Abstract：Based on signaling theory,using the founder's technical background as an effective signal to reduce information asymmetry between the enterprise and venture capital,this study investigates the heterogeneous effects of the founder's technical education background,technical work experience,and technical knowledge assets on the scale of venture capital,and examines the moderating effect of the founder's horizontal relationship network.Using empirical data from 152 biotech startups during 2014—2020,the results show that firstly,the founder's technical education background and technical work experience have a positive impact on the scale of venture capital,while technical knowledge assets have a negative impact,but the positive impact of technical work experience is not significant.Secondly,the founder's horizontal network relationship significantly weakens the positive effect of technical education background and technical work experience on the scale of venture capital,but significantly strengthens the negative effect of technical knowledge assets on the scale of venture capital.
马荣康, 陈静荣. 创始人技术背景在企业风险投资获取中的作用研究[J]. 中国科技论坛, 2025(1): 119-129.
Ma Rongkang, Chen Jingrong. Examining the Role of Founders' Technical Backgrounds in Venture Capital Acquisition. , 2025(1): 119-129.
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