风险投资机构二元关系的演变及其退出效应研究  

Research On the Evolution Of Binary Relationship of Venture Capital Institution and Its Effect on the Exit

作　　者：陈伟[1] 张筱典 CHEN Wei;ZHANG Xiaodian(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》2024年第2期79-87,共9页Journal of Nanjing Audit University

基　　金：国家社会科学基金项目(14BJY181)。

摘　　要：基于中国风投市场2004—2018年的投资事件数据和2004—2021年的退出数据,构建风险投资机构成对的数据集,研究风险投资二元关系演变的影响因素,进而探讨其对退出的影响。研究发现,风投机构间的匹配度、网络位置、历史联合投资行为对其二元关系产生显著的正面影响,而风投机构的间接合作伙伴会对此有显著的负面影响。进一步分析发现,风投机构匹配度越高、网络位置越中心、历史联合投资行为越多,其退出的可能性越小。研究结论对风险投资机构如何选择合作伙伴有一定的借鉴意义。Based on the investment event data from 2004 to 2018 and the exit data from 2004 to 2021 in China s venture capital market,this paper constructs a paired data-set of venture capital institutions,studies the formation and evolution of the binary relationship between venture capital,and then explores its impact on successful exit.The results show that the matching degree,network location and historical co-investment behavior of venture capital institutions have a significant positive impact on the evolution of the co-investment binary relationship.Indirect partners of venture capital firms can have a significant negative impact on this.Further analysis shows that the higher the matching degree of venture capital institutions,the more central the network location,and the more historical co-investment behaviors,the less likely it is to successfully exit.The conclusions of this paper have certain referentiac significance for venture capital institutions to choose partners.

关 键 词：风险投资机构 二元关系 投资行为 风投网络 退出效应 风投对 投资理念 联合投资 

分 类 号：F832.48[经济管理—金融学]