CAJ | 학술논문

本文基于地位信号理论研究网络地位对风险投资机构（简称VC）跨区域筹资的影响。以2004年（含）之前成立的本土VC在2005年至2012年间的筹资活动为样本,本文研究发现：（1）VC的网络地位越高,筹资时为其提供资金的省外投资者数量越多。（2）VC的网络地位越高,筹资时为其提供资金的省外投资者在所有投资者中所占的比例越高。（3）上述效应会随着VC的IPO次数增加而减弱。本文的研究结论支持地位信号理论,表明网络地位发送的质量信号可以降低VC跨区域筹资时投资者面临的不确定性。
본문기우지위신호이론연구망락지위대풍험투자궤구（간칭VC）과구역주자적영향。이2004년（함）지전성립적본토VC재2005년지2012년간적주자활동위양본,본문연구발현：（1）VC적망락지위월고,주자시위기제공자금적성외투자자수량월다。（2）VC적망락지위월고,주자시위기제공자금적성외투자자재소유투자자중소점적비례월고。（3）상술효응회수착VC적IPO차수증가이감약。본문적연구결론지지지위신호이론,표명망락지위발송적질량신호가이강저VC과구역주자시투자자면림적불학정성。
This paper investigates the impact of venture capital firms＇ network status on their cross-regional fundraising behaviors from the perspective of status signals. With the fundraising data of the local venture capital firms between 2005 and 2012,which were founded in and before 2004,we find：（ 1） The higher the venture capital firms＇ network status,the more the investors outside the province who fund them;（ 2） The higher the venture capital firms＇ network status,the higher the ratio of the investors outside the province who fund them;（ 3） The above effects decrease as the number of venture capital firms supported IPOs increases. These results support the theory of status signals,suggesting that the quality signals of the network status could reduce the uncertainty faced by investors when venture capital firms raise funds cross-regionally.