风险投资基金管理者背景特征对基金表现的影响研究

The Influence of Working Background of Funds’Executive Partners on the Return Performance of Venture Capital Funds

本文以2007—2011年期间成立的风险投资基金为研究对象,实证检验了基金管理机构的执行事务合伙人工作背景对基金表现的影响。本文发现基金管理者的政府工作经历、金融行业相关工作经历及其他VC或资产管理类公司的从业经历会对项目退出比例产生正向影响,但只有政府工作经历才能显著提升项目的IPO比例;在进一步区分上市地点后发现,金融领域的工作经验会对投资项目海外上市提供帮助,这综合说明了风险投资基金管理人不同工作背景对项目退出可能发挥的帮助作用。此外,本文还将风险投资基金按照是否有政府引导资金参与进行分类,发现政府工作背景对普通民营基金业绩表现的影响更大,而金融从业经历对两类基金的退出表现均有显著正向影响。

Drawing upon the venture capital funds established in 2007-2011,this paper empirically tests how the working background of funds’executive partners influences the return performance of venture capital funds.We find that the government work experience,financial industry related work experience and direct-VC or asset management experience of funds’executive partners have a positive impact on the proportion of project exit.However,only government work experience significantly increases the IPO proportion.After further distinguishing the listing venue,we find that financial work experience leads to a larger proportion of portfolio firms that get listed overseas.These findings comprehensively show how venture capital fund managers help with portfolio firms.We further classify venture capital funds according to whether or not they have a government-guided fund as partner,and find that the background of working in government has a greater impact on the performance of ordinary private funds,while financial experience has a significant positive impact on the exit performance of both types of funds.