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  

The Study on the Impact of Venture Capital Firms' Network Status on Their Fundraising Behaviors——Based on the Perspective of Status Signals

作　　者：王凤[1] 

机构地区：[1]中国人民银行延安市中心支行,陕西延安716000

出　　处：《西部金融》2016年第5期29-36,共8页West China Finance

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,本文以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 VC's fundraising behaviors. The paper deals with the research from the perspective of status signals. With the fundraising activities of 572 domestic VCs between 2005 and 2012 as the samples, the research finds that the network status has a significantly positive effect on the likelihood of fundraising of VCs, but the effect will decrease as the increases of the number of their supported IPOs. In addition, the network status has a significantly positive effect on the likelihood of VCs' cross-regional fundraising, while it has no significant effect on VCs' fundraising scales.

关 键 词：网络地位 投资机构 筹资 影响 

分 类 号：F830.31[经济管理—金融学]