联合投资网络对私募股权投资绩效影响的实证研究

An Empirical Analysis of Syndication Effects on Private Equity Investment

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。

The importance and asymmetry of information challenged the private equity with a dilemma. In addition, there was no effective institution to solve the problem, so syndication strategy and network appeared. Syndication network took effect through two mechanisms- certification and information uses. The PE which was in the center of the network achieved more opportunities, entry qualifications and better investment performance at last. The PE which in the medium of the network benefited from the inputs of PEs it linked, but the capacity of using information initiatively was restrained. The research conclusions were valuable for PE choosing syndication, for enterprises choosing investors as well as for the government setting up third-part structure.