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主风险投资机构声誉、投资阶段与联合投资辛迪加构成 被引量：16

Lead Venture Capital Firm Reputation,Investment Stage and Coinvestment Syndicate Composition
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摘要 本文研究主风险投资机构声誉对联合投资辛迪加构成的影响,以及投资阶段在主风险投资机构声誉影响联合投资辛迪加构成中的调节作用。运用清科数据库2000年1月1日至2010年12月31日的相关数据,本文研究发现:(1)由高声誉主风险投资机构发起的联合投资辛迪加中,高声誉风险投资机构在联合投资辛迪加成员中所占的比例更大。(2)投资阶段越靠后,主风险投资机构声誉对联合投资辛迪加的上述影响作用越弱。 This paper investigates the impact of lead venture capital firms＇ reputation on coinvestment syndicates composition and the moderating effect of investment stage in this impact. Using data from Zero2IPO Database during the period from January 1st of 2000 to December 31th of 2010, we find that： （1）Coinvestment syndicates initiated by reputational lead venture capital firms consist of a larger proportion of reputational syndicate members. （2） The later the investment stage, the weaker the impact of lead venture capital firms＇ reputation on coinvestment syndicates composition.
作者 杨敏利 党兴华
机构地区 西安理工大学经济与管理学院
出处 《预测》 CSSCI 北大核心 2012年第6期21-27,共7页 Forecasting
基金 国家自然科学基金资助项目(71172201) 陕西省软科学重点资助项目(2011KRZ08) 西安市软科学资助项目(HJ1107(3)) 陕西省重点学科建设专项资金资助项目
关键词 联合投资 主风险投资机构声誉 投资阶段 辛迪加构成 coinvestment lead venture capital firm reputation investment stage syndicate composition
分类号 F830.59 [经济管理—金融学]
  • 相关文献

参考文献17

  • 1Wright M, Lockett A. The Structure and management of alliances: syndication in the venture capital industry [ J ]. Journal of Management Studies, 2003, 40(8) : 2073-2102.
  • 2Meuleman M, Wright M, Manigart S, et al.. Private equity syndication: agency costs, reputation and collabo- ration[ J]. Journal of Business Finance and Accounting, 2009, 36(5-6) : 616-644.
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同被引文献221

  • 1余友明.化解道德风险问题的风险资本分阶段投资策略[J].经济管理,2007,33(12):52-55. 被引量：8
  • 2张玉利,杜国臣.创业的合法性悖论[J].中国软科学,2007(10):47-58. 被引量：61
  • 3Lerner J. The Syndication of Venture Capital Investments [J]. Financial Management, 1994,23(3) : 16-27.
  • 4Wright M, Lockett A. The Structure and Management of Alli- ances: Syndication in the Venture Capital Industry [J]. Jour- nal of Management Studies, 2003,40 (8) : 2073-2102.
  • 5Hochberg Y V, Ljungqvist A, Lu Y. Whom You Know Mat- ters? Venture Capital Networks and Investment Performance [ J ]. Journal of Finance, 2007,62 ( 1 ) : 251-301.
  • 6Gompers P A, Kovner A, Lerner J, et al. Performance Persis- tence in Entrepreneurship [J]. Journal of Financial Econom- ics, 2010,96( 1 ) : 18-32.
  • 7Tykvova T. Who chooses whom? Syndication, skills and reputa- tion[J].Review of Financial Economics, 2007,16( 1 ) :5-28.
  • 8De Clercq D, Dimov D. Explaining venture capital firms syn- dication behavior: a longitudinal study [J]. Venture Capital, 2004,6(4) : 243-256.
  • 9Kaiser D G, Lauterbach R. The Need for Diversification and Its Impact on the Syndication Probability of Venture Capital Investments [J]. Journal of Alternative Investments, 2007, 10 (3) :62-79.
  • 10Chung S, Singh H, Lee K. Complementarity, status similarity, and social capital as drivers of alliance formation [J]. Strate- gic Management Journal, 2000,21 : 1-22.

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2012年 第6期

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