摘要
文章选取创业板2009年至2021年风险投资机构IPO退出事件作为研究样本,检验风险投资机构投资期限对其投资绩效的影响以及风险投资机构背景对二者关系的调节作用。研究发现:(1)风险投资机构的投资期限显著影响投资绩效;(2)有外资背景的风险投资机构更长的投资期限有助于提升投资绩效。进一步分析表明,风险投资机构外资背景的正向调节作用在投向外省企业、初创期企业、受到联合投资和高管具有海外背景的企业中更显著。本文的研究结论有助于风险投资机构做出更适合的投资决策以提升投资绩效。
This paper selects the IPO Exit Events of VCIs from 2009 to 2021 as the research sample,and examines the impact of the investment horizon of VCIs on their investment performance and the moderating effect of the background of VCIs on the relationship between the two.The study finds that(1)the investment horizon of VCIs significantly improves their investment performance;(2)longer investment horizon of VCIs with foreign-funded background contributes to better investment performance.Further analysis shows that the positive moderating effect of VCIs with foreign-funded background is more significant in investing in foreign enterprises,start-up enterprises,enterprises subject to co-investment and enterprises whose executives have overseas background.The findings of this paper can help VCIs make more appropriate investment decisions to improve investment performance.
作者
郭慧婷
贺丽如
尚煜欣
GUO Huiting;HE Liru;SHANG Yuxin(School of Economics and Management,Chang an University,Xi'an 710064,China)
出处
《郑州航空工业管理学院学报》
2023年第6期85-95,共11页
Journal of Zhengzhou University of Aeronautics
基金
国家自然科学基金面上项目(72072143)
中国学位与研究生教育学会面上项目(2020MSA182)
教育部产学合作协同育人项目:(201902296043)。
关键词
风险投资
投资期限
投资绩效
外资背景
venture capital
investment horizon
performance of investments
foreign-funded background
