在对相关专业化投资文献梳理的基础上,进行理论假设,运用CVSource数据库2000年1月1日至2012年12月31日的数据进行回归分析。结果显示,行业专业化和阶段专业化对风险投资机构投资绩效有显著的正向影响。
Even though specialization is considered to be an important element to influence venture capital firms'perform-ance ,currently ,there are few domestic studies working on specialization and comprehensive analyzing specialization from industry ,stage and geography .This paper discusses the impacts of three different types of specialization ,including industry specialization ,stage specialization and geography specialization ,on Chinese venture capital firms'performance ,theoretical hypotheses are proposed on the basis of the related literatures ,and regression analysis is conducted by using data from CV Source Database from January 1 of 2000 to December 31 of 2012 .We find that industry specialization and stage specializa-tion exert significantly positive influence on venture capital firms'performance .