风险投资机构声誉对其投资决策的影响  

The Impact of Venture Capital Firms' Reputation on Their Decision Making

作　　者：薛超凯[1] 党兴华[1] 任宗强[2] Xue Chaokai;Dang Xinghua;Ren Zongqiang(School of Economics and Management,Xi＇an University of Technology,Xi＇an 710054,China;Research（ enter of Wenzhouness Economy,Wenzhou University,Wenzhou 325035,China)

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：《科技进步与对策》2018年第14期1-7,共7页Science & Technology Progress and Policy

基　　金：国家自然科学基金项目(71572146;71302010);教育部人文社会科学基金项目(15YJC630104);陕西省特色学科项目(105/7075X1301)

摘　　要：从私募通数据库搜集2000-2015年相关数据,研究风险投资机构(简称VC)声誉对其投资决策的影响。实证检验结果表明:声誉越高的VC越有可能投资高风险的新兴行业;在投资新兴行业时,声誉越高的VC越可能采取联合投资、后期投资等降低风险的策略;声誉会使VC产生追求更高绩效和保持原有绩效的双重压力;行业合法化会增强声誉对VC投资新兴行业的影响。Using data from PE data Database during the period from 2000 to 2015,it explores the role VC firms＇ reputation plays in their decision making.The empirical results show that the higher reputation of a VC firm,the higher the likelihood it inclines to invest in a high-risk emerging industry.In addition,the higher the reputation of a VC firm,the more likely it adopts strategies to reduce risks it faces,such as the syndication and later-stage investment.The above-mentioned empirical results mean that reputation increases double pressure from aspirations for future performance and consistent performance.Further test indicates that,the sector＇s legitimation will intensify the relation between VC firms＇ reputation and their investment in the emerging industry.

关 键 词：风险投资机构 声誉 投资决策 行业合法化 

分 类 号：F830.59[经济管理—金融学]