网络地位对风险投资机构跨区域筹资的影响研究

The Impact of Venture Capital Firms' Network Status on Their Cross-regional Fundraising

本文基于地位信号理论研究网络地位对风险投资机构(简称VC)跨区域筹资的影响。以2004年(含)之前成立的本土VC在2005年至2012年间的筹资活动为样本,本文研究发现:(1)VC的网络地位越高,筹资时为其提供资金的省外投资者数量越多。(2)VC的网络地位越高,筹资时为其提供资金的省外投资者在所有投资者中所占的比例越高。(3)上述效应会随着VC的IPO次数增加而减弱。本文的研究结论支持地位信号理论,表明网络地位发送的质量信号可以降低VC跨区域筹资时投资者面临的不确定性。

This paper investigates the impact of venture capital firms＇ network status on their cross-regional fundraising behaviors from the perspective of status signals. With the fundraising data of the local venture capital firms between 2005 and 2012,which were founded in and before 2004,we find：（ 1） The higher the venture capital firms＇ network status,the more the investors outside the province who fund them;（ 2） The higher the venture capital firms＇ network status,the higher the ratio of the investors outside the province who fund them;（ 3） The above effects decrease as the number of venture capital firms supported IPOs increases. These results support the theory of status signals,suggesting that the quality signals of the network status could reduce the uncertainty faced by investors when venture capital firms raise funds cross-regionally.