外资占比对创投机构投资行为和绩效的影响——来自断点回归的经验证据

The Impact of Foreign Capital Ratio on Venture Capital Institutions' Investment Behavior and Performance——Empirical Evidence from Regression Discontinuity Design

本文基于Wind资讯中国PEVC数据库,利用外生性的制度冲击设计断点回归,考察了外资占比的提高对整体创投机构的投资行为和绩效的影响。实证研究发现,外资创投机构占比的提高确实有利于提高募集基金的金额,但是对投资项目个数、投资项目金额、投资阶段选择和投资绩效均没有显著影响,印证了地理距离和文化制度差距是创业风险投资的重要障碍。

Based on the Wind China-PEVC database, this paper uses the exogenous institutional shock to design discontinuity regression, and examines the impact of the increase in foreign capital ratio on the investment behavior and performance of the overall venture capital institution. The empirical study found that the increase in the proportion of foreign venture capital institutions is indeed conducive to raising the amount of funds, but has no significant impact on the number of investment projects,investment project amount, investment stage selection and investment performance, confirming the geographical distance and cultural system gap is an important obstacle to venture capital investment.