| 摘要: |
| 在各国的创业投资市场中，联合风险投资普遍存在。风险投资机构可能会为规避联合投资风险而选择“相似性伙伴”，也可能为追求更大投资收益而选择“高资源禀赋伙伴”或“异质性伙伴”来进行联合投资；相对于与“相似性伙伴”联合投资，与“高资源禀赋伙伴”或“异质性伙伴”联合投资可以通过“资源累积”或“资源互补”提高为初创企业提供增值服务的能力，进而更有利于初创企业的成长。基于清科私募通数据库中1999—2019年中国的风险投资事件，构建具有“领投者—潜在跟投者”双边数据特征的研究样本，对联合风险投资的伙伴选择及其对初创企业成长的影响进行实证检验，结果表明：在对联合投资伙伴的选择中，风险投资机构的“风险规避”动机不明显，没有表现出选择“相似性伙伴”的倾向，更多的是出于“资源累积”或“资源互补”动机选择“高资源禀赋伙伴”或“异质性伙伴”来进行联合投资，以谋取更大的投资收益；风险投资机构与“高资源禀赋伙伴”联合投资可以促使初创企业获得更多的后续融资和专利，进而能够显著促进初创企业成长；风险投资机构与“异质性伙伴”联合投资对初创企业后续融资和专利的影响不显著。因此，风险投资机构在选择联合投资伙伴时，要注意优化资源并有效提升为初创企业提供增值服务的能力，尽量选择有利于“资源累积”的投资伙伴，以更好地促进初创企业成长；初创企业在引进风险投资时也应慎重并科学搭配，力求引进具有高资源禀赋、能够更好促进自身成长的合作伙伴。 |
| 关键词: 风险投资 联合投资 初创企业 风险投资机构 资源累积 资源互补 风险规避 |
| DOI：10.3969/j.issn.1674-8131.2021.04.007 |
| 分类号: |
| 基金项目: |
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| Co-venture Capital Partner Selection and the Growth of Start-ups: An Empirical Analysis Based on Venture Capital Events from 1999 to 2019 in China |
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HUANG Peng-xiang，HUANG Xiang，HUANG Tian-xiang1,2,3
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1.School of Economics, Fudan University, Shanghai 200433,China;2.School of Entrepreneurship, Guangdong University of Finance and Economics, Guangzhou 510320, Guangdong, China;3. School of Business Administration, South China University of Technology, Guangzhou 510641, Guangdong, China
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| Abstract: |
| In the entrepreneurship investment market of all countries, co-investment is a common phenomenon. Venture capital firms may choose “similar partners” in order to avoid co-investment risk or may pursue bigger investment return to choose “the partners with high resource endowment level” or “heterogeneous partners” to co-invest. Compared with the co-investment with “similar partners”, the co-investment with “the partners with high resource endowment level” or “the heterogeneous partners” can improve the ability to provide incremental service for the start-ups by “resources accumulation” or “resource complementarity”, which is further conducive to the growth of the start-ups. Based on venture capital events of China from 1999 to 2019 in PE Database, by constructing the research samples with “leader-investor-potential co-investor” data feature, the empirical test is conducted on the impact of the co-venture capital partner selection on the growth of the start-ups, and the results show that in co-venture capital partners selection, “the risk avoidance” motivation of venture capital firms is not obvious, and does not show the tendency of choosing “similar partners”, but more firms choose “the partners with high resource endowment level” or “the heterogeneous partners” to co-invest for bigger investment profit based on the motivation of “resource accumulation” or “resource complementarity”. The co-investment of venture capital firms with “the partners with high resource endowment level” can boost the start-ups to obtain continuous financing and patents and further promote the growth of the start-ups. The impact of the co-investment of venture capital firms with “the heterogeneous partners” on the continuous financing and patents of the start-ups is not significant. Thus, venture capital firms should pay attention to resource optimization and the ability to provide incremental service for the start-ups, and try to choose the investment partners who are conducive to “resource accumulation” so as to better boost the growth of the start-ups when choosing co-investment partners. The start-ups should be carefully and scientifically choose the partners and try to choose the partners with high resource endowment levels and who can boost their growth in turn. |
| Key words: venture capital co-investment start-ups venture capital agency resource accumulation resource complementarity risk avoidance |
