风险投资声誉是否影响基金募集行为

Does Venture Capital Reputation Affect Fundraising Behavior

通过CVSource数据库收集我国1998—2015年募集完成的4 320只基金的相关数据,构建OLS模型,并采用分样本和交乘项回归进行实证检验。研究发现,风险投资声誉对基金募集规模有显著的正向影响,风险投资声誉越高,则其能够募集到的基金金额越多;风险投资基金的组织形式及投资机构的产权性质会影响声誉与募资规模之间的关系,有限合伙制强化了关系的敏感性,而政府背景弱化了其敏感性。对募资活动其他因素的研究表明,风险投资声誉越高,则风险投资基金的募资时限越短,超额募资的比例越大。

This paper researches the effect of venture capital reputation on fund raising. In view of these problems, this paper collects relevant data of 4320 funds raised during 1998 and 2015 in China through the CV Source database. Then we build the OLS regression models of all samples and sub-samples to carry on the empirical test and draw the conclusion. The results show that：（1） venture capital reputation has a significant positive effect on fundraising size. The higher the reputation is, the larger the scale of funds can be raised;（2） the organizational form of the funds and the nature of venture capital firms can both affect the relationship between the reputation and fundraising size. The limited partnership can strengthen the sensitivity of the relationship, while a government background will weaken the relationship. Furthermore, the venture capital reputation can not only improve the scale of fundraising, but also improve the over-fundraising rate, also shorten the time of fund raising.