企业间的合作关系网络。作为知识密集型行业，风险投资行业中由高管职业流动所形成的人际关系网络对投资机构间合作关系的形成至关重要。基于资源基础观，本文探究了风险投资机构高管流出对其原任职机构合作关系网络拓展的影响，并以中国风险投资行业为研究情境，对1015家活跃风险投资机构的高管流动数据和投资数据进行了实证分析。研究结果表明，风险投资机构高管的流出能够促进原任职机构拓展其外部合作关系，该积极影响对于处在网络边缘以及高管团队规模较小的资源稀缺型风险投资机构更为显著。本研究揭示了高管流出对原任职企业的积极影响，丰富了企业间关系形成的微观机制研究。

关键词: 高管职业流动, 企业间关系, 风险投资, 联合投资

Abstract: Extant studies on managers’ mobility have contended that the mobility of managers is often accompanied by the transfer of human and social capital, thus acting on interfirm relationships. Since the venture capital (VC) industry is characterized as knowledge-intensive, the interpersonal network formed by managers’ mobility plays a crucial role in VC firms’ network formation. Anchored in the resource-based view, this paper explores the impact of VC managers’ outflow on losing VC firms. Leveraging China’s VC industry as the research context, this study empirically tests the hypotheses based on the managers’ mobility and investment data of 1,015 active VC firms. This study finds evidence for the positive effect of VC managers’ outflow on VC firms’ network formation. More importantly, the findings suggest that the positive effect is more pronounced for VC firms in peripheral syndication network positions and VC firms with small TMT sizes, both of which are in vulnerable strategic positions. The study contributes to the employee mobility literature by revealing the positive effect of managers’ outflow on losing firms’ network formation and sheds light on the interplay between needs and opportunities in interfirm alliance formation by uncovering their microfounations.

Key words: managers' mobility, interfirm relationship, venture capital, syndication

沈睿, 卢青云, 林其欣, 路江涌. 塞翁失马，焉知非福：高管职业流动对企业合作网络的影响——以风险投资行业为例[J]. 管理评论, 2024, 36(11): 61-69.

Shen Rui, Lu Qingyun, Lin Qixin, Lu Jiangyong. A Blessing in Disguise: The Impact of Managers' Mobility on Firms' Network Formation[J]. Management Review, 2024, 36(11): 61-69.

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