风险投资家人力资本特征与风险投资基金募集关系研究

A Study on the Relationship between Venture Capitalist's Human Capital Characteristics and Risk-Investment Fund Raising

风险投资家人力资本特征与其基金募集结果密切相关。以145个风险投资募资团队和252个募资团队领导者为研究样本,分析人力资本特征与风险投资基金募资结果的关系。结果发现,募资规模与募资团队海外背景、整体教育程度显著正相关,与募资团队平均任期显著负相关,与团队领导者海外背景、管理职业背景显著正相关;募资团队海外背景显著有利于外资基金募集;募资团队整体人力资本特征对基金募集的影响高于团队领导者人力资本特质。该成果拓展了对风险投资基金募集的研究,为风险投资机构培养与选拔募资人才及团队提供了理论依据。

Human capital characteristics of venture capitalists have close relation with venture capital fundraising.Using the data on145 fundraising teams and 252 team leaders of the top 50 VC institutions in China,this paper empirically explores the relation between fundraising of VCs and human capital characteristics of venture capitalists.The results show that,from the team level,overseas background,and education degree has significant positive influence on fundraising scale,while average tenure has significant negative effect on fundraising scale;from the individual level of team leader,overseas background and professional background of administration has significant positive effect on fundraising scale;and overseas background has positive effect on the foreign currency fundraising from both team and leader perspective;besides,compared to team leader＇s individual characteristics,general characteristics of team are more important in VC fundraising.This article has deepened the study on VC fundraising,and provided theoretical advice for VCs to develop human capital and teams for fundraising.