创新与战略系（筹）讲座

题目：How does venture capitalists’ portfolio strategy matter? Predicting start-ups’ technological portfolio change 为何风险资本家的投资组合策略如此重要？ 预测初创企业的技术组合变化

演讲人：郝斌, 副教授, 华东理工大学商学院

讲座时间：2020年6月15日 16:00–18:30

讲座方式：ZOOM云视频会议

会议号：95173223351 参会密码：436975

讲座摘要：

This study investigates how a VC’s investment portfolio strategy affects its tendentiousness when exerting influence on start-up’s technological portfolio change. Drawing upon portfolio management literature, we argue that VCs will encourage start-ups to reconfigure technological portfolio in a way that complements VCs’ own investment portfolio strategies. In particular, we regard a VC’s equity share in a start-up as a conduit to exert its influence over start-up technological portfolio and investigate the moderating roles of VCs’ investment portfolio diversity and investment track depth. We argue that when investment portfolio diversity is low, the relationship between VC equity share and start-up technological portfolio change is positive; when investment portfolio diversity is high, it becomes negative. VCs’ investment track depth also negatively moderates such a relationship: when investment track depth is low, the relationship is positive; when investment track depth is high, it becomes insignificant. The analysis of a dataset of 1,564 venture capital investments on 1,160 start-up firms supports most of our conjectures. This study sheds new light on the role of VCs’ strategy in shaping start-up’s technological strategy, and advances our understanding of portfolio management by synthesizing investment portfolio and technological portfolio.

演讲嘉宾简介：

郝斌，男，副教授，任职于华东理工大学商学院，英国牛津大学博士后，同济大学与法国马赛大学联合培养管理学博士；英国诺丁汉大学、法国波尔多大学访问学者。主要研究兴趣为创业企业战略与风险投资管理、联盟与创新管理等。入选上海市浦江人才计划、华东理工大学青年英才计划等。在Technovation、R&D Management、International Small Business Journal、European Management Journal、IEEE Transactions on Engineering Management、Journal of Business and Industrial Marketing等创业与战略管理领域国际权威期刊发表SSCI论文9篇，在《中国工业经济》、《南开管理评论》等国内重要CSSCI期刊发表论文43篇；10篇次被《新华文摘》、《人大复印资料》、《高等学校文科学术文摘》等全文转载。主持并完成3项国家自然科学基金项目、1项教育部人文社科项目、1项上海市科技发展基金软科学项目。获英国管理学会年会最佳论文奖、上海市哲学社会科学优秀成果二等奖、上海市高等学校优秀教材二等奖等荣誉奖励5项。担任Technovation, International Small Business Journal, European Management Review, R&D Management, Journal of Integrated Supplier Management, Leadership and Organization Development Journal等匿名评审人。目前是国际战略管理学会（Strategic Management Society）会员。