分析了风险投资公司的项目新颖性对联合投资需要和机会的影响,进而揭示了项目新颖性与联合投资可能性之间的关系。通过理论分析和推演研究发现:当进行新颖性投资时风险投资公司面临着两种类型的不确定性:自我中心不确定性和他人中心不确定性。前者增加了联合投资的需要,后者减少了联合投资的机会,而联合投资的机会又取决于风险投资公司的地位和声誉,最终研究发现新颖投资更可能是联合投资,而且这一正相关关系对拥有高地位、高声誉的风险投资公司更显著。此外,通过“深创投”和CVSource数据库的投资案例分析验证了这一结论。
This paper examines the impact of the innovative project of venture capital firm to the need and opportunity for Syndication, thus revealing the relationship between project novelty and the possibility of the formation of Syndication in Ven- ture Capital. Through theoretical analysis and deduction,it finds that venture capital firm face two types of uncertainty when considering novel investments:egocentric uncertainty and altercentric uncertainty. However, the former increases the VC firm need forsyndieation,the latter reduces the VC firm'sopportunity forsyndication, and the opportunity for Syndication in turn depends on the status and reputation of the VC firm, the final study finds that innovative investmentsare more likely to be syndicated. Furthermore, this positive relationship is stronger for VC firmswith higher status and higher reputation. In addi- tion, the paper verified this conclusion by using the case of "Shenzhen Capital Group Co. ,Ltd" and CVSource database.