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

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

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

1. 西安理工大学经济与管理学院, 陕西西安 710054;
2. 西安电子科技大学经济管理学院, 陕西西安 710071

收稿日期:2012-12-22 修回日期:2013-12-10 出版日期:2014-02-25 发布日期:2014-03-10
作者简介:王曦（1978- ），女（汉），西安理工大学经济与管理学院博士研究生，西安电子科技大学经济与管理学院讲师，研究方向为风险投资与组织管理。
党兴华（1952- ），男（汉），西安理工大学经济与管理学院教授、博士生导师，研究方向为技术创新与风险投资。
基金资助:
国家自然科学基金面上项目“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”（71172201）；教育部博士点基金项目“基于演化博弈的创业企业控制权结构形成机理研究”（20106118110012）；高校基本科研业务资助项目（K5051306016）。

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

Wang Xi^1,2, Dang Xinghua¹

1. School of Economics and Management, Xi'an Universityof Technology, Xi'an 710054, Shaanxi, China;
2. School of Economics and Management, Xidian University, Xi'an 710071, Shaanxi, China

Received:2012-12-22 Revised:2013-12-10 Online:2014-02-25 Published:2014-03-10

摘要/Abstract

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。

关键词: 风险投资机构, 本地偏好, 成功退出, 退出速度

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.

Key words: Venture capital firms, local bias, successful exit, exit speed

中图分类号:

F830.59

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.

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