网络地位对风险投资机构筹资行为的影响研究——基于地位信号视角  

Study on the Impact of Venture Capital Firms' Network Status on Their Fundraising Behaviors: from the Perspective of Status Signals

作　　者：冯冰[1,2] 党兴华[1] 王凤[3] 

机构地区：[1]西安理工大学经济与管理学院,陕西西安710054 [2]榆林学院管理学院,陕西榆林719000 [3]中国人民银行延安市中心支行,陕西延安716000

出　　处：《经济问题》2015年第8期42-49,共8页On Economic Problems

基　　金：国家自然科学基金面上项目(71172201);教育部人文社会科学研究青年基金项目(14YJC630023);中国博士后科学基金面上项目(2013M540766;2013M542375);陕西省教育厅科学研究计划项目(14JK1494);陕西省重点学科建设专项资金资助项目

摘　　要：国内外研究均表明，网络地位对风险投资机构（VC）的投资行为和投资结果有重要影响。然而，关于网络地位对VC筹资行为的影响，已有研究所知甚少。基于地位信号理论研究网络地位对VC筹资行为的影响，以2004年（含）之前成立的572家本土VC在2005—2012年间的筹资活动为样本，研究发现：网络地位对VC的筹资可能性有显著的正向影响，但这一影响会随着VC的IPO次数增加而减弱。此外，网络地位对VC跨区域筹资的可能性有显著的正向影响，但对VC的筹资规模则没有显著影响。Both the domestic and foreign research show that the network status has a significant influence on venture capital firms＇ investment behaviors and investment results. However, little is known about the impact of the network status on their fundraising behaviors. We deal with this research problem from the perspective of status signals. With the data of 572 local venture capital firms＇ fundraising activities between 2005 and 2012, which were founded in and before 2004, we find that the venture capital firms＇ network status has a significantly positive effect on the likelihood of fundraising, but this effect will decrease as the number of their supported IPOs increases. In addition, we also find that the network status has a significantly positive impact on the likelihood of venture capital firms＇ cross - regional fundraising, but its impact on their fundraising size is insignificant.

关 键 词：风险投资 网络地位 筹资行为 

分 类 号：F830.59[经济管理—金融学]