风险投资背景、风险情境与投资策略选择  

Venture Capital Background,Risk Situations and Investing Strategy

作　　者：徐虹 李桂香[1] XU Hong;LI Gui-xiang

机构地区：[1]安徽工业大学商学院 [2]安徽工业大学安徽创新驱动发展研究院

出　　处：《财务研究》2020年第3期11-23,共13页Finance Research

基　　金：国家社会科学基金重点项目(19AJY006);国家社会科学基金项目(18BJY225)。

摘　　要：本文以风险情境因素为切入点,研究不同风险情境(投资轮次)下,不同背景风险投资机构投资策略选择的差异及其形成机理。研究发现:在风险较高的首轮投资阶段,公司风险投资(CVC)和独立风险投资(IVC)都更倾向于选择联合投资策略;但在风险相对较低的非首轮投资阶段,公司风险投资比独立风险投资更倾向于选择单独投资策略。进一步研究发现,公司风险投资的这种策略选择差异是权衡了投资风险和投资战略收益的结果,且基于战略目标选择的单独投资策略的绩效明显更优。本文从背景异质性视角丰富了风险投资机构投资策略影响因素的研究,也有助于创业企业了解公司风险投资的投资偏好,从而选择更有利于自身发展的风险投资引进战略。Considering venture capital as a heterogeneous institution with different investment objectives and demands,this paper taking risk factor as the breakthrough point,examines the difference and formation mechanism on the choice of investment strategy between different venture capital backgrounds,under different risk environment(investing rounds).We find:corporate venture capital(CVC)and independent venture capital(IVC)are equally more likely to choose syndication strategy in the first-round with high-risk,but in later rounds where the risk is relatively low,corporate venture capital is more likely to choose single strategy.Further research discovers that weighing risk and strategic objective lead to corporate venture capital adjustment in its investment strategy,and the single strategy beneficial to strategic objectives has a better performance.Based on venture capital backgrounds heterogeneity,this paper enriches the determinants of investment strategy,helps entrepreneur realize corporate venture capital investment preference and choose a more conducive to its own development.

关 键 词：风险投资背景 风险情境 战略目标 投资策略 投资绩效 

分 类 号：F275[经济管理—企业管理]