中文摘要：

本文基于产业关联性视角,研究股权转让与创业投资家得到的投资回报之间的关系,通过测算716笔股权转让的相关数据,分析单方股权转让和协同股权转让之间以及横向股权转让和纵向股权转让之间的回报差异。研究发现,创业投资家在单方股权转让中可以得到比协同股权转让更高的投资回报,而且两者的差异在具有严重信息不对称的初创公司尤其明显。并且,横向股权转让可以获得比纵向股权转让更高的回报。然而,在创业资本市场繁荣时期,这个结果却是相反的。此外,研究发现有经验的创业投资家可以克服自身在股权转让中所处的劣势地位,从而在两种股权转让类型中得到较高水平的回报。

英文摘要：

This paper investigates how the relation between acquirer and target during shares transfer of venture capital backed company affects acquirer＇s return. The relation is classifi ed based on the number of acquirers and whether the acquirer and target are in the same industry. Using a proprietary dataset of 716 cases of shares transfers, we fi rst provide evidence that cases with unique buyer generate higher returns for acquirers, relative to cases with multiple buyers. And this effect is more pronounced in cases with higher levels of asymmetry information. We then show that acquirers from related industry gain better performance during normal market period, while they earn lower return during boom market period. Moreover, we suggest that experienced acquirers outperform in all types of shares transfers.