“亲近”还是“疏远”?———联合投资伙伴的社会期望绩效反馈与联合风险投资关系  

To be close or estranged? The performance feedback relative to social aspirationsof syndication partners and venture capital syndication relationship

作　　者：杨晔[1] 刘冰毅 杜衡 YANG Ye;LIU Bingyi;DU Heng(School of Public Economics and Management,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海财经大学公共经济与管理学院,上海200433

出　　处：《管理工程学报》2024年第1期128-144,共17页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金项目(72172077)。

摘　　要：风险投资是支持创新创业的重要活动,但风险投资的不确定性催生了“抱团”行为的出现,与风险投资联合投资伙伴选择相关的研究也开始逐渐丰富。本文借鉴企业行为理论中的绩效反馈,以2000—2020年CVSource中记录的投资交易数据,分析了风险投资机构联合投资伙伴的社会期望绩效反馈对双方联合关系强度的影响。研究发现,当联合投资伙伴处于社会期望绩效落差状态时,为得到互惠交易流,风险投资机构与期望绩效水平较高的联合投资伙伴之间的关系变得亲近。当联合投资伙伴处于社会期望绩效顺差状态时,高期望绩效水平的联合投资伙伴为避免摊薄收益,选择不进行联合投资,因而与风险投资机构之间的关系变得疏远。此外,风险投资机构与联合投资伙伴之间的绩效差距也是进一步导致双方联合关系强度降低的重要因素。本研究从绩效反馈理论视角拓展了风险投资联合行为的相关研究,打开了联合投资伙伴之间关系动态性的黑箱,揭示了风险投资联合行为的内在规律。As an important activity to promote innovation and support startups,venture capital plays a meaningful role in supporting the real economy and promoting startups to create social value.The high degree of uncertainty in venture capital and the large amount of capital required by portfolio companies have led to venture capital syndication.As a result,understanding how venture capital institutions select syndication partners,has become an interesting research topic,and the study of syndication partner selection is the key to better understanding the venture capital syndication relationships.Although the amount of research on syndication partner selection is gradually growing,the research on syndication behavior based on a dynamic perspective is relatively unexplored.Thus,the topic of identifying valuable potential syndication partners and adjusting the future syndication behaviors by observing the friction between venture capital institutions and syndication partners deserves further exploration.This paper considers using the performance feedback applied in the behavioral theory of the firm to explain whether the relationship between venture capital institutions and their partners is close or estranged.In order to measure the performance feedback,this paper compares the performance level of each syndication partner with the performance aspirations of all syndication partners of the institution.By obtaining the performance feedback information,we evaluate the syndication value of the syndication partner,and derive the level of the follow-up strength of syndication with the syndication partner.Based on the data from the CVSource database from 2000 to 2020,this paper takes 3-years-rolling windows to measure venture capital syndication behaviors.Furthermore,a mixed cross-section model is adopted to analyze the impact of performance relative to social aspirations on the strength of syndication between the institutions and their partners.This paper divides the performance relative to social aspirations of venture capital

关 键 词：风险投资 联合投资 绩效反馈 社会期望 

分 类 号：F272[经济管理—企业管理]