风险资本异质性与被投高技术企业的长期绩效:以生存分析为基础的实证研究
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摘要
联合风险投资中,不同的风险投资组合方式会给被投公司的发展前景带来重大影响,目前针对这一问题的研究尚有不足。从异质性视角出发,以生存分析方法探究风险投资组合异质性对被投高技术企业发展前景的影响。研究发现:若同一轮次投资于同一高技术公司的多个风投在活跃行业和活跃地点方面有较大差异,可能提高被投企业上市或被高价并购的风险率;风投在资本类型上的差异性将降低被投企业成功上市或被高价并购的风险率;风险投资异质性效应对处于不同融资轮次的高技术公司的影响程度不相同,处于发展后期的高技术公司更倾向于从风险投资的异质性组合中获益。
The composition of venture capital syndication has great inpact on the development of the portfolio company.This paper examines the impact of VC heterogeneity on the hazard rate of high-tech company’s IPO or high-price M&A.Based on the survival analysis,it shows that VC syndications which are more diversified in industry and geography scope tend to be more beneficial to the high-tech company,whereas similar background in ownership type leads to desirable outcome.Further analysis reveals subtler variations of the heterogeneity effect across different rounds.The heterogeneity effect tends to be greater for the high-tech firms which have received many rounds of investment.
The composition of venture capital syndication has great inpact on the development of the portfolio company.This paper examines the impact of VC heterogeneity on the hazard rate of high-tech company’s IPO or high-price M&A.Based on the survival analysis,it shows that VC syndications which are more diversified in industry and geography scope tend to be more beneficial to the high-tech company,whereas similar background in ownership type leads to desirable outcome.Further analysis reveals subtler variations of the heterogeneity effect across different rounds.The heterogeneity effect tends to be greater for the high-tech firms which have received many rounds of investment.
引文
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[15]党兴华,董建卫,陈蓉.风险投资机构的网络位置对其退出方式的影响研究[J].中国软科学,2011(6):156-166.
[16]POWELL W W,WHITE D R,KOPUT K W,et al.Network dynamics and field evolution:the growth of interorganizational collaboration in the life sciences[J].American Journal of Sociology,2005,110(4):1132-1205.
[17]董静,汪立,吴友.地理距离与风险投资策略选择---兼论市场环境与机构特质的调节作用[J].南开管理评论,2017,20(2):4-16.
[18]TYKVOV T,SCHERTLER A.Does syndication with local venture capitalists moderate the effects of geographical and institutional distance?[J].Journal of International Management,2014,20(4):406-420.
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[20]TAN J,ZHANG W,XIA J.Managing risk in a transitional environment:an exploratory study of control and incentive mechanisms of venture capital firms in China[J].Journal of Small Business Management,2010,46(2):263-285.
[21]CAO L,ZHENG L,REN J.Homophily or complementary?Choice of co-investment partners of Chinese venture capital firms[C].Dallas:Proceedings of ICSA Conference,2018.
[22]PAHNKE E,KATILA R,EISENHARDT K M.Who takes you to the dance?How partners’institutional logics influence innovation in young firms[J].Administrative Science Quarterly,2015,60(4):266-276.
[23]LUO J D,RONG K,YANG K,et al.Syndication through social embeddedness:a comparison of foreign,private and state-owned venture capital(VC)firms[J].Asia Pacific Journal of Management,2018(2):1-29.
[24]谢永珍,张雅萌,吴龙吟,等.董事地位差异、决策行为强度对民营上市公司财务绩效的影响研究[J].管理学报,2017,14(12):1767-1776.
[25]BLOSSFELD H,GOLSCH K,ROHWER G.Event history analysis with stata[M].Oxfordshire:Lawrence Erlbaum Associates,2012.
[26]HOCHBERG Y,LJUNGQVIST A,LU Y.Whom you know matters:venture capital networks and investment performance[J].Journal of Finance,2007,62(1):251-301.
[27]DISERUD O H,ODEGAARD F.A multiple-site similarity measure[J].Biology Letters,2007,3(1):20-22.
[28]GOIT P,SCHWIENBACHER A.IPOs,trade sales and liquidations:modelling venture capital exits using survival analysis[J].Journal of Banking&Finance,2007,31(3):679-702.(责任编辑:高虹)
[2]POWELL W W.Neither market nor hierarchy:network forms of organization[J].Research in Organizational Behavior,1990(12):295-336.
[3]BENGTSSON O,SENSOY B.Changing the nexus:the evolution and renegotiation of venture capital contracts[J].Journal of Financial&Quantitative Analysis,2015,50(3):349-375.
[4]HOU H,QU W.Research on the trust governance in the venture capital syndication[C].London:the 8thEuropean Conference on Innovation and Entrepreneurship(ECIE),2013.
[5]罗家德,曹立坤,郭戎.嵌入性如何影响VC间的联合投资[J].江苏社会科学,2018(4):85-96.
[6]ELY R J,THOMAS D A.Cultural diversity at work:the effects of diversity perspectives on work group processes and outcomes[J].Administrative Science Quarterly,2001,46(2):229-273.
[7]胡望斌,张玉利,杨俊.同质性还是异质性:创业导向对技术创业团队与新企业绩效关系的调节作用研究[J].管理世界,2014(6):92-109.
[8]杨俊,田莉,张玉利,等.创新还是模仿:创业团队经验异质性与冲突特征的角色[J].管理世界,2010(3):84-96.
[9]ANDERVSKI G,BRASS D J,FERRIER W J.Alliance portfolio configurations and competitive action frequency[J].Journal of Management,2016,42(4):811-837.
[10]KOGUT B.Joint ventures:theoretical and empirical perspectives[J].Strategic Management Journal,2010,9(4):319-332.
[11]BURT R S.Structural holes:the social structure of competition[M].Cambridge:Harvard University Press,1992.
[12]刘伟,程俊杰,敬佳琪.联合创业投资中领投机构的特质、合作模式、成员异质性与投资绩效---基于我国上市企业的实证研究[J].南开管理评论,2013,16(6):136-148.
[13]DU Q.Birds of a feather or celebrating differences?The formation and impacts of venture capital syndication[J].Journal of Empirical Finance,2016(39):1-14.
[14]周伶,山峻,张津.联合投资网络位置对投资绩效的影响---来自风险投资的实证研究[J].管理评论,2014,26(12):160-169.
[15]党兴华,董建卫,陈蓉.风险投资机构的网络位置对其退出方式的影响研究[J].中国软科学,2011(6):156-166.
[16]POWELL W W,WHITE D R,KOPUT K W,et al.Network dynamics and field evolution:the growth of interorganizational collaboration in the life sciences[J].American Journal of Sociology,2005,110(4):1132-1205.
[17]董静,汪立,吴友.地理距离与风险投资策略选择---兼论市场环境与机构特质的调节作用[J].南开管理评论,2017,20(2):4-16.
[18]TYKVOV T,SCHERTLER A.Does syndication with local venture capitalists moderate the effects of geographical and institutional distance?[J].Journal of International Management,2014,20(4):406-420.
[19]官建文,唐胜宏.中国移动互联网发展报告(2013)[M].北京:社会科学文献出版社,2012.
[20]TAN J,ZHANG W,XIA J.Managing risk in a transitional environment:an exploratory study of control and incentive mechanisms of venture capital firms in China[J].Journal of Small Business Management,2010,46(2):263-285.
[21]CAO L,ZHENG L,REN J.Homophily or complementary?Choice of co-investment partners of Chinese venture capital firms[C].Dallas:Proceedings of ICSA Conference,2018.
[22]PAHNKE E,KATILA R,EISENHARDT K M.Who takes you to the dance?How partners’institutional logics influence innovation in young firms[J].Administrative Science Quarterly,2015,60(4):266-276.
[23]LUO J D,RONG K,YANG K,et al.Syndication through social embeddedness:a comparison of foreign,private and state-owned venture capital(VC)firms[J].Asia Pacific Journal of Management,2018(2):1-29.
[24]谢永珍,张雅萌,吴龙吟,等.董事地位差异、决策行为强度对民营上市公司财务绩效的影响研究[J].管理学报,2017,14(12):1767-1776.
[25]BLOSSFELD H,GOLSCH K,ROHWER G.Event history analysis with stata[M].Oxfordshire:Lawrence Erlbaum Associates,2012.
[26]HOCHBERG Y,LJUNGQVIST A,LU Y.Whom you know matters:venture capital networks and investment performance[J].Journal of Finance,2007,62(1):251-301.
[27]DISERUD O H,ODEGAARD F.A multiple-site similarity measure[J].Biology Letters,2007,3(1):20-22.
[28]GOIT P,SCHWIENBACHER A.IPOs,trade sales and liquidations:modelling venture capital exits using survival analysis[J].Journal of Banking&Finance,2007,31(3):679-702.(责任编辑:高虹)
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