地理距离如何影响风险资本对新企业的投资  

How Does Geographical Distance Affect Venture Capital's Investment in New Firms

作　　者：黄福广[1] 彭涛[1] 邵艳[1] 

机构地区：[1]南开大学商学院

出　　处：《南开管理评论》2014年第6期83-95,共13页Nankai Business Review

基　　金：国家自然科学基金面上项目(71272179;71072098)资助

摘　　要：本文基于2004-2012年中小板和创业板披露的1021个风险资本投资案例,研究地理距离如何影响风险资本对新企业的投资。研究发现,与新企业之间的地理距离越远,风险资本对新企业的投资金额越少、投资时间越晚、投资后参与公司治理的可能性越低;企业规模可以减轻地理距离的负向影响;地理距离对风险资本的投资轮次影响不显著。风险资本投资明显存在本地偏好。进一步的检验表明,非核心发达地区的风险资本和国有风险资本具有更明显的本地偏好特点,投资受地理距离影响更大。Based on sample of 1021 venture capital investment events disclosed from 2004 to 2012 on the Small and Medium Enterprise Board and Chi Next in China, this article investigates into how geographical distance affects venture capital＇s investment in new firms. During the past several years, venture capital has developed very rapidly in China. Specifically, the number of venture capital institutions, venture capital management capital, as well as venture capital accumulated investment has experienced a sharp increase. Moreover, China＇s venture capital institutions are distributed rather unevenly, and primarily in developed coastal regions, of which Jiangsu, Guangdong and Zhejiang ranked the top three. China＇s venture capital industry has seen fierce completion, and greatly differentiated regional developments under the inf luence of regional policies. Therefore, China＇s situation in venture capital investment offers several advantages as a suitable setting to examine this issue. Our results suggest that venture capital firms located farther away from new firms tend to invest a smaller amount, enter in later period and participate in new firms＇ corporate governance with a lower probability. It indicates that geographical distance has a large impact on venture capital investment in new firms. Due to specific risk and transaction cost, geographical distance not only affects venture capital investment patterns, but impacts venture capital involvement in the corporate governance of portfolio firms, as well. Besides, firm size can mitigate the negative effects of geographical distance. It can be explained that small firms are particularly prone to severe agency problems and information asymmetries, thus affecting venture capital investment strategies. However, geographical distance is not significantly associated with the number of financing rounds. This point is totally different from discoveries in the previous literature. In short, strong local bias exists in venture capital investments. Further studies show t

关 键 词：地理距离 风险资本 新企业 本地偏好 

分 类 号：F832.51[经济管理—金融学] F275