制度距离对跨境风险投资绩效的影响——基于中国市场的实证检验

发布时间：2018-03-15 20:13

本文选题：制度距离　切入点：跨境风险投资绩效　出处：《财经问题研究》2017年07期 　论文类型：期刊论文

【摘要】：跨境风险投资的绩效影响风险投资国际化的可持续性发展。本文以中国跨境风险投资作为分析样本,利用Probit和Cox Hazard模型实证分析了制度距离对跨境风险投资绩效的影响。结果显示,中国的制度距离对跨境风险投资绩效的影响与全球市场的表现不同。投资国与中国法律质量距离越大,跨境风险投资成功退出的可能性也就越大,跨境风险投资的绩效越高,但这并不影响退出所需的时间。成功退出所需时间更多地取决于东道国本身的资本市场和科技发展状况。
[Abstract]:The performance of cross-border venture capital affects the sustainable development of the internationalization of venture capital. Using Probit and Cox Hazard models, the paper empirically analyzes the influence of institutional distance on the performance of cross-border venture capital. The influence of China's institutional distance on the performance of cross-border venture capital is different from that of the global market. The greater the quality gap between the investing country and China, the greater the probability of successful exit of cross-border venture capital, and the higher the performance of cross-border venture capital. However, this does not affect the time required to exit. The time required for a successful exit depends more on the host country's own capital markets and technological developments.
【作者单位】：中国人民大学财政金融学院;
【基金】：国家自然科学基金项目“制度学习、文化差异与跨境风险投资行为与绩效研究”(71573163)
【分类号】：F224;F832.48

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