跨境风险资本在华投资绩效影响因素的研究

A research on the factors of cross-border venture capital performance in China

全球范围内从发达国家流向新兴市场的风险资本显著增加,这一现象的兴起引发了学术界对跨境风险投资的广泛研究。本文主要目的是探讨跨境风险投资机构在中国市场的本土化经验是否影响跨境风险投资的绩效表现。本文搜集了跨境风险投资在中国风险投资市场上退出的551个项目,在之前对于外资风险投资机构人力资本衡量方法的基础上,改进并提出了关于跨境风险投资在中国市场本土化经验的三个方面的衡量方法。实证结果表明,跨境风险投资的本土从业经验和本土投资专业性是跨境风险投资绩效的显著影响因素,并且跨境风险投资的投资周期和退出方式也会在一定程度上影响项目的投资绩效。

Today＇ s globalization of venture capital has been marked by an increasing number of cross - border entries of venture capitalists from developed markets into emerging markets. The rise of this phenomenon has stimulated wide - ranging study of cross - border venture capital. The main purpose of this paper is to explore whether localization experience in China＇ s venture capital market is crucial to cross - border venture capital performance. This paper collects 551 exit cases of cross - border venture capital from China market as research materials, based on previous measurement of foreign venture capital institution＇ s human re- sources, this paper improves and proposes a measurement of cross - border venture capital＇ s localization experience in China market from three aspects. The main conclusions are as follows ： the age of investment time in the China market and local industry experience are significant factors for the cross -border VC performance. Moreover, the investment duration and exit ways are also determinants of cross - border venture capital performance.