中文摘要：

以2000—2009年中国大陆发生的风险投资事件为研究样本,采用回归分析方法,实证研究了影响我国风险投资近距离投资偏好的因素及近距离投资带来的绩效结果.结果表明,风险投资机构的声誉及风险投资机构所在地的竞争状况会影响其近距离投资偏好程度,历史悠久、规模大、经验丰富和IPO业绩好的风险投资机构近距离投资偏好程度更弱,风险投资机构间的激烈竞争会促使风险投资机构进行远距离投资.与国外研究结论不同的是,没有发现联合投资网络对近距离投资偏好的影响,另一反常的发现是logit回归结果表明近距离投资反而获得更低的回报.

英文摘要：

Taking venture capital investments between 2000 and 2009 in mainland China as the research sample,regression analysis was used to explore the factors which affect the preference and performance of geographic proximity of venture capital（ VC） in China. The results indicated that VC firms ’ reputation and local competition status affect the preference for geographic proximity. Older,larger and more experienced VC firms with stronger IPO records exhibit less preference for geographic proximity while greater competition compels VC firms to invest distant targets. Different from the previous research abroad,no evidence was found that investment networks have any effect on the preference for geographic proximity. Abnormally,the logit regression results showed that investments of geographic proximity may lead to lower returns.