声誉异质性对风险资本投资强度的影响研究——兼论风险投资市场资源配置低效率问题

Impact of Reputation Heterogeneity on Venture Capital Investment Intensity:Inefficient Resource Allocation in Venture Capital Market

基于声誉理论,研究声誉异质性风险资本(VC)对科技企业投资强度的选择行为以及由此对风险投资市场资源配置效率的影响。结果发现:在我国的风险投资市场中,高声誉VC在企业上市后往往长期持有股权,因此更关注作为企业长期价值增长驱动因素的创新能力,倾向于对创新能力更强的科技企业加大投资强度;而低声誉VC受“逐名效应”驱使,通常在企业上市后尽快谋求退出,因此并未给予企业创新能力足够的关注。由于主导VC个体的投资策略选择对从属VC群体的投资行为具有传染效应,因此我国以低声誉VC为主导的风险投资行业表现出对科技企业投资强度不足的市场行为,扭曲了风险投资市场的资源配置效率。

Based on reputation theory,this paper explores the selection behavior of reputation heterogeneous venture capital(VC)on the investment intensity of technology innovation enterprises and the resulting impact on the resource allocation efficiency of the venture capital market.The results show that in China's venture capital market,high-reputation VCs tend to hold their stakes for a long time after the companies go public,so they pay more attention to innovation capability as a long-term value growth driver and tend to invest more in technology companies with stronger innovation capability.In contrast,low-reputation VCs are driven by the"Grandstanding hypothesis"and usually seek to exit as soon as possible after the companies go public,so they do not pay enough attention to innovation capability.Since the leading VC's investment strategy affects the subordinate VC's investment behavior,the venture capital industry dominated by low-reputation VCs in China shows insufficient investment intensity in technology innovation enterprises,which distorts the resource allocation efficiency of the venture capital market.