摘要
以我国1998-2015年风险投资机构3547个基金募集事件为样本,实证研究风险投资声誉对于基金募集行为的影响,并检验投资机构的产权性质对二者关系的调节作用。研究发现:风险投资声誉对投资机构的年度募资规模、募资次数有显著的正向影响;风险投资机构的产权性质具有调节作用,政府背景弱化了声誉与募资规模及次数之间关系的敏感性,风险投资声誉是政府背景的一种替代机制。本文为我国风险投资行业中的"逐名"动机提供了经验证据。
Using the samples of venture capital firms＇ 3547 fundraising events from 2008 to 2012, this paper empirically investi- gates the impact of venture capital reputation on fundraising behavior, and further examines the moderating effects of venture capitals＇ ownership on the above-mentioned relationship. The study finds that venture capital reputation is positively related to yearly size and times of fundraising. Moreover, there exists moderating effects of venture capitals＇ ownership, with the government background of ven- ture capital firm decreases antecedent relationship, and venture capital reputation is a complementary mechanism of government back- ground. This paper provides new empirical evidence for the grandstanding theory in the venture capital industry in China.
出处
《山西财经大学学报》
CSSCI
北大核心
2017年第3期30-43,共14页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金青年基金项目(71502103)
国家自然科学基金面上项目(71673231)
关键词
风险投资声誉
基金募集
产权性质
政府背景
venture capital reputation
fundraising
ownership of venture capital
government background
