风险投资公司特征与联合投资动机  

The Characters of VC and the Motive of Syndication of VC

作　　者：金永红[1] 李媛媛[1] 罗丹[1] 

机构地区：[1]华东理工大学商学院,上海200237

出　　处：《中国科技论坛》2015年第10期130-135,共6页Forum on Science and Technology in China

基　　金：国家社会科学基金项目"创业风险投资研究"(06CJY006)

摘　　要：本文分析中国风险投资(VC)公司不同特征与联合投资动机(如财务动机、交易流动机以及获取资源动机)之间的关系。研究结果表明:财务动机对于行业经验少以及规模小的VC公司更加重要;交易流动机对于外资背景、国有背景或者规模大的VC公司更加重要;而获取资源动机对于投资早期阶段的VC公司更为重要,对于其他特征的VC公司无明显影响。本文的研究结果对于VC公司在合作伙伴的选择上有很大的借鉴意义,风险投资公司可以根据其他VC公司的特征。选择合适的合作伙伴进行联合投资,有利于采取最优的联合投资策略。Based on the characteristics of VC companies, this paper adopts multiple regression analysis and logistic model to study the relationship between the characteristics of VC companies and the motivations of syndication, such as finance motivation, deal flow mo-tivation and resource motivation.We find that, the financial motive is more important to VCs with less experience and smaller size, the deal flow motive is more important to VCs with smaller size, state-owned or backed by foreign capital, and resource motive is more im-portant to VCs who invest in early-stage venture.This research can provide some suggestions when they select partners to syndicate with.In addition, for venture companies, this research provides them the effective way to acquire qualified VC investment.

关 键 词：风险投资 联合投资 动机 VC公司特征 

分 类 号：F832[经济管理—金融学]