【作者】 王姝；

【导师】 余峰燕；

【作者基本信息】 天津大学 ， 工商管理， 2023， 硕士

【摘要】 我国十四五规划明确提出要“完善金融支持创新体系”,“支持创新型中小微企业成长为创新重要发源地”。风险投资(Venture Capital,VC)就是缓解创新型初创企业融资约束的一种重要金融安排。风险投资主要由风险投资人主导,然而,鲜有研究考察在风险投资尤其是绿色风险投资市场,精英校友关系对风险投资机构行为的影响及其经济效应。鉴于此,本文利用手工整理的391家VC内2,224位风险投资人的简历信息,以校友关系刻画个人社会关系,系统考察了2006-2018年风险投资行业中,VC主要风险投资人的校友关系,特别是精英校友关系对VC团成员选择和投资绩效的影响,并进一步探究了绿色风险投资场景下的精英校友关系效应。研究发现:第一、如果潜在VC与主VC主要风险投资人是校友关系,则能显著提高潜在VC被选入VC团的概率,且进一步区分精英校友与非精英校友后,发现该效应主要集中在精英校友关系。第二、绿色风险投资会弱化VC团成员选择中的校友关系效应,且绿色风险投资对精英校友促进合作效应的弱化作用更显著。此外,本文发现VC主要风险投资人之间的精英校友关系会对投资绩效产生显著的负面影响,且在绿色风险投资该负面影响更明显。本文通过引入经典精英理论拓展了个人社会关系研究,也为合理引导精英校友在风险投资市场特别是绿色金融市场中的作用提供了理论基础和经验证据。更多还原

【Abstract】 China’s 14th Five-Year Plan clearly states that it is necessary to"improve the financial support innovation system"and"support innovative small and medium-sized enterprises to grow into an important birthplace of innovation"to achieve an"innovation-driven development strategy".Venture capital is an important financial arrangement to alleviate the financing constraints of technology-based,high-growth entrepreneurial venture companies.although venture capital is often dominated by individual venture capitalists,limited research investigate how elite alumni ties of venture capitalists influence VC syndicate behavior.Utilizing the biographical information of 2,224 venture capitalists from 391 VCs to portray alumni ties,this paper explores the effects of the elite alumni ties of principal venture capitalists on VC syndicate partner selection and investment performance in venture capital industry,especially the green venture capital markets.The research finds that,first,the existence of alumni ties between potential VCs principal venture capitalists and lead VCs principal venture capitalists can significantly increase the probability of potential VCs being selected into the VC Syndicate,and after distinguishing elite alumni and non-elite alumni,we find that the effect is mainly concentrated in elite alumni ties.Second,green venture investment will weaken the alumni ties effect in the selection of VC Syndicate partners,and green venture investment will weaken the cooperation effect of elite alumni ties more significantly.In addition,this paper finds that the elite alumni ties between VCs principal venture capitalists can have a significant negative impact on investment performance,and the negative impact is more pronounced for green venture investment.By introducing the theory of elite,this paper not only enriches and expands the research on individual social ties,but also provides a theoretical basis and empirical evidence for reasonably guiding alumni,especially elite alumni,in the selection of VC Syndicate partners and green venture investment.更多还原