代理冲突、主投经验与分阶段投资——基于中国上市公司数据  

The Agency Conflict,Experience of Lead Venture Capitalist and Stage Financing——Evidence from Chinese Listed Firms

作　　者：张硕朋 苏启林[1] 

机构地区：[1]暨南大学产业经济研究院,广东广州510632

出　　处：《科技管理研究》2014年第13期150-153,共4页Science and Technology Management Research

基　　金：广东省自然科学基金项目"创业投资与非珠三角产业创新成长:基于共生模型的研究"(S2012010008601)

摘　　要：基于在2009年10月30日-2012年10月30日期间上市的风险投资背景公司数据,考察主要风险投资机构的经验对创业企业分阶段投资结构的影响。使用风险投资机构历史投资事件数量作为衡量风险投资机构的经验的变量,研究结果发现经验丰富的风险投资机构在进行分阶段投资时投资轮数更少,两轮连续投资之间的持续时间更长,每轮投资金额更大。This paper examines the effect of the lead VC investor＇ experience on the structure of stage financing based on the data frmn Chinese venture capital - backed firms which went public from October 30, 2009 to October 30, 2012. The author finds that increasing lead venture capitalist＇ s experience leads to less financing rounds, longer duration of financing and larger amount of funding per round, by using the number of investments ever made by the head venture capitalist to measure its experience.

关 键 词：代理冲突 主投经验 分阶段投资结构 影响因素 

分 类 号：F832.51[经济管理—金融学] F275