创业风险投资辛迪加的形成因素及其政策启示

Analysis of the Formation of Venture Capital Syndication and its Policy Implication

投资辛迪加作为创业风险资本的一种有效联盟方式,在推动创投行业发展进而服务科技创新方面具有重要意义,鉴于创投辛迪加形成问题的国外研究未能取得一致结论和国内研究缺失,文章对我国创投辛迪加形成因素进行了实证检验,结果表明:辛迪加并未被创投公司作为一种分散风险的投资策略,在创投辛迪加形成中,起促成作用是投资者的资源压力和投资者之间的资源互补性,以及项目的相对成熟性,这对我国创业风险投资机构的联盟实践和当局政策制定具有重要的参考价值。

Venture capital syndication （VCS）, as an effective alliance strategy, isimportant for the development of venture capital industry which in turn promotes technological innovation. In view of the confliction of abroad studies on VCS formation and the lack of domestic researches, this paper does an empirical analysis of the formation of venture capital syndication in China. The results are that： instead of as a risk-spreading strategy, the formation of VCS is driven by investors＇ resource pressure, the complementarities of resources between investors, and the maturity of the project. These results provide some policy implications for the improvement of China＇s venture capital industry development strategies and incubation investment strategies.