财经论丛（浙江财经学院学报）
財經論叢（浙江財經學院學報）
재경론총（절강재경학원학보）
Collected Essays on Finance and Economics
2015年
10期
41-47
,共7页
风险投资%联合投资%Logit模型%动机
風險投資%聯閤投資%Logit模型%動機
풍험투자%연합투자%Logit모형%동궤
venture capital%syndication%Logit model%motivations
运用中国风险投资市场5316条风险投资数据，以欧美国家市场联合投资的动机为参考，结合中国的法律、政策、文化环境研究中国风险投资机构参与联合投资动机的影响因素。结果发现，融资规模大、外资机构参与以及向高新技术企业投资，出于规避风险和整合资源的考虑较倾向于采用联合投资方式；获利期阶段项目的投资，则出于IPO等因素考虑更倾向于联合投资。这表明中国风险投资市场联合投资的动机与欧美国家相比，会受到制度和市场环境的影响而有所差异。
運用中國風險投資市場5316條風險投資數據，以歐美國傢市場聯閤投資的動機為參攷，結閤中國的法律、政策、文化環境研究中國風險投資機構參與聯閤投資動機的影響因素。結果髮現，融資規模大、外資機構參與以及嚮高新技術企業投資，齣于規避風險和整閤資源的攷慮較傾嚮于採用聯閤投資方式；穫利期階段項目的投資，則齣于IPO等因素攷慮更傾嚮于聯閤投資。這錶明中國風險投資市場聯閤投資的動機與歐美國傢相比，會受到製度和市場環境的影響而有所差異。
운용중국풍험투자시장5316조풍험투자수거，이구미국가시장연합투자적동궤위삼고，결합중국적법률、정책、문화배경연구중국풍험투자궤구삼여연합투자동궤적영향인소。결과발현，융자규모대、외자궤구삼여이급향고신기술기업투자，출우규피풍험화정합자원적고필교경향우채용연합투자방식；획리기계단항목적투자，칙출우IPO등인소고필경경향우연합투자。저표명중국풍험투자시장연합투자적동궤여구미국가상비，회수도제도화시장배경적영향이유소차이。
Based on modern portfolio investment theory, motivations of syndication for VC firms in western countries as well as special laws, regulations and culture environments in China, this paper utilizes 5316 VC investments in China to ex-plore the motivating factors for Chinese venture capital firms to syndicate. The empirical results show that when it involves a large scale of financing, foreign participation and investment in high-tech enterprises, Chinese VC firms prefer to use the syn-dication investment. It is also proved that the financial motivations of syndication for Chinese VC firms are similar to that in the west ;However, as for motivations closely related to laws, regulations and cultural background of the country, Chinese VC firms act quite differently when deciding whether or not to syndicate.
