公司风险投资的分散与过度投资行为--基于行业间相互投资网络的绩效评估  

The Decentralization and Overinvestment Behavior of CVC Performance Evaluation Based on the Investment Network Relationship between Industries

作　　者：汪寿阳 陈实 乔晗 卢全莹 Wang Shouyang;Chen Shi;Qiao Han;Lu Quanying(School of Economics and Management,University of Chinese Academy of Sciences;Academy of Mathematics and Systems Science,Chinese Academy of Sciences)

机构地区：[1]发展中国家科学院 [2]中国科学院大学经济与管理学院 [3]中国科学院数学与系统科学研究院

出　　处：《南开管理评论》2021年第5期128-138,I0023,I0024,共13页Nankai Business Review

基　　金：国家自然科学基金项目(71872171);中国科学院大学优秀青年教师科研能力提升重点项目(E0E48933)资助。

摘　　要：近年来,公司风险投资迅速发展,投资绩效问题越来越重要。本文基于公司风险投资的数据,利用Log i s t ic模型和社会网络分析方法,从行业相互投资网络的视角研究了公司风险投资行为对投资绩效的影响。研究结果表明:(1)公司风险投资绩效受领投跟投地位、投资轮次、被投企业所属区域、被投企业成立时长、联合投资网络地位等因素的影响。(2)同行业投资与异行业投资具有不同的战略协同和竞争关系,投资方与被投方所属行业的网络关系显著影响被投企业的成长绩效,强联系行业相互投资事件的投资绩效显著好于弱联系行业,多行业的分散投资会降低投资绩效。(3)公司风险投资中投资方投资项目数量越多,被投企业成长和存续情况越差,过度投资会导致投资绩效降低,且投资绩效的降低不是对强关联行业投资导致的。基于本文研究得出的管理启示为:公司风险投资应该警惕投资行业分散和过度投资行为,应在坚持主业主体地位的情况下布局产业协同性较强的行业。Corporate venture capital(CVC)originated in the pharmaceutical industry in the United States in the 1960s.It is a type of venture capital,which mainly refers to the equity investment of mature companies with strategic and financial purposes in startups.The Decisions of the Central Committee of the Communist Party of China on Major Issues of Comprehensively Deepening Reform adopted by the Third Plenary Session of the Eighteenth Central Committee of the Communist Party of China stated that it is nec-essary to“improve the multi-layer capital market system,”“promote equity financing through diverse channels,”and“increase the proportion of direct financing.”As a kind of venture capital,CVC can promote the engineering and commercialization of scientific research results,and promote high-tech development.It is a practical investment tool.It is of great significance to the development of direct financing channels.Therefore,the issue of investment performance is becoming more and more critical.Based on the data of CVC,using the Logistic model and social network analysis methods,this paper studies the performance of CVC from the perspective of industry mutual investment network.The research results are as follows.(1)The performance of the CVC is affected by the status of the lead and follow-up in-vestors,the investment round,the region,the duration of the establishment of the investee,and the status of the joint investment network.(2)Investment in the same industry and investment in different industries have different strategic collaborative competition relationships.The corporate network relationship between the two CVC events will significantly affect the growth performance of the investees.The investment per-formance of mutual investment events in strongly related industries is markedly better than that in weakly connected industries.(3)The larger the number of projects investor invested in a company’s venture capital,the worse the growth and survival of the investee;over-investment will lead to lower inve

关 键 词：公司风险投资 协同竞争 社会网络 分散投资 过度投资 

分 类 号：F832.48[经济管理—金融学]