文化视角下跨境VC对国有联合投资伙伴的选择研究  

Research on the Selection of State-owned Syndication Partner by Cross-border VC from the Perspective of Culture

作　　者：王晗 刘慧侠[2] 董建卫[2] Wang Han;Liu Huixia;Dong Jianwei(School of Business,Xi'an University of Finance and Economics,Xi'an 710100;School of Economics and Management,Northwest University,Xi'an 710127)

机构地区：[1]西安财经大学商学院,西安710100 [2]西北大学经济管理学院,西安710127

出　　处：《管理评论》2022年第7期17-32,共16页Management Review

基　　金：国家自然科学基金地区项目(71962033);国家自然科学基金青年项目(72102173);教育部人文社会科学青年基金项目(21YJC630131);陕西省社会科学基金项目(2021R029);陕西省软科学研究计划项目(2022KRM113);西安财经大学“雁塔学者”支持项目。

摘　　要：众多研究表明,联合投资是跨境VC克服外来者劣势的重要手段。然而,跨境VC会选择什么类型的VC联合投资,已有研究很少关注。基于文化视角,以2000—2017年跨境VC在中国所有的联合投资事件为样本,从理论推演和实证检验两个方面揭示了区域文化对跨境VC选择国有VC联合投资行为的影响。实证检验结果显示,中国不同地区传统主义文化特征的小团体集体主义、权力差距、人际关怀导向三个文化维度均显著增加跨境VC联合投资中的国有VC数量占比,同时显著提高跨境VC联合投资伙伴的政治层级。但是,当地区正式制度水平较高时,传统主义文化特征对跨境VC选择国有VC联合投资的作用将会减弱。Many studies have shown that syndication is an important means for cross-border VC to overcome the disadvantage of outsiders.However,little attention has been paid to the types of syndication partner that cross-border VC will choose.Based on the cultural perspective,this paper takes all cross-border VC joint investment events in China from 2000 to 2017 as samples,and through theoretical deduction and empirical test,analyzes the impact of regional culture on cross-border VC’s choice of state-owned VC syndicate.The empirical results show that the cultural dimensions of in-group collectivism,power distance and humane orientation in China significantly increase the proportion of state-owned VC in cross-border VC joint investment,and also significantly increase the political level of state-owned VC in cross-border VC joint investment.However,when the level of regional marketization is relatively high,the role of traditional cultural characteristics in cross-border VC’s selection of state-owned VC joint investment weakens.

关 键 词：跨境VC 联合投资 文化 国有VC 

分 类 号：F832.48[经济管理—金融学] G05[文化科学]