Abstract:

Value-added services have an important impact on the interactive development and win-win outcomes of startups and investors. Exploring the effects and impact mechanisms of value-added services of investors on startups is conducive to helping startups to achieve sustainable and sound development, enabling investors to achieve investment appreciation, and promoting the healthy development of the equity investment industry. Four enterprises that receive value-added services from investors are selected as typical cases, and an SETC theoretical model is then constructed by using the grounded theory. The main influencing mechanism of value-added services effect is extracted. The findings indicate that the types of value-added services not only directly affect the effectiveness of the value-added services, but also may cause principal-agent conflict between investors and startups, which can be influenced by the external environment and the characteristics of both parties. Driven by the external environment and characteristics of both parties, the effectiveness of the value-added services is affected. The type of value-added services is the internal direct driving factor affecting the effectiveness of value-added services effect, the external environment is the external direct driving factor affecting the effectiveness of value-added services, while the characteristics of both parties are the situational driving factor, and conflict between the two sides is the intermediary driving factor.

Key words:

equity investment, effectiveness of value-added services, grounded theory, SETC theoretical model

摘要：

增值服务对创业企业和投资方互动发展、实现双赢具有重要影响。探究投资方增值服务对创业企业的作用效果及影响机制有利于创业企业持续稳健发展和投资方实现投资增值，促进股权投资行业健康发展。选取投资方对创业企业投资后提供增值服务的4家企业作为典型案例，运用扎根理论构建了SETC理论模型，提炼出增值服务效果的主要影响机制。研究表明：增值服务的类型除了直接影响增值服务效果外，还可能引发投资方与创业企业之间的冲突，在外部环境和双方特质的驱动下影响增值服务效果。增值服务类型是影响增值服务效果的内部直接驱动因素，外部环境是影响增值服务效果的外部直接驱动因素，双方特质是情境驱动因素，创投冲突是中介驱动因素。

关键词:

股权投资, 增值服务效果, 扎根理论, SETC理论模型