风险投资领投机构异质性影响联合投资伙伴选择吗?

Does the Heterogeneity of Lead Venture Capital Firms Influence the Selection of Co-investment Partners?

以2009—2021年我国深圳中小板和创业板上市公司为研究样本,基于风险投资机构伙伴选择的“风险观”和“资源观”理论,实证检验风险投资领投机构异质性对其联合投资跟投伙伴选择的影响及作用机制。研究发现:IVC与CVC分别充当领投机构时,对联合投资跟投伙伴选择并无明显差异,但是区分IVC与CVC领投机构特质后发现,高声誉IVC领投机构以及母公司与创业企业具有行业相关性的CVC领投机构均倾向于以“技术聚集”为目的选择联合投资跟投伙伴。中介效应的检验表明,IVC领投机构历史投资经验和CVC领投机构对创业企业的参与度分别是导致两类领投机构偏好“技术聚集”选择的主要原因。相较于由高声誉IVC充当领投机构,母公司与创业企业具有行业相关性的CVC充当领投机构更有助于创业企业和投资联盟在创新、绩效方面获得“双赢”结果。本研究对于风险投资领投机构和创业企业如何选择“志同道合”的合作伙伴,为风险投资与创业企业之间的双赢提供了有益的借鉴。

Using China's Shenzhen SME and GEM listed companies from 2009-2021 as the research sample,we empirically test the influence and mechanism of heterogeneity of venture capital investment institutions on the selection of their co-investment followers based on the theories of"risk view"and"resource view"of partner selection of venture capital institutions.The study found that there is no significant difference in the selection of co-investment follow-on partners when IVC and CVC act as separate lead firms,but when distinguishing the characteristics of IVC and CVC lead firms,it is found that both highly reputable IVC lead firms and CVC lead firms whose parent companies are related to the startups tend to select co-investment follow-on partners for the purpose of"technology aggregation".The results show that the historical investment experience of IVC lead firms and the involvement of CVC lead firms in startups are the main reasons for the preference of"technology clustering"for the two types of lead firms,respectively.Further,it is found that CVCs whose parent companies have industry relevance to the startups are more conducive to a"win-win"outcome in terms of innovation and performance for both the startups and the investment alliance than a highly reputable IVC acting as the lead investor.This study provides useful lessons on how VC lead investor organisations and entrepreneurial enterprises can choose"like-minded"partners for a win-win situation between VCs and entrepreneurial enterprises.