本地偏好对退出绩效的影响研究&mdash;基于中国本土风险投资机构的经验检验

王曦; 党兴华

科研管理 ›› 2014, Vol. 35 ›› Issue (2) : 111-118.

论文

本地偏好对退出绩效的影响研究—基于中国本土风险投资机构的经验检验

王曦^1,2, 党兴华¹

作者信息 +

Impact of local bias on exit performance-Based on empirical analysis of Chinese venture capital firms

Wang Xi^1,2, Dang Xinghua¹

Author information +

文章历史 +

摘要

风险投资机构本地偏好是风险投资机构投资组合空间分配的重要特征。本文以中国本土风险投资机构为研究对象，基于CVSource2000-2011年的风险投资大样本数据，分别运用Probit模型和Cox比例风险模型，研究风险投资机构本地偏好对成功退出和退出速度的影响。研究发现：本地偏好对成功退出的可能性、退出速度具有显著的负向影响，表明本地偏好程度低的风险投资机构其退出绩效更高。

Abstract

Local bias of venture capital firms isan important feature for spatial distribution of VC portfolios. Based on a large sample of Chinese venture capital investments between 2000 and 2011 from CVSource database, this paper examines the impact of local bias on successful exit and exit speed respectively use the Probit model and Cox proportional hazard model. We find that local bias has significant negative impact on the successful exit and exit speed, indicating that the venture capital firms with weak local bias has higher performance.

导出引用

王曦, 党兴华. 本地偏好对退出绩效的影响研究—基于中国本土风险投资机构的经验检验[J]. 科研管理. 2014, 35(2): 111-118

Wang Xi, Dang Xinghua. Impact of local bias on exit performance-Based on empirical analysis of Chinese venture capital firms[J]. Science Research Management. 2014, 35(2): 111-118

中图分类号： F830.59

参考文献

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