中文摘要：

为揭示风险投资机构间的资源互补与联合投资形成的关系，利用清科数据库2002-01～2011-12的数据，运用Probit回归模型，研究了资源互补对联合投资形成的影响．结果表明：在资本规模上具有较强优势的风险投资机构与在经验、专业化程度上或网络位置上具有较强优势的风险投资机构进行资源交易，联合倾向会变大，两者之间更容易形成联合．因此，为促进联合投资形成，资本规模水平高的风险投资机构应该选择与经验丰富、或者专业化程度高、或者网络中心性高的机构进行联合．

英文摘要：

To reveal the relationship of resource complementation between the venture firms and the formation of venture capital syndication,Using the data of Zdatabase during the period from 2002 to 2011 and Probit regression model, this paper examines the effect of resource complementation on the formation of venture capital syndication. The result shows that： venture capital firm with stronger resource of capital scale allies with stronger partner with resource of experience, professional degree or network position, the propensity to syndicate will be larger; venture capital firm with stronger resource of network position allies with stronger partner with resource of experience or professional degree, the propensity to syndicate will be weaker. To promote the formation of venture capital syndication, venture capital firm with stronger resource of capital scale should allies with stronger partner with resource of experience, professional degree or network position.