环境不确定性与本地投资偏好——基于中国本土VC样本的研究

Environment Uncertainty and Local Bias: An Empirical Analysis of Chinese Venture Capital Investments

为了消除信息不对称及代理成本增加所带来的环境不确定性,风险投资机构往往倾向于进行地理邻近的本地投资。通过Thomson Venture Xporter数据库搜集到1993—2012年间587家中国本土风险投资企业投资于2207家本土创新企业的共计3558个投资交易样本,以此为实证对象,运用二元Logistic回归方法,从微观企业层面和宏观市场层面研究了环境不确定性对风险投资本地偏好的影响。研究表明,在中国现有的资本市场分割情境下,当控制了风险投资的战略选择及风险投资机构的特征等变量后,随着环境不确定性水平的降低,风险投资机构对本地偏好的依赖也会随之减弱。因此,对于后发地区而言,可以通过降低投资环境的不确定性,来吸引更多的外地风险资本而实现本地的创新发展。

Venture capital usually prefers to invest in the target venture geographically closer with itself in order to mitigate environment uncertainty derived from information asymmetries and agency cost. By collecting the information of 3558 investment deals in 2207 Chinese portfolio firms invested by 587 Chinese venture capital firms between 1993 and 2012 from Thomson Venture Xpert database, this paper examines the influence of uncertainty on local bias of Chinese venture capital using Binary Logistic Regression method from two levels： venture-specific uncertainty and market-specific uncertainty. The result indicates that the reduced environment uncertainty will mitigate the local bias of Chinese venture capital controlling the variables of strategy option and the characteristics of venture capital firms in the context of capital market segmentation in China. Therefore, for those undeveloped regions, to reduce the environment uncertainty is needed to absorb more outside venture capital and promote the local innovation.