地理距离与风险投资策略选择——兼论市场环境与机构特质的调节作用

发布时间：2018-01-19 04:05

本文关键词： 风险投资地理距离策略选择市场环境机构特质　出处：《南开管理评论》2017年02期 　论文类型：期刊论文

【摘要】：本文以我国风险投资行业数据为研究样本,分析风险投资机构与创业企业之间的地理距离对风险投资机构策略选择的影响,并进一步考察市场环境、机构特质的调节作用。研究结果表明:(1)随着投资距离的增加,风险投资机构倾向于选择联合投资策略与分阶段投资策略,并且联合投资伙伴数变多、分阶段平均投资规模变小;(2)完善的市场环境能够降低投资风险与成本,从而弱化风险投资机构因地理距离增加而进行联合投资的意愿;(3)相比其他类型风险投资机构,国有风险投资机构有着更强的风险规避偏好与保值增值要求,地理距离增加时,进行分阶段投资的意愿更强、平均投资规模更小;(4)较高的行业专长意味着风险投资机构拥有丰富的投资经验与投资网络,从而弱化风险投资机构因地理距离增加而进行联合投资与分阶段投资的意愿。本研究对拓展风险投资理论和指导风险投资实践具有重要价值。
[Abstract]:Based on China's venture capital industry data as the research sample, analysis of the impact of venture capital institutions and venture of the geographical distance of the venture capital institutions strategies, and further study the market environment, regulation mechanism characteristics. The results show: (1) with the increase of investment distance, risk investment institutions tend to choose joint investment strategy and investment strategy, and joint venture partners to change the number of multi stages, the average investment size becomes smaller; (2) improve the market environment can reduce the risk of investment and cost, thus weakening the risk investment institutions because of the geographical distance increasing joint investment intention; (3) compared to other types of risk investment institutions the state-owned venture investment institutions, has a stronger risk aversion preference and value, geographic distance increased, staged investment willingness stronger, the average investment size Smaller; (4) high industry expertise means that risk investment institutions have rich investment experience and investment network, thus weakening the risk investment institutions because of the geographical distance increasing joint investment and investment stage. This study will have important value to develop risk investment theory and guiding the practice of venture capital.

【作者单位】：上海财经大学国际工商管理学院;上海财经大学财经研究所、城市与区域科学学院;
【基金】：国家自然科学基金项目(71172146) 上海财经大学研究生创新资金资助项目(CXJJ-2015-347)资助
【分类号】：F832.48;F279.2
【正文快照】： 引言伴随着创新创业浪潮,风险投资对创业企业的影响受到社会广泛关注。风险投资不仅能够缓解创业企业资金瓶颈束缚,[1]更能凭借特定行业的长期投资经验积累,为创业企业提供战略咨询、上市融资等增值服务,从而有助于创业企业创新水平的提升、[2-4]财务绩效的提高[5-7]以及公司

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