文化视角下跨境VC对国有联合投资伙伴的选择研究

Research on the Selection of State-owned Syndication Partner by Cross-border VC from the Perspective of Culture

众多研究表明,联合投资是跨境VC克服外来者劣势的重要手段。然而,跨境VC会选择什么类型的VC联合投资,已有研究很少关注。基于文化视角,以2000—2017年跨境VC在中国所有的联合投资事件为样本,从理论推演和实证检验两个方面揭示了区域文化对跨境VC选择国有VC联合投资行为的影响。实证检验结果显示,中国不同地区传统主义文化特征的小团体集体主义、权力差距、人际关怀导向三个文化维度均显著增加跨境VC联合投资中的国有VC数量占比,同时显著提高跨境VC联合投资伙伴的政治层级。但是,当地区正式制度水平较高时,传统主义文化特征对跨境VC选择国有VC联合投资的作用将会减弱。

Many studies have shown that syndication is an important means for cross-border VC to overcome the disadvantage of outsiders.However,little attention has been paid to the types of syndication partner that cross-border VC will choose.Based on the cultural perspective,this paper takes all cross-border VC joint investment events in China from 2000 to 2017 as samples,and through theoretical deduction and empirical test,analyzes the impact of regional culture on cross-border VC’s choice of state-owned VC syndicate.The empirical results show that the cultural dimensions of in-group collectivism,power distance and humane orientation in China significantly increase the proportion of state-owned VC in cross-border VC joint investment,and also significantly increase the political level of state-owned VC in cross-border VC joint investment.However,when the level of regional marketization is relatively high,the role of traditional cultural characteristics in cross-border VC’s selection of state-owned VC joint investment weakens.