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北京工商大学学报(社会科学版)摇 摇 摇 摇 2018 年摇 第 5 期

An Empirical Study on Venture Capitalist Reputation and

NEEQ Firm Productivity

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WANG Zeyu , GENG Tiancheng & ZHAO Yanhua
(1. Institute of Economics, Chinese Academy of Social Sciences, Beijing 100732, China;
2. School of Business, Renmin University of China, Beijing 100872, China;
3. Northern International Trust Co. Ltd. , Tianjin 300201, China)

Abstract: Venture capital has been playing an increasingly important role in entrepreneurship. How to select the most suit鄄
able venture capitalists (VC) has become a key issue of common concern among entrepreneurs and academia. Based on the re鄄
source鄄based view (RBV) and social embeddedness theory, this paper empirically conducts a regression analysis on the data of
687 VC鄄backed enterprises listed on National Equities Exchange and Quotations (NEEQ) and makes an in鄄depth study on the
impact of different types of venture capitalists upon productivity and their moderating factors. The research finds the following.
(1) The venture capitalists with better reputation will help enterprises improve their productivity. (2) The venture capitalist rep鄄
utation within the industry has a more obvious function in increasing the productivity than the reputation outside the industry. (3)
The life cycle of an enterprise and the industrial uncertainty have moderating effects in the relationship between venture capitalist
reputation and business productivity. Based on the above conclusions, it suggests that in the selection of venture capitalists, the
enterprises should make a priority selection of the investors that have more success within the industry and more experience of the
invested enterprises successfully listed. On the other hand, the enterprises should consider the characteristics of their own indus鄄
try and the life cycle to grasp the best opportunity of bringing in the venture capitalists.
Key Words: venture capitalist (VC) reputation; venture capital; enterprise productivity; business life cycle; industry un鄄
certainty
(本文责编摇 王摇 轶)

(上接第 115 页)
The Impact of Education on Income Inequality between
Urban and Rural Migrants

YANG Juan & ZHAO Xinhui
(Business School, Beijing Normal University, Beijing 100875, China)
Abstract: Since China蒺s reform and opening up, the phenomenon of income inequality has gradually emerged along with the
rapid growth of the migrant population. Based on the Migrants Population Dynamic Monitoring Survey Data in 2015, this paper
analyzes the factors affecting income inequality between urban and rural migrants by Oaxaca鄄Blinder decomposition and RIF de鄄
composition. The results show that compared with other variables such as gender, ownership, etc. , education plays the most im鄄
portant role in explaining the income inequality between urban and rural migrants. It can be seen by both price effect and compo鄄
sition effect in widening the income inequality, with the former larger than the latter, especially at the 90th quantile, which im鄄
plies that the income gap between urban and rural migrants is due to the high return of education. Further, after grouping by dif鄄
ferent years, ages, and regions, it is found that the results of each group are diversified, and with price effect of education still
relatively large. This shows that distortion in the allocation of education resources between rural and urban regions lead to the re鄄
sult that only urban permanent residents can obtain the high鄄quality education and acquire more education. The urban permanent
residents have stronger social network, which is also the reason parallel to the distortion in the allocation of education resources
between rural and urban regions. Based on the results, government should further promote the reform of household registration
system, guarantee the equalization of education resources, and increase the support for economic development in remote areas. At
the same time, rural migrants should also enhance their competitiveness through vocational training or continuing education.
Key Words: migrant population; income inequality; price effect; composition effect; Oaxaca鄄Blinder decomposition; RIF
decomposition
(本文责编摇 王摇 轶)

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