联合投资伙伴选择:资源“累积性”还是“相似性”匹配?

科研管理 ›› 2015, Vol. 36 ›› Issue (8): 144-151.

联合投资伙伴选择:资源“累积性”还是“相似性”匹配?

王育晓^1,2, 党兴华¹, 王曦^1,3, 罗吉^1,4, 史永立⁵

1. 西安理工大学经济与管理学院, 陕西西安 710054;
2. 西安工业大学经济管理学院, 陕西西安 710021;
3. 西安电子科技大学经济与管理学院, 陕西西安 710071;
4. 西华师范大学政治与行政学院, 四川南充 37002;
5. 中国人民银行延安市中心支行, 陕西延安 716000

收稿日期:2014-01-19 修回日期:2015-02-02 出版日期:2015-08-25 发布日期:2015-08-19
通讯作者: 王育晓
作者简介:王育晓(1977-),女(汉),河南洛阳人,西安理工大学经济与管理学院博士研究生,西安工业大学经济管理学院副教授,研究方向为技术创新与风险投资。
党兴华(1952-),男(汉),陕西蒲城人,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。
王曦(1978-),女(汉),贵州黎平人,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副教授,研究方向为风险投资与组织管理。
罗吉(1978-),男(汉),四川遂宁人,西安理工大学经济与管理学院博士研究生,西华师范大学政治与行政学院副教授,研究方向为风险投资。
史永立(1985-),女(汉),陕西大荔人,硕士研究生,中国人民银行延安市中心支行经济师,研究方向为货币信贷政策。
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, 2012-2015);教育部人文社会规划青年项目"风险投资机构网络位置与网络能力对投资绩效的交互影响作用研究"(13YJC630108, 2014-2016);教育部人文社会科学研究西部和边疆地区项目"基于跨层面分析的风险投资机构空间分布及其对投资绩效的影响研究"(14XJC630006, 2015-2017);西安工业大学经管学院孵化基金项目"风险投资机构间的资源组合方式与联合投资形成的关系研究"(2014jgfhjj03, 2014-2015)。

Partner selection in the formation of venture capital syndication: Resourceaccumulation or similarity matching?

Wang Yuxiao^1,2, Dang Xinghua¹, Wang Xi^1,3, Luo Ji^1,4, Shi Yongli⁵

1. School of Economics and Management, Xi'an University of Technology, Xi'an 710054, Shaanxi, China;
2. School of Economics & Management, Xi'an Technological University, Xi'an 710021, Shaanxi, China;
3. School of Economics and Management, Xidian University, Xi'an 710071, Shaanxi, China;
4. School of Politics and Administration, China West Normal University, Nanchong 637002, China;
5. Yan'an Central Sub-branch, the People's Bank of China, Yan'an 716000, Shaanxi, China

Received:2014-01-19 Revised:2015-02-02 Online:2015-08-25 Published:2015-08-19

摘要/Abstract

摘要： 利用CV source数据库2003年1月1日到2012年12月31日的数据,运用Probit回归模型,检验了基于同类资源间累积性和相似性匹配理论的联合投资伙伴选择问题。研究发现:在专业化程度(或网络位置)资源方面,风险投资机构选择高于自身专业化程度(或网络位置)的机构,进行资源累积性匹配,可增加联合倾向;在资本规模方面,低资本规模的风险投资机构无论是选择高资本规模水平的伙伴,进行资源累积性匹配,还是选择与自身资本规模水平相似的伙伴,进行资源相似性匹配,都能增加联合倾向。

关键词: 资源累积性匹配, 资源相似性匹配, 联合投资, 伙伴选择

Abstract: Using the data of CV source during the period from 2003 to 2012 and the Probit regression model, this paper reveals partner selection in the formation of venture capital syndication based on the theory of accumulation or similarity matching between the same resource. The results show that venture capital firm with resource of professional degree or network position allies with stronger partner with the same resource, the propensity of syndication will be improved; the venture capital firm with resource of capital scale allies with weaker or stronger partner with the same resource, the propensity of syndication will be improved, either based on the view of resource accumulation or similarity matching.

Key words: resource accumulation matching, resource similarity matching, venture capital syndication, partner selection

中图分类号:

F830.59

王育晓, 党兴华, 王曦, 罗吉, 史永立. 联合投资伙伴选择:资源“累积性”还是“相似性”匹配?[J]. 科研管理, 2015, 36(8): 144-151.

Wang Yuxiao, Dang Xinghua, Wang Xi, Luo Ji, Shi Yongli. Partner selection in the formation of venture capital syndication: Resourceaccumulation or similarity matching?[J]. Science Research Management, 2015, 36(8): 144-151.

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