摘要
文章选取我国2004-2019年4800件接受跨境风险投资的事件为样本,探讨跨境风险投资的投资选择及退出表现。结果表明:(1)单独投资时,跨境风投不愿意在首轮投资企业且不愿意投资高科技企业,而更愿意投资后期轮次的企业;跨境风投不愿意投资早期企业而更愿意投资晚期企业;(2)联合投资时,跨境风投更愿意在首轮投资企业、高科技企业以及早期企业;(3)跨境单独风险投资更容易成功退出,而跨境联合风险投资更不容易成功退出;(4)联合投资中,跨境风投的比例越高,越不容易成功退出,但越倾向于通过国外上市退出。
This paper selects 4,800 investment events that accepted cross-border venture capital in China from 2004 to 2019 as a sample,and discusses the investment selections and exit performance of cross-border venture capital.The results show that:(1)Cross-border VCs who invest alone are not willing to invest in first-round enterprises and high-tech enterprises,but prefer to invest in late-round enterprises;cross-border VCs are reluctant to invest in start-ups and more willing to invest in late-stage companies.(2)Cross-border VCs who syndicate with others are more willing to invest in first-round companies,high-tech companies and start-ups.(3)Cross-border VCs who invest alone are more likely to exit successfully,while cross-border VCs who syndicate with others are less likely to exit successfully.(4)In syndication investment,the higher the proportion of cross-border VCs,the less likely they are to exit successfully,but the more inclined they are to exit through foreign channels.
出处
《投资研究》
CSSCI
北大核心
2022年第4期4-18,共15页
Review of Investment Studies
基金
机构投资者报价与创业板新股审慎定价研究(国家社科基金,14BJY181)
关键词
跨境风险投资
投资模式
投资选择
退出表现
Cross-border venture capital
Investment modes
Investment selections
Exit performance
作者简介
通讯作者:陈伟,合肥工业大学,副教授;杨爽,合肥工业大学经济学院研究生;李鑫,合肥工业大学经济学院研究生。
