风险投资机构网络位置影响成功退出的机理

科研管理 ›› 2012, Vol. ›› Issue (10): 129-137.

风险投资机构网络位置影响成功退出的机理

党兴华, 董建卫, 杨敏利

西安理工大学经济与管理学院, 陕西西安 710054

收稿日期:2011-06-20 修回日期:2011-10-27 出版日期:2012-10-27 发布日期:2012-10-22
基金资助:
国家自然科学基金项目"网络位置与网络能力对风险投资机构投资绩效的影响研究"(编号:71172201,起止时间:2012.01-2015.12);陕西省重点学科建设专项资金资助项目。

The impact of venture capital firms’ network positionon the mechanism for their successful exit

Dang Xinghua, Dong Jianwei, Yang Minli

School of Economics and Management, Xi’an University of Technology, Xi’an 710054, China

Received:2011-06-20 Revised:2011-10-27 Online:2012-10-27 Published:2012-10-22

摘要/Abstract

摘要： 已有研究表明风险投资机构的网络位置对成功退出有重要影响,但影响机理尚未揭示。本文以Heckman模型为基础构建一个两步回归模型研究风险投资机构网络位置影响成功退出的机理。先通过第一步选择模型计算出反米尔斯比率,然后在第二步回归模型中引入反米尔斯比率,从网络位置对成功退出的总影响作用中分离出项目选择和增值服务各自的影响作用。运用清科数据库2000年1月1日至2009年12月31日的数据,本文研究发现:在联合投资网络中处于有利位置的风险投资机构既可以选择到高质量的风险项目,也可以为风险项目提供高质量的增值服务,因而能够实现更高的成功退出率。

关键词: 风险投资机构, 网络位置, 成功退出, Heckman模型

Abstract: Researches have shown that venture capital firms’ network position has a significant influence on their successful exit, however the mechanism of this influence has not yet been revealed. On the basis of Heckman model, a two-step model is constructed to study this influence. In the first place, the inverse Mills ratio is calculated by the first-step selection model, and then the inverse Mills ratio is introduced into the second-step regression model in order to separate the effect of venture selection and value-added services, respectively from the overall influences of venture capital firms’ network position on their successful exit. With the data of Zero2IPO Database from January 1, 2000 to December 31, 2009, it is found that venture capital firms standing on a vantage point in co-investment network not only could select high-quality ventures, but also could provide high-quality value-added services to them, therefore they are able to achieve a higher ratio of successful exit.

Key words: venture capital firm, network position, successful exit, Heckman model

中图分类号:

F830.59

党兴华, 董建卫, 杨敏利. 风险投资机构网络位置影响成功退出的机理[J]. 科研管理, 2012, (10): 129-137.

Dang Xinghua, Dong Jianwei, Yang Minli. The impact of venture capital firms’ network positionon the mechanism for their successful exit[J]. Science Research Management, 2012, (10): 129-137.

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