科研管理

科研管理 ›› 2016, Vol. 37 ›› Issue (2): 124-131.

• 论文 • 上一篇    下一篇

阶段投资对风险投资机构投资绩效的影响：投资区域的调节作用

冯冰1，2,杨敏利1, 王凤3   

  1. 1. 西安理工大学经济与管理学院
    2. 榆林学院管理学院
    3. 中国人民银行延安市中心支行
  • 收稿日期:2014-05-30 修回日期:2015-08-31 出版日期:2016-02-20 发布日期:2016-02-16
  • 通讯作者: 杨敏利
  • 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”（编号：71172201，起止时间：2012.01－2015.12）；教育部人文社会科学研究青年基金项目“我国政府创业投资引导基金的引导效应实证研究”（编号：14YJC630023，起止时间：2014.07－2017.06）；陕西省重点学科建设专项资金资助项目。

Staging and Venture Capital Firm’s Investment Performance: The Moderating Effect of Investment Region

  • Received:2014-05-30 Revised:2015-08-31 Online:2016-02-20 Published:2016-02-16

摘要： 本文基于代理理论研究投资区域在阶段投资对风险投资机构投资绩效影响中的调节作用。以2000年～2008年间首次接受风险投资的991家创业企业为样本，使用logit回归模型，本文研究发现：当风险投资机构投资于本地（本省或本市）的创业企业时，总投资轮次增加对投资绩效有显著的负向影响；而当风险投资机构跨区域投资时，总投资轮次增加对投资绩效有显著的正向影响。上述结论表明，阶段投资的相对收益和相对成本会随着投资区域的不同而发生变化，风险投资机构在决定是否通过阶段投资来降低代理成本时需考虑投资区域这一情境因素。

关键词: 风险投资, 阶段投资, 投资绩效, 投资区域

Abstract: This paper investigates the moderating role of investment region between staging and venture capital firm’s (VCF) investment performance from the agency theory perspective. Using a sample of 991 entrepreneurial enterprises, which were funded by venture capital for the first time between 2000 and 2008, and the logit regression model, we find that when the VCFs invest in the local entrepreneurial enterprises (of the same province or of the same city with VCFs), the increase of the overall investment rounds has a significantly negative effect on their investment performance; However, when the VCFs invest in the entrepreneurial enterprises across their province or their city, the opposite is the case. These results imply that the relative yields and costs will change as the investment region varies, and VCFs need to consider their investment region as an important context factor in deciding whether or not to reduce the agency cost through the staging investment.