创业项目复杂性、声誉与风险投资联盟倾向

Study on Project Complexity,Reputation of Investment Institution and the Propensity of Syndication in Venture Capital

通过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—2012年创业企业的VC融资事件进行了数据分析,并运用Probit概率回归验证了3个研究假设。结果表明:创业项目复杂性越高,风险投资机构声誉越高,风险投资机构的联盟倾向就越大,这更利于风险投资联盟的形成,并发现风险投资机构声誉在创业项目复杂性与风险投资联盟倾向中发挥着正向调节作用。

The correlation hypotheses are put forward through theoretical analysis. Then based on the do- mestic database of CVsource, the analyses are carried out about the data of VC financing events in pioneering enterprises from 2000 to 2012. The results show：that the higher the pioneering project complex is, the better the reputation of venture investment institution is, and the larger the propensity of syndication in venture capital is, which is more beneficial for the formation of syndication in venture capital. It is also revealed that the repu- tation of venture investment institution has the positive adjusting effect on the project complexity and the pro- pensity of syndication in venture capital.