地理距离与风险投资策略选择——兼论市场环境与机构特质的调节作用

Geographic Distance and Investment Strategy of Venture Capitals:With the Moderating Effects of Market Environment and VCs' Characteristics

本文以我国风险投资行业数据为研究样本,分析风险投资机构与创业企业之间的地理距离对风险投资机构策略选择的影响,并进一步考察市场环境、机构特质的调节作用。研究结果表明:(1)随着投资距离的增加,风险投资机构倾向于选择联合投资策略与分阶段投资策略,并且联合投资伙伴数变多、分阶段平均投资规模变小;(2)完善的市场环境能够降低投资风险与成本,从而弱化风险投资机构因地理距离增加而进行联合投资的意愿;(3)相比其他类型风险投资机构,国有风险投资机构有着更强的风险规避偏好与保值增值要求,地理距离增加时,进行分阶段投资的意愿更强、平均投资规模更小;(4)较高的行业专长意味着风险投资机构拥有丰富的投资经验与投资网络,从而弱化风险投资机构因地理距离增加而进行联合投资与分阶段投资的意愿。本研究对拓展风险投资理论和指导风险投资实践具有重要价值。

The investment strategies of venture capitals not only have important influence on performance of startups and venture capitals,but also are affected by many factors.Based on agency theory,transaction cost theory,and social exchange theory,this article builds a theoretical model on how geographic distance influences venture capitals＇ choice of investment strategies,and proposes relative hypotheses.Using 5717 investment events from 1168 venture capital companies as samples,this article empirically analyzes the relations between the distance between venture capitals and startups and the strategic choices of venture capitals.The moderating effects of market environment and VCs＇ characteristics are further explored.The results show：（1） with the increase of geographical distance between VCs and startups,the VCs will face higher agency costs,transaction costs and social exchange costs.In order to ease the possible risks and costs with long-distance,venture capitals prefer syndication investment and staged investment,with more investment partners and smaller average investment scales at each stage with the distance increased;（2） good market environment will lower risks and costs of investment,and lead to lower preference of venture capitals to apply syndication investment with the increase of distance,i.e.market perfection negatively modifies the relation between distance and VCs＇ syndication strategy;（3） compared with other kinds of venture capitals,state-backed venture capitals have stronger risk-aversion and demand more value preservation,which lead to the more preference to staged investment,and smaller average investment at each stage with the increase of distance,i.e.state background positively modifies the relation between distance and VCs＇ staged investment strategy;（4） more industrial expertise of VCs with more experience and broader networks,will lower the preference of VCs to apply syndication and staged investment with the increase of distance,i.e.industrial expertise negatively modifies the relation between distance and VCs＇ syndication and staged investment strategy.This study has deepened the insight on venture capitals＇ Local Preference,and has great value in expanding venture capital theory and in guiding venture capital practice.