文献类型：期刊文献

中文题名：风险投资公司特征与联合投资动机

英文题名：The Characters of VC and the Motive of Syndication of VC

作者：金永红[1];李媛媛[1];罗丹[1]

机构：[1]华东理工大学商学院,上海200237

年份：2015

期号：10

起止页码：130

中文期刊名：中国科技论坛

外文期刊名：Forum on Science and Technology in China

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2014】；CSSCI:【CSSCI2014_2016】；

基金：国家社会科学基金项目"创业风险投资研究"(06CJY006)

语种：中文

中文关键词：风险投资;联合投资;动机;VC公司特征

外文关键词：Venture capital firm;Syndication;Motivation;Characteristics

摘要：本文分析中国风险投资(VC)公司不同特征与联合投资动机(如财务动机、交易流动机以及获取资源动机)之间的关系。研究结果表明:财务动机对于行业经验少以及规模小的VC公司更加重要;交易流动机对于外资背景、国有背景或者规模大的VC公司更加重要;而获取资源动机对于投资早期阶段的VC公司更为重要,对于其他特征的VC公司无明显影响。本文的研究结果对于VC公司在合作伙伴的选择上有很大的借鉴意义,风险投资公司可以根据其他VC公司的特征。选择合适的合作伙伴进行联合投资,有利于采取最优的联合投资策略。
Based on the characteristics of VC companies, this paper adopts multiple regression analysis and logistic model to study the relationship between the characteristics of VC companies and the motivations of syndication, such as finance motivation, deal flow mo-tivation and resource motivation.We find that, the financial motive is more important to VCs with less experience and smaller size, the deal flow motive is more important to VCs with smaller size, state-owned or backed by foreign capital, and resource motive is more im-portant to VCs who invest in early-stage venture.This research can provide some suggestions when they select partners to syndicate with.In addition, for venture companies, this research provides them the effective way to acquire qualified VC investment.