风险投资机构声誉与投资时空特征的关系研究——基于中国风险投资市场

Research on the Relationship Between Reputation and Investment Time and Space Characteristics of Venture Capital Institutions:Based on China’s Venture Capital Market

声誉是风险投资机构(VC)能力的外在体现。对早期优质项目的挖掘更能体现VC的真实投资能力,故提出用"是否在早期阶段作为首个风险投资人投出过独角兽"衡量VC声誉。基于91家VC 2011-2017年的投资-退出事件样本,从投资空间距离、分阶段投资、后续融资时间间隔、投资持有时长四个方面对声誉和投资时空特征的关系进行了实证研究,结果表明:VC的声誉对本地投资偏好无显著影响,但投资经验越丰富,本地偏好越弱;高声誉VC分阶段投资特征更明显,被投企业的后续融资进程更快,同时VC的投资持有时间也越长。

Reputation is the external manifestation of the capabilities of venture capital institutions(VCs).This article believes that the excavation of early-stage projects can better reflect VC′s real investment ability.Therefore,it proposes to measure VC′s reputation based on the criteria of“whether it has invested a unicorn at early stage”.Based on the investment-exit events of 91 VCs from 2011 to 2017,this paper empirically studies the relationship between reputation and investment time-space characteristics from four aspects:investment distance,phased investment,follow-up financing interval,and investment holding duration.The results show that the reputation of VC has no significant influence on the local preferences of its investment,but the richer the investment experience,the weaker the local preference;VC with high reputation shows stronger staged investment characteristic,and its investment can accelerate the follow-up financing process of the invested company,also it would hold investment longer.