风险投资联盟结构、声誉与创业项目成功率——基于中国创业企业的实证研究

Syndication Structure of Venture Capital,Reputation and the Success Probability of Entrepreneurial Projects——Evidence from Chinese Entrepreneurial Enterprises

创业项目成功率（绩效）对于创业企业和风险投资机构都至关重要。从联盟层面着手,对风险投资联盟结构这一概念进行了界定,探讨了风险投资联盟结构、风险投资机构声誉对创业项目成功率的影响作用。通过联盟绩效理论、资源观理论、团队生产理论分析提出相关假设,利用国内CVsource的风险投资数据库,对2000年-2012年间的VC融资事件进行了数据分析,运用Probit概率回归分析验证了三个研究假设。实证结果表明：风险投资联盟结构对项目成功率的影响存在显著差异,即与早期融资轮次是联合风险投资但后期融资轮次是单独投资的创业项目相比,各个融资轮次都是联合风险投资的创业项目具有更高的项目成功率;风险投资机构的声誉越高,创业项目的成功率越高;而且,还发现风险投资机构声誉在风险投资联盟结构与项目成功率间的关系中发挥了正向调节作用。

The success probability （or performance） is critical for entrepreneurial enterprises and venture capital organizations. Starting from the alliance level, this study defines the concept of syndication structure of venture capital, and examines the impact of syndication structure and rep- utation on the success probability of entrepreneurial projects. Research hypotheses are proposed by analyzing alliance performance theory, resource- based view, and team production theory. By u- sing the venture capital database of domestic CVsource, the paper makes statistical analysis on VC financing issue from 2000 to 2012. Three research hypotheses are proved through Probit probabili- ty regression analysis. Results show that the structure of syndication in venture capital has a signif- icantly positive impact on the success probability of projects, that is, firms obtaining financing from a VC syndicate throughout various financing rounds are more likely to have a higher project success probability compared to those which have syndicate financing in earlier rounds but switch to financing from a single VC in later rounds. Besides, the organizational reputation of venture capital has a significantly positive impact on the success probability of projects. Furthermore, rep- utation of venture capital organizations plays a moderating role in adjusting the relationship be- tween the syndication structure of venture capital and the success probability of projects positively.