风险投资中联合投资对阶段投资的替代效应——基于Cox比例风险模型的实证研究  

The substitution effect of syndication on staging in venture capital industry——empirical evidence based on the Cox proportional risk model

作　　者：杨敏利[1] 魏晓[1] 党兴华[1] 王凤[2] 

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

出　　处：《西安理工大学学报》2015年第4期493-499,共7页Journal of Xi'an University of Technology

基　　金：国家自然科学基金资助项目(71172201);教育部人文社会科学研究基金资助项目(14YJC630023;15YJA630086);中国博士后科学基金资助项目(2013M540766;2013M542375);陕西省软科学计划资助项目(2011KRM47);陕西省教育厅科学研究计划资助项目(14JK1494)

摘　　要：联合投资与阶段投资都是风险投资机构常用的重要投资策略,实践中前者是否对后者具有替代关系?本文以2000—2008年间首次接受风险投资的991家创业企业的1616轮投资为样本,使用Cox比例风险模型。研究发现:当风险投资机构联合投资于创业企业时,本轮投资与下轮投资之间间隔的时间更长;联合投资创业企业的风险投资机构数量增加时,本轮投资与下轮投资之间间隔的时间会延长;当投资对象是初创期的创业企业,或者是高科技行业的创业企业时,上述效应更加明显。这一研究结论表明,在联合投资时风险投资家采用阶段投资获取信息和监督创业企业家的密集程度下降。Syndication and staging are the important investment strategies in venture capital industry.Whether the former has substitution relationships to the latter in the practice with the 1616 investment rounds of 991 entrepreneurial enterprises funded by venture capital for the first time in the years of 2000—2008as the sample,this paper uses the Cox proportional risk model to study and find out that when the venture capital firms are syndicated to invest in the entrepreneurial enterprise,the duration between this round and the next round will be longer,and that when the number of the syndicated venture capital firms increases,the duration between this round and the next round will be further prolonged,and that the above effects will become more pronounced if the investees are of the early-stage or of the high-tech industry.These research results indicate that the frequency and intensity of staging,through which venture capitalists have access to information and monitor entrepreneurs,will decrease in syndication.

关 键 词：风险投资 联合投资 阶段投资 COX比例风险模型 

分 类 号：F830.59[经济管理—金融学]