本文利用CV Source数据库2005年1月1日至2013年12月31日的风险投资机构投资数据,运用多元回归分析模型,检验风险投资机构知识多样化对其退出绩效的影响以及投资阶段对二者之间关系的调节作用。结果表明:(1)风险投资机构知识多样化与其退出绩效之间呈U型关系;(2)投资阶段调节风险投资机构知识多样化与其退出绩效之间的U型关系,即与晚期阶段投资相比,在早期阶段投资的条件下,这种U型关系更显著。
Using the data of CV Source during the period from 2005 to 2013 and with the help of the multiple regression model,we examine the effect of knowledge diversification of venture capital firm on exit performance,and analyze the important moderating effect of investment stage on the relationship between knowledge diversification and exit performance. The results indicate that( 1) there is a significant U-shaped relationship between knowledge diversification of venture capital firm and exit performance;( 2) investment stage will moderate the relationship between knowledge diversification and exit performance,that is,in early stage investments,the U-shaped relationship will be more pronounced than in cases of late stage investments.