风险投资中的联合投资研究
摘要
风险投资包含着对知识和资本两种关键生产要素的有效结合,在现代经济发展中扮演着举足轻重的角色,有力地促进了人类的进步事业。我国目前对风险投资的研究大多偏重于宏观方面的问题,而对于风险投资产业发展中一个很重要的微观方面的问题——联合投资的研究显然不够、不深。由于风险投资固有的高风险,因此如何在谋求较高收益的同时,降低投资风险成为一个急需解决的问题。联合投资作为风险投资中防范风险最常用而有效的投资策略,通过探究其内在结构、内容、规律,以便更好的运用它,将有着重要的理论价值和现实意义。
本研究以风险投资中的联合投资为研究内容。在分析、总结已有的关于风险投资中的联合投资研究的基础上,本文试图围绕联合投资过程中的两个重要问题——联合投资的决策以及对联合投资的管理,力图构建联合投资的理论框架。通过研究,本文主要取得了以下成果:首先,通过引入两个模型,找出了资金与信息这两个关键因素对联合投资决策的影响,从资金角度看,投资金额以及风险投资公司对风险的承受能力影响风险投资公司采用联合投资策略;而从信息角度来看,由于风险投资项目具有巨大的不确定性,单个风险投资公司对项目的判断容易受到质疑,从而导致风险投资公司需要借助于其他公司的投资判断来调整自己的投资决策。资金与信息是影响采用联合投资的两个关键因素,综合衡量这两个因素,有利于风险投资公司正确的做出投资决策;其次,对联合投资的管理问题进行了探索,由于联合投资导致了风险投资公司之间的协调问题,本研究认为联合投资得以顺利开展的基础是风险投资公司之间的信任,另外,为了达成更高的协调,具体的合约约束以及管理分工等措施也是很有必要的。
本文对广泛应用于风险投资行业的联合投资策略进行了有益的探索,希望本文的研究能够起到抛砖引玉的作用,为我国风险投资产业的发展,为风险投资公司更好的运用联合投资策略提供理论上的依据。
Venture capital,including effective combination of the two key production factors of knowledge and capital, plays a key role in modern economic development, and has been promoting human progress effectively. At present, the study in our country on venture capital mostly focuses on the macroscopic aspect, While obviously pays less attention on the research of microscopic aspect,such as venture capital industry syndication. However, due to the nature high risk in venture capital, it becomes the urgent issue that how to reducing the investment risk as well as obtaining the higher income. Syndication, as the most frequently used and effective investment strategy against the risk in venture capital, exploring its basic structure, content, rules has an important theory value and realistic meaning.
The research content of this thesis is the syndication in venture capital industry. Through analyzing and summarizing the existing syndication investment on venture capital, this article attempts structure a theoretical frame of syndication, based on the syndication decision model and syndication management. This article mainly makes the following achievement. Firstly, through introducing two models, it finds out the influence of capital and information the two key factors to syndication strategy: from capital point of view, the adoption of syndication strategy is influenced by the amount of investment and venture capital company' bearing ability on the risk; while from information point of view, on account of the great uncertainty of venture capital project, the judgments of individual venture capital companies on the project is easily doubted, venture capital company needs to adjust its investing strategy in virtue of other companies' investing judgment. Capital and information are the two pivotal influencing factors in adopting syndication, and synthetically considering this two factors is advantage for venture capital companies to make right investing strategy; Secondly, the article also explore management in syndication. Syndication leads to the coordination issue among venture capital companies, the trust between venture capital companies is the basis of syndication carrying smoothly, additionally in order to reach a higher coordination, it is necessary of the agreement restriction and management specialization, etc.
This article explores the syndication strategy that is widely uses in venture capital industry, expects this paper can bring the in-depth learning of syndication in the venture capital industry, and provides the theoretical basis on venture capital development and to make better use of syndication strategy for venture companies.
本研究以风险投资中的联合投资为研究内容。在分析、总结已有的关于风险投资中的联合投资研究的基础上,本文试图围绕联合投资过程中的两个重要问题——联合投资的决策以及对联合投资的管理,力图构建联合投资的理论框架。通过研究,本文主要取得了以下成果:首先,通过引入两个模型,找出了资金与信息这两个关键因素对联合投资决策的影响,从资金角度看,投资金额以及风险投资公司对风险的承受能力影响风险投资公司采用联合投资策略;而从信息角度来看,由于风险投资项目具有巨大的不确定性,单个风险投资公司对项目的判断容易受到质疑,从而导致风险投资公司需要借助于其他公司的投资判断来调整自己的投资决策。资金与信息是影响采用联合投资的两个关键因素,综合衡量这两个因素,有利于风险投资公司正确的做出投资决策;其次,对联合投资的管理问题进行了探索,由于联合投资导致了风险投资公司之间的协调问题,本研究认为联合投资得以顺利开展的基础是风险投资公司之间的信任,另外,为了达成更高的协调,具体的合约约束以及管理分工等措施也是很有必要的。
本文对广泛应用于风险投资行业的联合投资策略进行了有益的探索,希望本文的研究能够起到抛砖引玉的作用,为我国风险投资产业的发展,为风险投资公司更好的运用联合投资策略提供理论上的依据。
Venture capital,including effective combination of the two key production factors of knowledge and capital, plays a key role in modern economic development, and has been promoting human progress effectively. At present, the study in our country on venture capital mostly focuses on the macroscopic aspect, While obviously pays less attention on the research of microscopic aspect,such as venture capital industry syndication. However, due to the nature high risk in venture capital, it becomes the urgent issue that how to reducing the investment risk as well as obtaining the higher income. Syndication, as the most frequently used and effective investment strategy against the risk in venture capital, exploring its basic structure, content, rules has an important theory value and realistic meaning.
The research content of this thesis is the syndication in venture capital industry. Through analyzing and summarizing the existing syndication investment on venture capital, this article attempts structure a theoretical frame of syndication, based on the syndication decision model and syndication management. This article mainly makes the following achievement. Firstly, through introducing two models, it finds out the influence of capital and information the two key factors to syndication strategy: from capital point of view, the adoption of syndication strategy is influenced by the amount of investment and venture capital company' bearing ability on the risk; while from information point of view, on account of the great uncertainty of venture capital project, the judgments of individual venture capital companies on the project is easily doubted, venture capital company needs to adjust its investing strategy in virtue of other companies' investing judgment. Capital and information are the two pivotal influencing factors in adopting syndication, and synthetically considering this two factors is advantage for venture capital companies to make right investing strategy; Secondly, the article also explore management in syndication. Syndication leads to the coordination issue among venture capital companies, the trust between venture capital companies is the basis of syndication carrying smoothly, additionally in order to reach a higher coordination, it is necessary of the agreement restriction and management specialization, etc.
This article explores the syndication strategy that is widely uses in venture capital industry, expects this paper can bring the in-depth learning of syndication in the venture capital industry, and provides the theoretical basis on venture capital development and to make better use of syndication strategy for venture companies.
引文
【1】刘曼红.风险投资:创新与金融.[M].北京:中国人民大学出版社,1998 年
【2】Andy Lockett and Mike Wright. The syndication of private equity, evidence from the UK. [J].Venture capital,1999, VOL. 1, NO. 4, 303-324.
【3】James A.Brande,Raphael Amit,Werner Antweiler. Venture-Capital Syndication, Improved Venture Selection vs. the Value-Added Hypothesis.[M].Journal of Economics & Management Strategy,Volume 11,Number 3,Fall 2002,423–452
【4】Zsuzsanna Fluck,Kedran Garrison. Venture Capital Contracting and Syndication:An Experiment in Computational Corporate Finance. September 29, 2004 ,www.csom.umn.edu.
【5】盛立军. 风险投资:操作、机制与策略.[M].上海:上海远东出版社,1999
【6】Olav Sorenson,Toby Stuart. Syndication Networks and the Spatial Distribution of Venture Capital Investments. [J].American journal of sociology. May 2001, 1546-1588
【7】刘东霞. 对风险投资中联合投资策略的研究.[硕士学位论文].[D].西安:西安科技大学,2004
【8】谢科范,彭华涛,谢冰. 联合投资的风险不守恒分析.[M].财经理论与实践,2004年 5 月,43-46
【9】马畅,彭华涛,谢科范. 联合风险投资的双赢机理与风险分析.[M].科技与管理 2003年第 3 期,23-25
【10】刘执礼. 风险投资事业经营简介. www.icbc.com.tw
【11】Bergemann D. and J. Valimaki. Dynamic common agency.[J].Journal of Economic Theory, 2003 Vol.111,23-48
【12】Bernheim.B.and M.D.Whinston. Common Marketing Agency As A Device for Facilitating Collusion.[J].The Rand Journal of Economics,Vol.16,269-281. 1985
【13】童桂馨.创业投资契约中道德风险问题之研究. etd.lib.nsysu.edu.tw
【14】Trester. J.J. Venture capital contracting under asymmetric Information. [J]. Journal of Banking and Finance,1998,Vol.22.675-699
【15】盛立军.风险投资:操作、机制与策略.[M].上海:上海远东出版社,1999
【16】Michael Spence. Job market signaling. [J].Quarterly Journal of Economics Harvard University 1972
【17】高红阳. 不对称信息经济学研究现状述评. 第五届中国经济学年会投稿www.cenet.org.cn
【18】张维迎,柯荣住.信任及其解释:来自中国的跨省调查分析
【19】Wilson.R. The theory of syndicates.[J].Econometrica, 1968: 119-132
【20】EVCA Final Activity Figures for 2004,EVCA Press and Public Relations Officer. www.evca.com
【 21 】 董 晓 进 .2004 年 6 月 份 IPO 点 评 .Zero2IPO 清 科 风 险 投 资 研 究 中 心 www.zero2ipo.com
【22】Empirical Evidence on the Syndication of Venture Capital and Shared Real Option. [M].JEL Classification Numbers:G 24,G 31.November 10,2004
【23】谢科范、杨青等. 风险投资管理.[M].中央编译出版社 2004 版
【24】Christian Hopp and Finn rieder. Empirical Evidence on the Syndication of Venture Capital and Shared Real Option [M] JEL Classification Numbers:G 24,G 31. March 7, 2005
【25】Tuukka J. Sepp?. Essays on the valuation and Syndication venture capital investment, [Dissertation for the degree of Doctor] Helsinki University of Technology, 2003
【26】W·D·比格利夫 J·A·蒂蒙斯[美]. 译者: 刘剑波等. 处于十字路口的风险投资—美国风险投资的回顾与展望.[M].山西人民出版社 2001.9
【27】刘德学,樊治平著.风险投资运作机制与决策分析.[M].东北大学出版社, 2002.07.
【28】Mike Wright,Andy Lockett. Structure and Management of Syndicated Venture Capital Investments [J] The Journal of Private Equity 2002,72-83
【29】刘春林,施建军.风险投资规模及合作投资问题研究.[J]科研管理,2001.1
【30】邵宇.微观金融学及其数学基础.[M].清华大学出版社 2003
【31】Ines Macho-Stadler and J, David PereZ-Castrillo 管毅平译.信息经济学引论:激励与合约.[M].上海财经大学出版社 2004 年 1 月
【32】Mike Wright,Andy Lockett. The Structure and Management of Alliances,Syndication in the Venture Capital Industry.[J] Journal of Management Studies 40:8 December 2003,2073-2099
【33】Andy Lockett,Mike Wright. The syndication of private equity, evidence from the UK.[J].Venture Capital,1999
【34】Christian Hopp, Finn Rieder. What drives Venture Capital Syndication? December 8, 2005,www.ecfr.nl
【35】Catherine Casamatta,Carole Haritchabalet. Learning and Syndication in Venture Capital Investments.[J].Centre de Recherche en Gestion,2003
【36】Sahlman,W.A,The Structure And Governance of Venture Capital Organizations. [J].Journal of Financial Economics, 1990, 27,473-521
【 37 】 Alexander T. Mohr. Trust, control, interaction and performance in IJVs ,http://www.uni-duisburg.de.2004
【38】Ju Kimberly Zheng. A Social Network Analysis of Corporate Venture capital syndication. [requirement for the degree of Master].[D].Waterloo, Ontario, Canada, 2004
【39】Oliver Hart. Firms,Contracts,and Financial Structure.[M].Oxford: Oxford University Press. 1995
【40】科斯 哈特 斯蒂格利茨等. 契约经济学.[M].经济科学出版社 1999.3.P18
【41】Mikko J??skel?inen,Markku Maula and Tuukka Sepp?. Allocation of Attention and the Performance of Venture Capitalist. www.tuta.hut.fi
【42】柯武刚,史漫飞. 制度经济学.[M].商务印书馆 2000 年 11 月第一版 P237-239
【43】杨小凯,黄有光. 专业化与经济组织——一种新兴古典微观经济学框架.[M].经济科学出版社 1999.7
【44】迈克尔.迪屈奇. 交易费用经济学.[M].经济科学出版社 1999.3
【45】www.focusmedia.cn
【46】media.icxo.com
【2】Andy Lockett and Mike Wright. The syndication of private equity, evidence from the UK. [J].Venture capital,1999, VOL. 1, NO. 4, 303-324.
【3】James A.Brande,Raphael Amit,Werner Antweiler. Venture-Capital Syndication, Improved Venture Selection vs. the Value-Added Hypothesis.[M].Journal of Economics & Management Strategy,Volume 11,Number 3,Fall 2002,423–452
【4】Zsuzsanna Fluck,Kedran Garrison. Venture Capital Contracting and Syndication:An Experiment in Computational Corporate Finance. September 29, 2004 ,www.csom.umn.edu.
【5】盛立军. 风险投资:操作、机制与策略.[M].上海:上海远东出版社,1999
【6】Olav Sorenson,Toby Stuart. Syndication Networks and the Spatial Distribution of Venture Capital Investments. [J].American journal of sociology. May 2001, 1546-1588
【7】刘东霞. 对风险投资中联合投资策略的研究.[硕士学位论文].[D].西安:西安科技大学,2004
【8】谢科范,彭华涛,谢冰. 联合投资的风险不守恒分析.[M].财经理论与实践,2004年 5 月,43-46
【9】马畅,彭华涛,谢科范. 联合风险投资的双赢机理与风险分析.[M].科技与管理 2003年第 3 期,23-25
【10】刘执礼. 风险投资事业经营简介. www.icbc.com.tw
【11】Bergemann D. and J. Valimaki. Dynamic common agency.[J].Journal of Economic Theory, 2003 Vol.111,23-48
【12】Bernheim.B.and M.D.Whinston. Common Marketing Agency As A Device for Facilitating Collusion.[J].The Rand Journal of Economics,Vol.16,269-281. 1985
【13】童桂馨.创业投资契约中道德风险问题之研究. etd.lib.nsysu.edu.tw
【14】Trester. J.J. Venture capital contracting under asymmetric Information. [J]. Journal of Banking and Finance,1998,Vol.22.675-699
【15】盛立军.风险投资:操作、机制与策略.[M].上海:上海远东出版社,1999
【16】Michael Spence. Job market signaling. [J].Quarterly Journal of Economics Harvard University 1972
【17】高红阳. 不对称信息经济学研究现状述评. 第五届中国经济学年会投稿www.cenet.org.cn
【18】张维迎,柯荣住.信任及其解释:来自中国的跨省调查分析
【19】Wilson.R. The theory of syndicates.[J].Econometrica, 1968: 119-132
【20】EVCA Final Activity Figures for 2004,EVCA Press and Public Relations Officer. www.evca.com
【 21 】 董 晓 进 .2004 年 6 月 份 IPO 点 评 .Zero2IPO 清 科 风 险 投 资 研 究 中 心 www.zero2ipo.com
【22】Empirical Evidence on the Syndication of Venture Capital and Shared Real Option. [M].JEL Classification Numbers:G 24,G 31.November 10,2004
【23】谢科范、杨青等. 风险投资管理.[M].中央编译出版社 2004 版
【24】Christian Hopp and Finn rieder. Empirical Evidence on the Syndication of Venture Capital and Shared Real Option [M] JEL Classification Numbers:G 24,G 31. March 7, 2005
【25】Tuukka J. Sepp?. Essays on the valuation and Syndication venture capital investment, [Dissertation for the degree of Doctor] Helsinki University of Technology, 2003
【26】W·D·比格利夫 J·A·蒂蒙斯[美]. 译者: 刘剑波等. 处于十字路口的风险投资—美国风险投资的回顾与展望.[M].山西人民出版社 2001.9
【27】刘德学,樊治平著.风险投资运作机制与决策分析.[M].东北大学出版社, 2002.07.
【28】Mike Wright,Andy Lockett. Structure and Management of Syndicated Venture Capital Investments [J] The Journal of Private Equity 2002,72-83
【29】刘春林,施建军.风险投资规模及合作投资问题研究.[J]科研管理,2001.1
【30】邵宇.微观金融学及其数学基础.[M].清华大学出版社 2003
【31】Ines Macho-Stadler and J, David PereZ-Castrillo 管毅平译.信息经济学引论:激励与合约.[M].上海财经大学出版社 2004 年 1 月
【32】Mike Wright,Andy Lockett. The Structure and Management of Alliances,Syndication in the Venture Capital Industry.[J] Journal of Management Studies 40:8 December 2003,2073-2099
【33】Andy Lockett,Mike Wright. The syndication of private equity, evidence from the UK.[J].Venture Capital,1999
【34】Christian Hopp, Finn Rieder. What drives Venture Capital Syndication? December 8, 2005,www.ecfr.nl
【35】Catherine Casamatta,Carole Haritchabalet. Learning and Syndication in Venture Capital Investments.[J].Centre de Recherche en Gestion,2003
【36】Sahlman,W.A,The Structure And Governance of Venture Capital Organizations. [J].Journal of Financial Economics, 1990, 27,473-521
【 37 】 Alexander T. Mohr. Trust, control, interaction and performance in IJVs ,http://www.uni-duisburg.de.2004
【38】Ju Kimberly Zheng. A Social Network Analysis of Corporate Venture capital syndication. [requirement for the degree of Master].[D].Waterloo, Ontario, Canada, 2004
【39】Oliver Hart. Firms,Contracts,and Financial Structure.[M].Oxford: Oxford University Press. 1995
【40】科斯 哈特 斯蒂格利茨等. 契约经济学.[M].经济科学出版社 1999.3.P18
【41】Mikko J??skel?inen,Markku Maula and Tuukka Sepp?. Allocation of Attention and the Performance of Venture Capitalist. www.tuta.hut.fi
【42】柯武刚,史漫飞. 制度经济学.[M].商务印书馆 2000 年 11 月第一版 P237-239
【43】杨小凯,黄有光. 专业化与经济组织——一种新兴古典微观经济学框架.[M].经济科学出版社 1999.7
【44】迈克尔.迪屈奇. 交易费用经济学.[M].经济科学出版社 1999.3
【45】www.focusmedia.cn
【46】media.icxo.com