英文摘要 |
For the second round venture capital investment, many decisive factors are different from those for the first round. This research modifies the Social Judgment Theory and presents a Procedural Model to explain the decision. The willingness to involve and integration of management team are positively related to the reengineering requirement. Results from the stepwise regression and canonical analysis show that, new-comer integration is very crucial. The first round performance influences the second round investment decision, but the relationship is moderated by the pay-back of the project. Evaluation of the second round proposal influences the required reengineering, but the relationship is mediated by the involvement willingness of VC and the integration of management team, respectively. A Student t test finds that the approved and rejected proposals have significantly different evaluation results. Discrimination analysis shows that the three factors of management integration can effectively predict the approval or rejection of decision. |