风险投资背景异质性与退出时机选择——基于信任视角的实证研究

The Heterogeneity of Venture Capital Background and the Timing of Exit:An Empirical Study Based on the Perspective of Trust

退出是风险投资获得投资回报、实现投资目标的关键环节,以我国2009—2016年深圳中小板和创业板IPO公司为研究样本,分析风险投资背景异质性对其退出时机的影响,并进一步检验风险投资机构与创业企业之间的信任在其中的调节作用。研究发现:风险投资背景异质性对其退出存在显著影响,与独立风险投资相比,公司风险投资在创业企业IPO后退出企业时间更晚;无论是基于声誉的信任还是基于制度的信任,风险投资机构与创业企业之间双向的信任都会促使公司风险投资更晚退出创业企业;相对于独立风险投资,公司风险投资更晚退出企业是为了追求战略回报。研究表明创业企业可以通过提升风险投资对其信任度来维护其投资管理,而风险投资机构则可以通过提升创业企业对其信任度来加深互惠互信的合作关系。

The exit of venture capital is the key link to obtain investment returns and achieve investment goals.Taking IPO companies on SME Board and GEM in Shenzhen from 2009 to 2016 as research samples,this paper analyzes the impact of venture capital background heterogeneity on the exit timing,and further tests the regulatory role of trust between venture capital institutions and venture enterprises.The results show that the heterogeneity of venture capital background has a significant impact on its exit.Compared with independent venture capital,corporate venture capital exits later after the IPO.Regardless of reputation trust or institutional trust,mutual trust between venture capital and venture enterprise will prompt corporate venture capital to exit later.Compared with independent venture capital,the corporate venture capital will exit from the business later in order to pursue strategic returns.The research shows that venture enterprises can maintain their investment management by enhancing the trust of venture capital,while venture capital institutions can deepen the cooperative relationship of mutual benefit and mutual trust by enhancing the trust of venture capital.