国外联合风险投资文献综述——基于“3W1H-P”分析框架

Venture Capital Syndication literature review:based on “3W1H-P” analytical framework

联合风险投资(Venture Capital Syndication)是风险投资行业中一个重要且普遍的现象。本文从联合风险投资的动因(Why)、伙伴选择(Who)、情境(Where)、过程(How)和对绩效(Performance)的影响这五个方面,系统地对国外文献进行了梳理和回顾,发现具有一定的逻辑关系,在此基础上创新性地提出了一个关于联合风险投资的"3W1H-P"分析框架。最后,本文提出了中国情境下的启示与未来的研究展望。

Venture Capital Syndication is an important and common phenomenon in venture capital industry.This paper systematically reviews the existing literature based on the five logically related aspects:the syndicated motivation(Why),the syndicated partner selection(Who),the impact of context on syndicate(Where),the syndicated process(How),and the impact on syndicated performance(Performance).Finally,this paper innovatively develops a"3 W1 H-P"analysis framework for venture capital syndication,and put forward some implications in the Chinese context and the future research prospect.