风险投资背景对投资决策中承诺升级的影响  

The Influence of Venture Capital Background on Commitment Escalation in Investment Decisions

作　　者：陈伟[1] 杨春辉 胡俊 CHEN Wei;YANG Chunhui;HU Jun(School of Economics,Hefei University of Technology,Hefei 230601,China)

机构地区：[1]合肥工业大学经济学院,安徽合肥230601

出　　处：《南京审计大学学报》2020年第4期82-91,共10页Journal of Nanjing Audit University

基　　金：国家社会科学基金项目(14BJY181)。

摘　　要：当投资组合表现不佳时,风险投资面临继续追加投资还是终止投资的决策。基于2006—2015年我国资本市场上的风险投资事件,研究跨境风险投资和本土风险投资在投资决策中的承诺升级差异性。实证研究发现,跨境风险投资在面临承诺升级决策时更倾向于升级其承诺,而国内风险投资则会及时终止他们认为表现不佳的投资。在此基础上,进一步研究发现跨境风险投资通过在当地建立的分支机构进行投资并不能有效降低其承诺升级的可能性。When the performance of the venture portfolio is poor,the venture capital investment will choose to continue to increase the investment or timely terminate the investment.Based on the venture capital events in China s capital market from 2006 to 2015,this paper studies the differences of commitment escalation in investment decisions between cross-border venture capital and domestic venture capital.The empirical study finds that cross-border venture capital is more inclined to upgrade its commitment when faced with the decision of commitment escalation,while domestic venture capital will timely terminate the investment that they think performs poorly.On this basis,a further study finds that cross-border venture capital investment through the establishment of local branches can not effectively reduce the possibility of commitment escalation.

关 键 词：跨境风险投资 本土风险投资 投资决策 承诺升级 分支机构 信息传输 

分 类 号：F830.59[经济管理—金融学]