创业资本市场投资商羊群行为研究  

Research on Venture Capitalist's Herd Behavior in Venture Capital Market

作　　者：李云鹤[1] 李湛[1] 

机构地区：[1]上海交通大学安泰经济与管理学院,上海200052

出　　处：《管理科学》2009年第5期102-111,共10页Journal of Management Science

摘　　要：金融市场投资者行为是引致市场波动的基础力量,作为金融市场体系重要组成部分的创业资本市场,创业投资商行为也是决定市场稳健发展的重要因素。通过构建计量模型,基于美国创业资本市场1995年第1季度～2008年第1季度投资交易量的面板数据,实证研究创业资本市场中投资商行为及对创业资本市场的影响。研究结果表明,美国创业资本市场中的创业投资商在投资过程中存在较为明显的羊群行为,投资商的羊群行为不仅助推了市场繁荣时期泡沫的生成与累计,还加速了市场衰退期泡沫破裂的进程;创业投资商对高科技行业投资时的羊群行为度明显高于其他行业,退出波动对投资的强化机制的作用是显著的。研究结果对中国创业投资引导基金的运作、创业板市场的推出和创业资本市场的监管具有重要的启示意义。Financial market volatility is mainly driven by investors＇ behavior. As an important part of financial market system, the robust development of venture capital market is also dependent on venture capitalists＇ investment behavior. This paper empirically investigates venture capitalist＇s behavior and its effect on venture capital market with a new econometrical model by employing the U.S. venture capital market panel data. The findings reveal that there exist heavy herd behavior among venture capitalists; Venture capitalist＇s herd behavior not only foment the accumulation of the bubbles during the prosperous period, but also speed up the burst of the bubbles during the recession period; it is evident that the degree of investors＇ herd behavior occurred in High-tech industry investment is higher than in the other industries. Besides, the exit of venture capital have a strongly positive impact on the investment amount. These conclusions can enlighten us largely for the operating of government＇s venture capital leading funds, the development of entrepreneurial capital market and its monitor in China.

关 键 词：创业资本 创业资本市场 创业投资商 羊群行为 

分 类 号：F830.59[经济管理—金融学]