中文摘要：

本文以2009年10月30日至2013年12月31日在创业板上市的355家公司为研究对象,研究了风险投资介入中国创业企业的偏好及其方式问题,研究结论如下：（1）在投资偏好上,当风险投资距离创业企业很近,或创业企业有财务性竞争优势时,即拥有负债不付息与负债赚息的盈利模式时,风险投资介入创业企业的可能性更大;（2）在联盟介入方式上,当风险投资距离创业企业较近,或当风险投资距离创业企业较近又同时拥有创业板IPO的经验时,或当风险投资与承销商是母子公司或财务顾问等利益关系时,风险投资单独投资的可能性更大;（3）在同一风险投资重复介入方式上,当风险投资介入后创业企业上市所需时间越长,或当风险投资距离创业企业较远,或当风险投资越成熟,同一风险投资再次介入的可能性越大;（4）在不同风险投资分批介入方式上,后期介入的风险投资更年轻,但介入价格更高、投资额更大、持股比例更低,说明年轻的风险投资通常不轻易做＂第一个吃螃蟹的人＂,而更多地搭载成熟风险投资的＂顺风车＂来分享投资收益,但同时付出的代价也比前期介入风险投资的要高。

英文摘要：

This article examines the investment preference and pattern of venture capital firms, using a sample of 355 companies listed on the Growth Enterprise Market（GEM） in China between October 30 th, 2009 and December 31 th, 2013. The empirical results are as follows： first, from the perspective of the investment preference, when the geographic distance between the venture capital firm and the entrepreneurial firm is shorter, or when the entrepreneurial firm has financial strength, which means that it has the earnings model of OPM, then the probability of the venture capital firm＇s investment will be higher; second, from the perspective of the investment pattern of syndication, when the geographic distance between the venture capital firm and the entrepreneurial firm is shorter, or when the venture capital firm that is proximate to the entrepreneurial firm has the experience of IPO at the same time, or when the underwriter is the venture capital firm＇s parent company or financial consultant, then the probability of the venture capital firm＇s investing on its own is higher; third, from the perspective of the multiple investment by the venture capital firm, the longer it takes a entrepreneurial firm to go public, or the longer geographic distance between the entrepreneurial firm and the venture capital firm, or the older the venture capital firm is, then the higher probability of the venture capital firm＇s repetitive investment; fourth, compared to the venture capital firms in the first financing round, new venture capital firms in the second financing round are much younger, but the offer price are higher, the investment amount are larger, and the equity percent is lower, which means that young venture capital firms generally will not be the investors in the first financing round, rather, they often seek to take a free ride of the experienced venture capital firms to share the investment earnings, however, they should pay more than the venture capital firms in the prior financing round.