风险投资应该舍近求远吗--基于我国风险投资区域退出率的实证研究

Should Venture Capitalists Seek Far?——A Comparative Study of Regional Exit Rate of Venture Capital Investments in China

风险投资(VC)在推动创新创业、促进中国经济转型发展中的作用日益重要。基于我国风险投资投入和退出项目的历史数据,本文试图回答如何提高风险投资的区域配置效率的问题。通过对风险投资在国内地区退出率的分组比较研究,发现平均而言,VC在风险投资中心(北、上、广深)的退出率最低,而其邻近省份的退出率最高。原因在于:(1)交易和监督成本的存在使VC提高了远距离项目的选择标准;(2)地区产业集聚及投资机构经验能显著提高退出率,有助于削弱因距离带来的逆向选择。这些发现揭示出:为了更好地发挥风险投资对创新创业的推动作用,应综合考虑被投企业所在地的禀赋资源、VC自身的专业性等条件来制定合理的投资策略。本文的发现为认识国内VC的现状及运作规律提供了增量知识,也为从"供给侧"改善VC资金投放方式提供了借鉴。

Venture capital（VC）plays an important role in boosting entrepreneurship and innovation in China. We look into the geographical difference of VC success rate, and find that the regional differences of success rate are driven by information asymmetry, spatial distribution of high-tech and entrepreneurial resources and the expertise of VC investors. In particular, the expertise of VC investors can improve the probability of a successful exit and alleviate the adverse selection problem, so does the location quotient of VC investment of different industries. We contribute to the knowledge of domestic VC investments and provide strategic views for VC investors. We recommend that VC investors take into account their own industry expertise and the local environment when making investment decisions, which is important for building comparative advantage of investors as well as improving efficiency of fund allocation.