我国创投机构投资阶段选择及其绩效影响的实证研究

An Empirical Study on Investment Stage Selection of Chinese Venture Capital Institutions and Its Performance Effects

在我国创投市场不断繁荣但投资阶段显著后移的背景下,本研究就创投机构投资阶段选择的绩效影响问题进行了探讨,并利用2003—2008年我国创投产业数据进行实证分析,论证了早期投资和后期投资两种投资阶段选择正向影响创投机构绩效的可能性与边界条件。具体而言,当创投机构关联网络开放时,高声誉创投机构的早期投资较后期投资利于投资绩效,低声誉创投机构的后期投资较早期投资利于投资绩效;当创投机构关联网络封闭时,后期投资较早期投资利于创投机构绩效,且声誉资本强化后期投资的绩效影响。在此基础上,本研究对我国创投机构的实践及引导基金的运作提出相应的意见与建议,以期推动我国创投产业的有序发展与创业环境的不断优化。

In the background of venture capital market＇s flourish with venture stage＇s remarkable retroposition,this paper discusses the performance effects of venture capital institutions＇ investment stage selection, and uses data from 2003 to 2008 to demonstrate the likelihood and boundary conditions of early-stage investment and late-stage investment＇s positive effects on venture capital institution＇s performance. The result shows that, in open network, early-stage investment exposes positive effect on performance of venture capital institutions with high reputation, while negative effect on performance of VC institutions with low reputation. In closed network, late-stage investment exposes positive and stronger effect on performance of VC institutions with high reputation. In order to promote the orderly development of Chinese venture capital industry and optimize entrepreneurial environment, some suggestions are provided to venture capital institutions and government guiding funds.