地区制度环境与跨境风险资本进入：社会嵌入机制研究

刘  烨1; 高瑞英1; 2

地区制度环境与跨境风险资本进入：社会嵌入机制研究

引用本文：刘烨1，高瑞英1, 2.地区制度环境与跨境风险资本进入：社会嵌入机制研究[J].财经理论与实践,2023,(3):10-17

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作者	单位
刘烨1，高瑞英1, 2	（1. 南京大学工程管理学院，江苏南京 210093； 2. 江苏银行股份有限公司，江苏南京 210001）

中文摘要:以1990—2020年风险资本投资事件为样本，考察跨境风险资本进入制度不完善地区的社会嵌入机制。结果发现：在制度不完善地区，跨境风险资本倾向通过与本土风险资本联合投资来嵌入本土社会网络。跨境风险资本借此获取联合伙伴的本土信息和资源，提高从本次投资成功退出的概率，并与网络中其他本土风险资本建立间接联系，未来可以从有直接或间接联系的本土风险资本那里得到交易机会。

中文关键词:制度环境跨境风险资本联合投资社会嵌入

Regional Institutional Environment and Foreign Venture Capital Entry: Research on the Social Embedding Mechanism

Abstract:Taking venture investments made from 1990 to 2020 as the sample, we examine how foreign venture capitals (FVCs) embed into local social network so as to enter regions with worse institutional environment. We find that FVCs tend to embed into local social network by syndicating with local venture capitals (LVCs) in regions with worse institutional environment. FVCs obtain local network resources from syndication partners and thus successfully exit from the investments. FVCs also establish indirect connections with other LVCs in the network. They can get trading opportunities from LVCs with direct or indirect connections in the future.

keywords:institutional environment foreign venture capital syndication investment social embeddedness

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