联合风险投资：行为动机、伙伴选择及绩效研究

项目名称： 联合风险投资：行为动机、伙伴选择及绩效研究

项目编号： No.71502001

项目类型： 青年科学基金项目

立项/批准年度： 2016

项目学科： 管理科学

项目作者： 胡刘芬

作者单位： 安徽大学

项目金额： 17万元

中文摘要： 与我国风险投资市场中联合投资案例的频繁涌现相比，针对我国市场的关于联合投资的理论研究还有待进一步深入。本课题将结合我国特殊的法律、制度和文化背景，运用理论分析、问卷调查、案例研究和大样本实证检验相结合的方法，系统分析我国市场中的联合投资行为。本课题将按照联合投资行为的内在逻辑依次对如下问题展开研究：联合风险投资动机，揭示风险投资机构实施联合投资的内在动因；联合风险投资伙伴的选择，分别基于风险投资机构层面和风险投资家个体层面考察主导机构或主导风险投资家如何选择联合投资的伙伴；联合风险投资对绩效的影响，分析联合投资与投资绩效之间的关系、并深入探讨联合投资成员之间不同的合作方式对投资绩效的影响。该研究成果将有助于风险投资机构和风险投资家选择更合适的联合投资伙伴、提升联合投资绩效，有助于政府部门针对风险投资的发展制定合理的法规和监管机制。

中文关键词： 风险投资；联合投资；动机；伙伴选择；投资绩效

英文摘要： Compared with more and more joint investments in Chinese venture capital market, theoretical study on joint investments for the market remains to be further. Based on Chinese special legal, institutional and cultural environment, this topic will systematically analyze the joint venture capital investments in China, by using methods of theoretical analysis, survey, case study and empirical test of large samples. Our topic focuses on the following three research issues successively according to the internal logic of the joint investment behavior. The first issue relates to motivations of joint investment, revealing the internal motivations for VC firms to invest jointly. The second issue concerns selecting joint investment partners, studying the way for lead VC firms and lead venture capitalists to select partners. The third issue considers the impact of joint investments on performance, analyzing the relationship between joint investments and performance and the different effects of diverse partner cooperation patterns on performance. Our research results will not only help VC firms and venture capitalists to choose more appropriate co-investment partners and improve performance, but also be beneficial for government departments to develop reasonable policies and regulatory mechanisms for the development of venture capital.

英文关键词： venture capital;joint investment;motivation;partner selection;performance