联合风险投资的协同效应研究:基于中国资本市场的经验数据  

Research on the Synergy Effect of Joint Venture Capital:Based on Empirical Data of China's Capital Market

作　　者：吴斌[1] 李东阳 Wu Bin;Li Dongyang

机构地区：[1]东南大学经济管理学院,江苏南京211189

出　　处：《西南金融》2022年第6期43-56,共14页Southwest Finance

基　　金：国家社会科学基金一般项目“财政引导基金协同风险投资提升创业质量的机理与对策研究”(批准号:16BJY154)资助。

摘　　要：基于项目的筛选、资金投入、风险共担的预期,选择联合投资已成为风险投资机构的一项管理策略,而有效的资源与能力互补则是决定联合风险投资能否产生协同效应的重要因素。论文利用中国A股市场有风险投资背景公司样本实证显示,联合风险投资的投资绩效弱于独立风险投资,即联合风险投资未能“如愿以偿”。进一步地,论文使用风险投资机构的管理资本、从业时间、已投资企业数和已退出企业数指标对联合风险投资的内部异质性进行刻画,研究发现实力相对“一强一弱”的风险投资机构之间联合更有利于协同效应的发挥。据此,论文提出了通过选择合适的联合伙伴、完善联合投资成员间激励与约束相容的管理机制以促进风险投资之间的协同、进一步加强风险投资责任意识以促进风险投资联合体与被投资企业之间的协同,以及在政策层面加强财政引导、提升监管效能、优化风险投资发展的制度环境以促进国内风险投资业做大做强等对策建议。Based on the expectation of project screening,funding and risk-sharing,syndication becomes an ef⁃fective management strategy for venture capital institutions,selecting joint investment has become a management strategy of venture capital institutions,and effective complementarity of resources and capabilities is an important factor determining whether joint venture capital can produce synergies.The paper uses a sample of companies with venture capital background in China's A-share market to show that the investment performance of joint venture capital is weaker than that of independent venture capital,that is,joint venture capital fails to"get what it want⁃ed".Further,the paper uses the indicators of venture capital institutions'management capital,working time,num⁃ber of invested companies and number of companies that have exited to describe the internal heterogeneity of joint venture capital.The study finds that the alliance between strong and weak venture capital institutions is more con⁃ducive to the development of synergy.Accordingly,this paper proposes policy suggestions including promoting the synergy between venture capital by choosing appropriate joint partners and perfecting the management mechanism compatible with incentives and constraints among joint investment members,further strengthening the sense of re⁃sponsibility of venture capital to promote the synergy between venture capital consortium and investee enterprises,and strengthening financial guidance,improving supervision efficiency,and optimizing the institutional environ⁃ment for venture capital development at the policy level to promote the domestic venture capital industry to be⁃come bigger and stronger.

关 键 词：联合风险投资 天使投资 投资绩效 协同效应 创新型企业 风险投资机构 公司治理 资本市场 

分 类 号：F832.5[经济管理—金融学]