创业项目复杂性、声誉与风险投资联盟规模的实证研究

摘要

Under the circumstance of uncertainty,alliance of venture capital investments has become a very important strate-gic choice for venture capital institutions to gain competitive advantages,the scale of syndication has an important effect on the performance of entrepreneurial enterprises. The study examines the impacts of complexity of entrepreneurial project and reputa-tion of venture capital institutions on the scale of alliance of venture capital investments. The paper puts forward appropriate re-search hypotheses based on resources-based theory and uncertainty theory, carries out data processing and analysis on VC fi-nancing events during the year of 2000 to 2012 by using domestic CVsource venture capital database,and verifies these three hypotheses by applying the multivariate regression analysis. The empirical results show that:the higher the complexity of entre-preneurial projects,the greater the scale of alliance of venture capital investments;the higher the reputation of venture invest-ment institutions,the greater the size of syndication of venture capital investments. Furthermore,the paper finds that the repu-tation of institutions plays a positive moderating role in the positive correlation between the complexity of the project and the size of venture capital alliance. These conclusions make up the deficiency of alliance formation theory,and provide a new con-text for alliance formation theory.%风险投资联盟已成为不确定性环境下风险投资机构获取竞争优势的一个非常重要的策略选择，联盟的规模对创业企业的绩效存在重要影响。文章研究了项目复杂性、风险投资机构声誉对风险投资联盟规模的作用机理，基于资源观、不确定性理论，提出了相应研究假设，利用国内CVsource的风险投资数据库，对2000-2012年间的VC融资事件进行了数据处理分析，运用多元回归分析验证了3个研究假设，实证研究表明：创业项目复杂性越高，该项目接受风险投资联盟规模就越大。风险投资机构的声誉越高，项目的风险投资联盟规模就越大，而且，还发现风险投资机构的声誉在项目复杂性与风险投资联盟规模的正相关关系中发挥了正向调节作用。文章研究结论弥补了联盟形成理论的不足，为联盟形成理论提供了一种新的情景。