本文關(guān)鍵詞： 風(fēng)險(xiǎn)投資 地理距離 策略選擇 市場(chǎng)環(huán)境 機(jī)構(gòu)特質(zhì)　出處：《南開(kāi)管理評(píng)論》2017年02期 　論文類(lèi)型：期刊論文

【摘要】：本文以我國(guó)風(fēng)險(xiǎn)投資行業(yè)數(shù)據(jù)為研究樣本,分析風(fēng)險(xiǎn)投資機(jī)構(gòu)與創(chuàng)業(yè)企業(yè)之間的地理距離對(duì)風(fēng)險(xiǎn)投資機(jī)構(gòu)策略選擇的影響,并進(jìn)一步考察市場(chǎng)環(huán)境、機(jī)構(gòu)特質(zhì)的調(diào)節(jié)作用。研究結(jié)果表明:(1)隨著投資距離的增加,風(fēng)險(xiǎn)投資機(jī)構(gòu)傾向于選擇聯(lián)合投資策略與分階段投資策略,并且聯(lián)合投資伙伴數(shù)變多、分階段平均投資規(guī)模變小;(2)完善的市場(chǎng)環(huán)境能夠降低投資風(fēng)險(xiǎn)與成本,從而弱化風(fēng)險(xiǎn)投資機(jī)構(gòu)因地理距離增加而進(jìn)行聯(lián)合投資的意愿;(3)相比其他類(lèi)型風(fēng)險(xiǎn)投資機(jī)構(gòu),國(guó)有風(fēng)險(xiǎn)投資機(jī)構(gòu)有著更強(qiáng)的風(fēng)險(xiǎn)規(guī)避偏好與保值增值要求,地理距離增加時(shí),進(jìn)行分階段投資的意愿更強(qiáng)、平均投資規(guī)模更小;(4)較高的行業(yè)專(zhuān)長(zhǎng)意味著風(fēng)險(xiǎn)投資機(jī)構(gòu)擁有豐富的投資經(jīng)驗(yàn)與投資網(wǎng)絡(luò),從而弱化風(fēng)險(xiǎn)投資機(jī)構(gòu)因地理距離增加而進(jìn)行聯(lián)合投資與分階段投資的意愿。本研究對(duì)拓展風(fēng)險(xiǎn)投資理論和指導(dǎo)風(fēng)險(xiǎn)投資實(shí)踐具有重要價(jià)值。
[Abstract]:Based on China's venture capital industry data as the research sample, analysis of the impact of venture capital institutions and venture of the geographical distance of the venture capital institutions strategies, and further study the market environment, regulation mechanism characteristics. The results show: (1) with the increase of investment distance, risk investment institutions tend to choose joint investment strategy and investment strategy, and joint venture partners to change the number of multi stages, the average investment size becomes smaller; (2) improve the market environment can reduce the risk of investment and cost, thus weakening the risk investment institutions because of the geographical distance increasing joint investment intention; (3) compared to other types of risk investment institutions the state-owned venture investment institutions, has a stronger risk aversion preference and value, geographic distance increased, staged investment willingness stronger, the average investment size Smaller; (4) high industry expertise means that risk investment institutions have rich investment experience and investment network, thus weakening the risk investment institutions because of the geographical distance increasing joint investment and investment stage. This study will have important value to develop risk investment theory and guiding the practice of venture capital.

【作者單位】： 上海財(cái)經(jīng)大學(xué)國(guó)際工商管理學(xué)院;上海財(cái)經(jīng)大學(xué)財(cái)經(jīng)研究所、城市與區(qū)域科學(xué)學(xué)院;
【基金】：國(guó)家自然科學(xué)基金項(xiàng)目(71172146) 上海財(cái)經(jīng)大學(xué)研究生創(chuàng)新資金資助項(xiàng)目(CXJJ-2015-347)資助
【分類(lèi)號(hào)】：F832.48;F279.2
【正文快照】： 引言伴隨著創(chuàng)新創(chuàng)業(yè)浪潮,風(fēng)險(xiǎn)投資對(duì)創(chuàng)業(yè)企業(yè)的影響受到社會(huì)廣泛關(guān)注。風(fēng)險(xiǎn)投資不僅能夠緩解創(chuàng)業(yè)企業(yè)資金瓶頸束縛,[1]更能憑借特定行業(yè)的長(zhǎng)期投資經(jīng)驗(yàn)積累,為創(chuàng)業(yè)企業(yè)提供戰(zhàn)略咨詢(xún)、上市融資等增值服務(wù),從而有助于創(chuàng)業(yè)企業(yè)創(chuàng)新水平的提升、[2-4]財(cái)務(wù)績(jī)效的提高[5-7]以及公司

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