风险投资机构的网络位置对其退出方式的影响研究

Abstract

对中国本土风险投资机构间的网络联结对退出方式的影响进行研究。运用清科数据库2000年1月至2009年12月的数据,研究发现风险投资机构的网络位置对退出方式有显著的影响:(1)若包含所有投资轮次,风险投资机构的网络中心性越高,通过IPO或M&A退出的可能性越大。(2)若仅包含通过IPO或M&A退出的投资轮次,风险投资机构的网络中心性越高,通过IPO退出的可能性越大。This paper investigates the impact of network ties between China’s local venture capital firms on their exit ways． Using data from Zero2IPO Database during the period from January of 2000 to December of 2009，we find that venture capital firms’network position exerts significant influence on their exit ways: if all investment rounds are included， venture capital firms with higher network centrality are more likely to exit via IPO or M＆A; if just investment rounds exiting via IPO or M＆A are included，the higher the venture capital firms’network centrality，the more likely they are to exit via IPO．