风险投资策略与投资绩效——基于中国风险投资机构的实证研究

Venture Capital Investment Strategy and Performance:an Empirical study on Chinese Venture Capital Firms

投资策略与投资绩效是否有必然联系一直以来备受争议。本文采用多变量回归模型对中国84家风险投资机构专业化投资、分阶段投资和联合投资策略与绩效关系进行实证检验。结果表明:选择特定阶段进行专业化投资对投资成功率具有积极影响,而分阶段投资和联合投资与投资成功率呈负相关关系。结果暗示,当风投机构专业化投资与企业所处行业一致时,投资成功率会随之增加。研究结果有利于机构优化投资策略以及创业企业与机构的有效对接。

Whether the investment strategy is related with performance has long been controversial.This study explores the effects of strategies such as specialization,syndication and staged financing on the investment performance by evaluating data of 84 Chinese VCFs with multiple regression models.The result indicates that specialization in specific stage positively affects the performance,while both staged financing and syndication show negative relationship with performance.The result also suggests that the rate of success may be improved when VCFs specialize in the industry that the enterprise belongs to.Our research is beneficial to the optimization of investment strategies and to couple the VCFs and enterprise.