文化视角下跨境VC对国有联合投资伙伴的选择研究

摘要/Abstract

摘要： 众多研究表明，联合投资是跨境VC克服外来者劣势的重要手段。然而，跨境VC会选择什么类型的VC联合投资，已有研究很少关注。基于文化视角，以2000—2017年跨境VC在中国所有的联合投资事件为样本，从理论推演和实证检验两个方面揭示了区域文化对跨境VC选择国有VC联合投资行为的影响。实证检验结果显示，中国不同地区传统主义文化特征的小团体集体主义、权力差距、人际关怀导向三个文化维度均显著增加跨境VC联合投资中的国有VC数量占比，同时显著提高跨境VC联合投资伙伴的政治层级。但是，当地区正式制度水平较高时，传统主义文化特征对跨境VC选择国有VC联合投资的作用将会减弱。

关键词: 跨境VC, 联合投资, 文化, 国有VC

Abstract: Many studies have shown that syndication is an important means for cross-border VC to overcome the disadvantage of outsiders. However, little attention has been paid to the types of syndication partner that cross-border VC will choose. Based on the cultural perspective, this paper takes all cross-border VC joint investment events in China from 2000 to 2017 as samples, and through theoretical deduction and empirical test, analyzes the impact of regional culture on cross-border VC's choice of state-owned VC syndicate. The empirical results show that the cultural dimensions of in-group collectivism, power distance and humane orientation in China significantly increase the proportion of state-owned VC in cross-border VC joint investment, and also significantly increase the political level of stateowned VC in cross-border VC joint investment. However, when the level of regional marketization is relatively high, the role of traditional cultural characteristics in cross-border VC's selection of state-owned VC joint investment weakens.

Key words: cross-border VC, syndication, culture, state-owned VC

王晗, 刘慧侠, 董建卫. 文化视角下跨境VC对国有联合投资伙伴的选择研究[J]. 管理评论, 2022, 34(7): 17-32.

Wang Han, Liu Huixia, Dong Jianwei. Research on the Selection of State-owned Syndication Partner by Cross-border VC from the Perspective of Culture[J]. Management Review, 2022, 34(7): 17-32.

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