CAJ | 학술논문

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。
본문분석중국풍험투자（ VC）공사불동특정여연합투자동궤（여재무동궤、교역류동궤이급획취자원동궤）지간적관계。연구결과표명：재무동궤대우행업경험소이급규모소적VC공사경가중요；교역류동궤대우외자배경、국유배경혹자규모대적VC공사경가중요；이획취자원동궤대우투자조기계단적VC공사경위중요，대우기타특정적VC공사무명현영향。본문적연구결과대우VC공사재합작화반적선택상유흔대적차감의의，풍험투자공사가이근거기타VC공사적특정。선택합괄적합작화반진행연합투자，유리우채취최우적연합투자책략。
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.