风险投资基金管理者背景特征对基金表现的影响研究

管理评论 ›› 2023, Vol. 35 ›› Issue (3): 17-29.

风险投资基金管理者背景特征对基金表现的影响研究

王丹¹, 张慕松¹, 高皓²

1. 对外经济贸易大学国际商学院, 北京 100029;
2. 清华大学五道口金融学院, 北京 100083

收稿日期:2021-03-01 出版日期:2023-03-28 发布日期:2023-04-28
通讯作者: 高皓（通讯作者），清华大学五道口金融学院全球家族企业研究中心主任，博士。
作者简介:王丹，对外经济贸易大学国际商学院副教授，硕士生导师，博士；张慕松，对外经济贸易大学国际商学院博士研究生。
基金资助:
国家自然科学基金青年项目（71902031）；对外经济贸易大学中央高校基本科研业务费专项基金项目（CXTD13-01）。

The Influence of Working Background of Funds’ Executive Partners on the Return Performance of Venture Capital Funds

Wang Dan¹, Zhang Musong¹, Gao Hao²

1. School of Business, University of International Business and Economics, Beijing 100029;
2. PBC School of Finance, Tsinghua University, Beijing 100083

Received:2021-03-01 Online:2023-03-28 Published:2023-04-28

摘要/Abstract

摘要： 本文以2007—2011年期间成立的风险投资基金为研究对象，实证检验了基金管理机构的执行事务合伙人工作背景对基金表现的影响。本文发现基金管理者的政府工作经历、金融行业相关工作经历及其他VC或资产管理类公司的从业经历会对项目退出比例产生正向影响，但只有政府工作经历才能显著提升项目的IPO比例；在进一步区分上市地点后发现，金融领域的工作经验会对投资项目海外上市提供帮助，这综合说明了风险投资基金管理人不同工作背景对项目退出可能发挥的帮助作用。此外，本文还将风险投资基金按照是否有政府引导资金参与进行分类，发现政府工作背景对普通民营基金业绩表现的影响更大，而金融从业经历对两类基金的退出表现均有显著正向影响。

关键词: 风险投资, 基金管理机构, 管理者, 工作背景

Abstract: Drawing upon the venture capital funds established in 2007-2011, this paper empirically tests how the working background of funds’ executive partners influences the return performance of venture capital funds. We find that the government work experience, financial industry related work experience and direct-VC or asset management experience of funds’ executive partners have a positive impact on the proportion of project exit. However, only government work experience significantly increases the IPO proportion. After further distinguishing the listing venue, we find that financial work experience leads to a larger proportion of portfolio firms that get listed overseas. These findings comprehensively show how venture capital fund managers help with portfolio firms. We further classify venture capital funds according to whether or not they have a government-guided fund as partner, and find that the background of working in government has a greater impact on the performance of ordinary private funds, while financial experience has a significant positive impact on the exit performance of both types of funds.

Key words: venture capital, management firm, executive partners, working experience

王丹, 张慕松, 高皓. 风险投资基金管理者背景特征对基金表现的影响研究[J]. 管理评论, 2023, 35(3): 17-29.

Wang Dan, Zhang Musong, Gao Hao. The Influence of Working Background of Funds’ Executive Partners on the Return Performance of Venture Capital Funds[J]. Management Review, 2023, 35(3): 17-29.

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