风险投资机构的网络关系会影响联合投资决策吗——基于中国风险投资市场的经验证据

Will the Network Relationships of Venture Capital Firms Affect Syndication Decision——The Empirical Evidence Based on Chinese Venture Capital Market

以1998-2015年中国风险投资市场上的首轮投资文件为样本,研究风险投资机构的网络关系对联合投资决策的影响及作用机理。结果发现,风险投资机构在社会交往中积累的社会净负债越多,其主动发起联合投资以偿还这些"人情"债务的可能性越大,证实了联合投资之获取未来交易流动机;网络密度和网络位置均对社会网络与联合投资决策之间的关系起到调节作用,以社会交换为目标的联合投资行为降低了项目的投资绩效;结合我国特殊的制度背景研究显示,不同环境下风投机构实施联合投资的动机存在显著差异。

This paper studies the influence of VC network relationships on syndication decision. The results show that, the more social net debts that VCs accumulate in social interaction, the more likely they will initiate joint investments to repay these debts, con- firming the syndication motivation of acquiring future deal flow. Both network density and network location play moderating roles on the relationship between social network and syndication decision. The syndication based on social exchange reduces the investment performance. Combined with China＇s special institutional backgrounds, we find that, there are significant differences in the motivations of syndication under distinct circumstances.