科研管理

科研管理 ›› 2016, Vol. 37 ›› Issue (10): 1-8.

• 论文 •    下一篇

跨境风险投资绩效影响因素——基于中国市场的实证研究

谈毅,唐霖露   

  1. 上海交通大学安泰经济与管理学院
  • 收稿日期:2014-09-16 修回日期:2016-02-12 出版日期:2016-10-20 发布日期:2016-10-17
  • 通讯作者: 谈毅
  • 基金资助:

    国家自然科学基金项目“制度学习、文化差异与跨境风险投资行为与绩效研究”（71573163）；国家自然科学基金项目“不确定性视角下我国早期阶段风险投资行为研究”（71573174）和国家自然科学基金项目“我国风险投资网络效应与价值溢出关系的理论与实证研究”（71173146）。

A research on the factors of cross-border venture capital performance in China

Tan Yi, Tang Linlu   

  1. Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai 200030, China
  • Received:2014-09-16 Revised:2016-02-12 Online:2016-10-20 Published:2016-10-17
  • Contact: tan yi

摘要： 20世纪90年代以来，随着全球经济一体化进程的加快，风险投资也呈现出了国际化趋势，这种跨国界的投资行为形成了一种新的国际投资活动——跨境风险投资。近年来，跨境风险投资在中国风险投资市场中占据着举足轻重的地位。本文主要目的是探讨跨境风险投资机构在中国市场的本土化经验是否影响跨境风险投资的绩效表现。本文搜集了1998年至2012年末进入中国跨境风险投资退出的551个风险投资项目，在先前研究提出的外资风险投资机构人力资本衡量方法的基础上，本文改进并提出了对跨境风险投资在中国市场的本土化经验的三个方面的衡量方法。实证结果表明，跨境风险投资的本土从业经验和本土投资专业性是跨境风险投资绩效的显著影响因素，并且跨境风险投资的投资周期和退出方式也会在一定程度上影响项目的投资绩效。

关键词: 跨境风险投资, 退出绩效, 内部收益率, 本土化经验

Abstract: Since the 1990s , with the acceleration of global economic integration process , venture capital showed a trend of internationalization, this investment behavior formed a new kind of international investment activity - cross-border venture capital investment. In recent years, cross-border venture capital occupies a pivotal position in the venture capital market in China . The main purpose of this paper is to explore whether localization experience is crucial to cross-border venture capital performance. After a review of the previous studies on the basis of literature ,this paper uses a dataset of 551 exit cases of cross-border venture capital from 1998 to 2012 as research materials.Based on previous measurement of foreign venture capital institution’s human resource, this paper improves and proposes a mesurement of cross-border venture capital’s localization experience in Chinese market from three aspects. The main conclusions are as follows: the age of investment time in the Chinese market and local industry experience are significant factors for the cross-border VC performance, that is, the longer of investment time in Chinese VC market and more investments involved in a certain industry, the better performance of a cross-border VC firm. What’s more, the investment duration and exit ways are also the determinants of cross-border venture capital performance.

Key words: cross-border venture capital, exit performance, IRR, localization experience