友谊是否恒久远?——过去的合作对风险投资的伙伴关系形成及成功退出的影响研究  

Does friendship last forever?——Research on the influence of past collaborations on the formation of partnerships and successful exit of venture capital

作　　者：陈伟[1] 张筱典 Chen Wei;Zhang Xiaodian

机构地区：[1]合肥工业大学 [2]合肥工业大学经济学院

出　　处：《投资研究》2024年第5期108-126,共19页Review of Investment Studies

基　　金：机构投资者报价与创业板新股审慎定价研究(国家社科基金:14BJY181)。

摘　　要：本文基于中国风投市场数据,构建成对风投机构数据集,研究风险投资之间过去的合作对风投机构伙伴关系的形成以及成功退出的影响。研究发现过去的合作越深入,两家风投机构的伙伴关系越紧密,联合投资成功退出的可能性越小;经机制检验发现造成这一结果的原因是风投机构有同质化倾向。进一步分析中使用Pajek软件构建联合风投网络,研究发现网络位置对风投机构伙伴关系及成功退出存在显著影响。本文的研究结论对风险投资实务有一定的现实意义,即当联合投资的成功退出绩效下降时,风投机构应尝试突破已有的合作关系。Based on the data of China's venture capital market,this paper constructs a dataset of pairs of venture capital institutions,and studies the impact of past partnerships between venture capital firms on the formation and successful exit of venture capital institutions.The study found that the deeper the cooperative relationship in the past,the closer the partnership between the two venture capital institutions,and the less likely it is that the joint investment will be successfully exited.Through the mechanism test,it is found that the reason for this result is that venture capital institutions have a tendency to homogeneous.Further analysis of the joint venture capital network using Pajek software shows that the network location has a significant impact on the venture capital institution's partnership and successful exit.The conclusions of this paper have certain practical significance for venture capital practice,that is,when the successful exit performance of co-investment declines,venture capital institutions should try to break through the existing partnership.

关 键 词：联合风险投资 过去合作关系 伙伴关系 成功退出 

分 类 号：F832.48[经济管理—金融学]