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首页> 外文期刊>International Journal of Economics and Finance >Investigating the Motivations of VC Syndication in China --- Do Chinese Leading VC Firms Make a Difference in Terms of Syndication Decisions
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Investigating the Motivations of VC Syndication in China --- Do Chinese Leading VC Firms Make a Difference in Terms of Syndication Decisions

机译：调查中国VC联合的动机 - 中国领先的VC公司在联合决策方面有所不同

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摘要

The venture capital industry in China is quickly evolving and becoming more and more important in the development of small and medium-size companies in China. Venture capital firms usually invest in young private transactions which are usually involved with high risk. In addition, the legal and political environments in China are significantly different from those in the developed markets and at the same time, China is undergoing significant changes of business environments, which brings even more challenges to the VC firms in China’s market. Under these challenges, syndication has become a very popular investment method for the VC companies to diversify their investment risks. In this paper, we explore the various factors that might influence the motivation of VC firm’s syndication decisions in China’s market and especially focus on the impact of the firm’s Chinese ownership. We believe that VC firms’ Chinese ownership has a significant influence on the firm’s decision for syndication investment and our empirical analysis confirms this. We find that Chinese VC firms have a significantly lower likelihood to make syndicated investment than their foreign counterparties. We also explore the interactions between the firms’ Chinese ownership and other influencing factors to investigate their joint impacts on the syndication likelihood. We believe our study will provide a better and thorough understanding about the VC firms’ syndication behavior in China’s market and thus will offer significant values to Chinese policy makers in terms of their efforts to promoting VC development in China.
机译：在中国的风险投资行业在中国中小型公司的发展中迅速发展并变得越来越重要。风险投资公司通常投资通常涉及高风险的年轻私人交易。此外，中国的法律和政治环境与发达市场的法律和政治环境有很大差异，同时，中国正在进行重大变化的商业环境，这为中国市场的VC公司带来了更多挑战。在这些挑战下，联合已成为VC公司的一种非常受欢迎的投资方式，以多元化投资风险。在本文中，我们探讨了可能影响VC公司在中国市场中的融合决策的动机的各种因素，特别关注公司中国所有权的影响。我们认为，VC公司的中国所有权对该公司对联合投资的决定产生了重大影响，我们的实证分析证实了这一点。我们发现，中国VC公司具有比外国交易对手对混合物投资的显着较低的可能性。我们还探讨了公司的中国所有权与其他影响因素之间的互动，以调查其对同兴可能性的联合影响。我们相信我们的研究将对VC公司在中国市场的联合行为提供更好的理解，从而为中国政策制定者提供重大价值，以促进中国宣传VC发展。

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