联合投资网络对私募股权投资绩效影响的实证研究

发布时间：2018-07-17 20:23

【摘要】：联合投资网络对于私募股权投资绩效的影响分为两方面:一方面能够带来风险分散、信息分享、经验学习、共同协商避免"黑天鹅事件"发生的好处;另一方面投资网络中有可能出现道德风险问题、套牢问题、搭便车问题等对于投资绩效具有负向影响的机制。中国市场的经验事实表明,投资网络对于领投者和跟投者的投资绩效的确能够带来正向影响,但如果投资网络为结构洞信息流交换机制,则有可能因各种败德问题的出现而降低整个投资联盟的投资绩效,从而使处于中心节点位置的投资者并不能充分获取信息中介所带来的好处,反而有可能因整体绩效下降而降低其个体的投资绩效。另外,私募股权投资者受到投资网络的限制越多,其投资绩效越低。因此,联合投资有必要进一步推广,但在信息交换机制上应更为透明,同时尽量减少对网络投资者的各种限制。
[Abstract]:The influence of joint investment network on private equity investment performance can be divided into two aspects: on the one hand, it can bring about risk dispersion, information sharing, experience learning, and joint negotiation to avoid the benefits of "Black Swan incident"; On the other hand, there may be moral hazard problems, entrapment problems, hitchhiking problems and other mechanisms that have a negative impact on investment performance. The empirical facts in China market show that investment networks do have a positive impact on the investment performance of both lead and follower investors, but if the investment network is a structured information flow exchange mechanism, It is possible that the investment performance of the whole investment alliance will be reduced by the emergence of various moral problems, so that the investors in the central node will not be able to fully benefit from the information intermediation. On the contrary, it is possible to reduce the individual investment performance due to the overall performance decline. In addition, private-equity investors are restricted by the investment network, their investment performance is lower. Therefore, it is necessary to further promote joint investment, but it should be more transparent in information exchange mechanism and reduce the restrictions on network investors as much as possible.
【作者单位】：北京大学软件与微电子学院系;国都证券有限责任公司;华泰证券研究所;
【分类号】：F832.48;F224

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