利用CV source数据库2003年1月1日到2012年12月31日的数据,运用Probit回归模型,检验了基于同类资源间累积性和相似性匹配理论的联合投资伙伴选择问题。研究发现:在专业化程度(或网络位置)资源方面,风险投资机构选择高于自身专业化程度(或网络位置)的机构,进行资源累积性匹配,可增加联合倾向;在资本规模方面,低资本规模的风险投资机构无论是选择高资本规模水平的伙伴,进行资源累积性匹配,还是选择与自身资本规模水平相似的伙伴,进行资源相似性匹配,都能增加联合倾向。
Using the data of CV source during the period from 2003 to 2012 and the Probit regression model, this paper reveals partner selection in the formation of venture capital syndication based on the theory of accumulation or similarity matching between the same resource. The results show that venture capital firm with resource of professional degree or network position allies with stronger partner with the same resource, the propensity of syndication will be improved; the venture capital firm with resource of capital scale allies with weaker or stronger partner with the same resource, the propensity of syndication will be improved, either based on the view of resource accumulation or similarity matching.