母基金参股与风险投资机构退出表现  

Fund of Funds Participation and the Exit Performance of Venture Capital Institutions

作　　者：付辉 王中 孔东民[2] Fu Hui;Wang Zhong;Kong Dongmin

机构地区：[1]江南大学商学院,江苏无锡214026 [2]华中科技大学经济学院,湖北武汉430074

出　　处：《证券市场导报》2025年第1期65-79,共15页Securities Market Herald

基　　金：国家自然科学基金重大项目“现代网络生态环境下金融大数据建模研究”(批准号:71991473);国家自然科学基金青年项目“创投双方匹配结构对企业经济绩效的影响机制及调控政策研究”(批准号:71903077)。

摘　　要：本文选取2002—2021年中国风险投资市场的基金信息和投资事件,探讨私募股权母基金参股对风险投资机构退出表现的影响。研究发现:(1)母基金参股提高了风投机构成功退出的可能性;(2)对于民营风投机构以及风投和创业企业非同城的情况,母基金能发挥更好的作用;(3)母基金具备筛选能力与加强能力,一方面倾向于选择参股知识多样化水平高和声誉水平高的风投机构,另一方面可以加强风投机构的增值效应,从而提升风投机构的退出表现;(4)在排除筛选能力的影响后,母基金依然可以提升风投机构的退出表现,进一步验证了母基金的加强能力。本文为私募股权母基金、风投机构退出表现研究提供了新的视角,为母基金管理、风投机构实践、监管部门政策引导提供了理论依据与经验参考。This study selects data on fund information and investment events from China’s venture capital market between 2002 and 2021 to examine the impact of private equity fund of funds(FOF)participation on the exit performance of venture capital(VC)institutions.Key findings are summarized as follows.(1)The participation of FOF increases the likelihood of successful exits for VC institutions.(2)FOF plays a more significant role in cases involving private VC institutions and when the VC and entrepreneurial firms are not located in the same city.(3)FOF possesses both screening and enhancing capabilities.On the one hand,FOF tends to select VC institutions with higher levels of knowledge diversification and reputation.On the other hand,FOF enhances the value-added effect of VC institutions,thereby improving their exit performance.(4)After excluding the influence of the screening capability,FOF can still improve the exit performance of VC institutions,further validating its enhancing capability.This paper provides a new perspective on research related to private equity FOF and the exit performance of VC institutions,offering theoretical foundations and empirical references for FOF management,VC institutions’practices,and policy guidance by regulatory authorities.

关 键 词：私募股权 母基金 政府引导基金 有限合伙人 风险投资 退出表现 

分 类 号：F832.48[经济管理—金融学] F832.5