Chinese Journal of Management Science ›› 2025, Vol. 33 ›› Issue (5): 334-343.doi: 10.16381/j.cnki.issn1003-207x.2022.1898
Zhiguang Li, Yaokuang Li(), Lihua Fu, Yalin Wang
Received:
2022-08-29
Revised:
2022-12-24
Online:
2025-05-25
Published:
2025-06-04
Contact:
Yaokuang Li
E-mail:liyaokuang@hfut.edu.cn
CLC Number:
Zhiguang Li, Yaokuang Li, Lihua Fu, Yalin Wang. Founder Identity, Equity Financing and Innovation Performance: Textual Analysis Based on 466 Prospectuses of STAR Market Listed Companies[J]. Chinese Journal of Management Science, 2025, 33(5): 334-343.
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变量类型 | 变量名称 | 变量符号 | 变量定义 |
---|---|---|---|
被解释变量 | 发明授权 | Authorization | Ln(当年发明授权+1) |
发明公布 | Publish | Ln(当年发明公布+1) | |
解释变量 | 学术型创始人 | Academic | 创始人具有学术背景为 1,否则为 0 |
商业型创始人 | Business | 创始人具有商业背景为 1,否则为 0 | |
技术型创始人 | Technical | 创始人具有技术背景为 1,否则为 0 | |
中介变量 | 股权融资数 | Equity financing | Ln(股权融资+1) |
调节变量 | 海外背景 | Overseas | 创始人具有海外背景为 1,否则为 0 |
两职合一 | Duality | 创始人兼任CEO和总经理为 1,否则为 0 | |
VC/PE支持 | VC/PE | 企业获得VC/PE支持为 1,否则为 0 | |
控制变量 | 性别 | Male | 创始人男性为1,否则为0 |
年龄 | Age | 创始人的实际年龄 | |
教育 | Education | 创始人受教育程度,博士5、硕士4、本科3、专科2、高中及以下1 | |
企业规模 | Asset | 企业总资产取对数 | |
资产利润率 | ROA | 净利润/资产总计 | |
资产负债率 | LEA | 年末负债/资产总计 | |
经营活动现金净流量(百万) | ONCF | 生产经营活动中所发生的现金收入与支出之差 | |
年份 | Year | 哑变量 | |
行业 | Industry | 哑变量 | |
城市 | City | 哑变量 |
"
变量 | N | Mean | SD | Min | Max | VIF |
---|---|---|---|---|---|---|
Authorization | 1597 | 0.831 | 0.997 | 0 | 6.256 | - |
Publish | 1597 | 1.9 | 1.292 | 0 | 6.8 | - |
Academic | 1597 | 0.158 | 0.365 | 0 | 1 | - |
Business | 1597 | 0.48 | 0.5 | 0 | 1 | 2.89 |
Technical | 1597 | 0.362 | 0.481 | 0 | 1 | 2.41 |
Equity financing | 1597 | 1.371 | 0.738 | 0 | 3.296 | 1.72 |
Overseas | 1597 | 0.234 | 0.424 | 0 | 1 | 1.3 |
Duality | 1597 | 0.508 | 0.5 | 0 | 1 | 1.11 |
VC/PE | 1597 | 0.829 | 0.377 | 0 | 1 | 1.64 |
Male | 1597 | 0.961 | 0.193 | 0 | 1 | 1.02 |
Age | 1597 | 51.58 | 7.662 | 27 | 80 | 1.08 |
Education | 1597 | 3.698 | 1.09 | 1 | 5 | 1.53 |
Asset | 1597 | 11.14 | 1.171 | 6.166 | 19.64 | 1.19 |
ROA | 1597 | 0.0514 | 0.576 | -21.62 | 0.75 | 2.3 |
LEA | 1597 | 0.421 | 0.351 | 0.0226 | 10.28 | 2.29 |
ONCF | 1597 | 118.061 | 3024 | -1905 | 89430 | 1.09 |
"
解释变量 | Authorization | Equity financing | Authorization | ||
---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | |
Academic | 0.262*** | 0.211*** | 0.243** | ||
(0.075) | (0.058) | (0.075) | |||
Business | -0.357*** | ||||
(0.082) | |||||
Technical | -0.204** | ||||
(0.078) | |||||
Equity finance fifinancing | 0.068* (0.034) | ||||
_cons | -1.179*** | -0.972** | -0.626+ | 1.278*** | -1.071** |
(0.353) | (0.353) | (0.369) | (0.275) | (0.356) | |
控制变量 | 控制 | 控制 | 控制 | 控制 | 控制 |
Year | 是 | 是 | 是 | 是 | 是 |
Industry | 是 | 是 | 是 | 是 | 是 |
City | 是 | 是 | 是 | 是 | 是 |
N | 1597 | 1597 | 1597 | 1597 | 1597 |
R2 | 0.216 | 0.221 | 0.226 | 0.275 | 0.223 |
F | 4.45*** | 4.53*** | 4.62*** | 6.06*** | 4.53*** |
"
解释变量 | 被解释变量Equity financing | |||||
---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | |
Academic | 0.211*** | |||||
(0.058) | ||||||
Business | -0.220*** | |||||
(0.063) | ||||||
Technical | -0.204*** | |||||
(0.061) | ||||||
_cons | 1.408*** | 1.251*** | 1.139*** | 1.212*** | 1.278*** | 1.498*** |
(0.246) | (0.262) | (0.271) | (0.274) | (0.275) | (0.287) | |
控制变量 | 控制 | 控制 | 控制 | 控制 | 控制 | 控制 |
Year | 否 | 是 | 是 | 是 | 是 | 是 |
Industry | 否 | 否 | 是 | 是 | 是 | 是 |
City | 否 | 否 | 否 | 是 | 是 | 是 |
N | 1596 | 1596 | 1596 | 1597 | 1597 | 1597 |
R2 | 0.080 | 0.082 | 0.087 | 0.270 | 0.275 | 0.275 |
F | 19.80*** | 12.85*** | 9.45*** | 5.99*** | 6.06*** | 5.99*** |
"
解释变量 | 被解释变量Equity financing | ||
---|---|---|---|
(1) | (2) | (3) | |
Academic | 0.172** | 0.239*** | 0.230*** |
(0.062) | (0.058) | (0.049) | |
Overseas | 0.005 | ||
(0.051) | |||
Academic*Overseas | 0.190+ | ||
(0.107) | |||
Duality | 0.175*** | ||
(0.038) | |||
Academic* Duality | 0.305** | ||
(0.098) | |||
VC/PE | 1.104*** | ||
(0.042) | |||
Academic* VC/PE | -0.358** | ||
(0.137) | |||
_cons | 1.284*** | 1.071*** | 0.512* |
(0.275) | (0.276) | (0.227) | |
控制变量 | 控制 | 控制 | 控制 |
Year | 是 | 是 | 是 |
Industry | 是 | 是 | 是 |
City | 是 | 是 | 是 |
N | 1597 | 1597 | 1597 |
R2 | 0.278 | 0.292 | 0.509 |
F | 6.01*** | 6.43*** | 16.19*** |
"
解释变量 | 被解释变量Publish | ||||
---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | |
Academic | 0.310** | 0.220* | |||
(0.103) | (0.097) | ||||
Business | -0.501*** | ||||
(0.112) | |||||
Technical | -0.189+ | ||||
(0.107) | |||||
Equity financing | 0.110* | ||||
(0.044) | |||||
_cons | -1.093** | -0.938+ | -0.801 | -0.422 | -0.615 |
(0.416) | (0.488) | (0.488) | (0.506) | (0.449) | |
控制变量 | 控制 | 控制 | 控制 | 控制 | 控制 |
Year | 否 | 是 | 是 | 是 | 是 |
Industry | 否 | 是 | 是 | 是 | 是 |
City | 否 | 是 | 是 | 是 | 是 |
N | 1597 | 1597 | 1597 | 1597 | 1597 |
R2 | 0.094 | 0.236 | 0.244 | 0.260 | 0.139 |
F | 23.42*** | 4.98*** | 5.15*** | 5.55*** | 14.20*** |
"
解释变量 | 被解释变量Authorization | |||||
---|---|---|---|---|---|---|
新三板 | 非新三板 | 高亲近指数 | 低亲近指数 | 高清白指数 | 低清白指数 | |
(1) | (2) | (3) | (4) | (5) | (6) | |
Academic | 0.228+ | 0.279** | 0.261*** | 0.037 | 0.262*** | -5.913 |
(0.133) | (0.095) | (0.077) | (0.963) | (0.076) | (4.774) | |
_cons | 0.070 | -0.803+ | -0.946** | -4.157 | -0.963** | -3.769 |
(0.624) | (0.441) | (0.364) | (4.070) | (0.363) | (5.563) | |
控制变量 | 控制 | 控制 | 控制 | 控制 | 控制 | 控制 |
Year | 是 | 是 | 是 | 是 | 是 | 是 |
Industry | 是 | 是 | 是 | 是 | 是 | 是 |
City | 是 | 是 | 是 | 是 | 是 | 是 |
N | 479 | 1118 | 1513 | 84 | 1488 | 109 |
R2 | 0.465 | 0.249 | 0.197 | 0.944 | 0.205 | 0.814 |
F | 5.53*** | 4.18*** | 4.62*** | 28.45*** | 5.07*** | 8.37*** |
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