经验信号对联合投资形成的影响  

The Impact of Experience Signals on the Formation of Venture Capital Syndication

作　　者：薛超凯[1] 党兴华[1] 任宗强[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]温州大学温州人经济研究中心,浙江温州325035

出　　处：《科技管理研究》2016年第21期235-239,共5页Science and Technology Management Research

基　　金：教育部人文社会科学基金青年项目"海归创业的竞合关系及其网络治理对绩效的影响机理:基于嵌入性视角研究"(15YJC630104);国家自然科学基金面上项目"风险投资网络社群形成机理及对投资绩效的影响研究"(71572149);"网络位置与网络能力对风险投资机构投资绩效的影响研究"(71172201)

摘　　要：将信号发送理论引入到联合投资领域加以应用,且关注信号间的交互作用,这与现有风险理论和资源观理论不同,为联合投资形成的研究开拓新的理论视角。以CVSource数据库中2011年1月1日至2014年12月31日的风险投资交易事件为样本,研究发现:(1)风险投资机构的累计投资轮次越多,与主风险投资机构进行联合投资的可能性越大;(2)风险投资机构的累计IPO或并购次数越多,与主风险投资机构进行联合投资的可能性越大。说明经验信号正向影响联合投资的形成;(3)上述效应会随着重复交易次数增加而增强。说明重复交易正向调节经验信号与联合投资形成之间的关系。This paper introduces signal transmission theory to the field of venture capital syndication, and pays attention to the interaction between signals. This is different from existing risk theory and resource -based view theory. It opens up a new theoretical perspective for the formation of venture capital syndication. Using data from CVSource database during the period from January 1 st in 2011 to December 31 th in 2014, we find that： （ 1 ） The more rounds the venture capital firms＇ cumulative investment has, the greater the chance of cooperating with the lead venture capital for venture capital syndication would be. （2） The more the venture capital firms＇ cumulative IPO or M＆A has, the greater the chance of cooperating with the lead venture capital for venture capital syndication would be. That is to say experience signals positively influence on the formation of venture capital syndication. （3） The above effects enhance as the number of repeated transactions increases. This indicates that repeated transactions positively adjust the relationship between experience signal and venture capital syndication.

关 键 词：联合投资 经验信号 信号发送 重复交易 

分 类 号：F832.48[经济管理—金融学]