China Venture Capital Syndication And Investment Performance

This dissertation analyzes the Chinese venture capital syndication network and its relationship with investment performance and researches the characteristics of the syndicated network and its impact on investment performance,syndication investment orientation,performance,lead syndication,and co-investment performance.From the perspective of literature review and empirical research based on a specialized database covering Chinese venture capital data over 21 years,this dissertation optimizes and adjusts relevant research models in light of the Chinese market.It references the mature venture capital markets and uses the quantitative research method approach.By using the social network analysis method,the research begins with building China's venture capital syndication network for network parameter calculation and network structure analysis.Based on descriptive statistical analysis,the statistical analysis method is employed,centered on linear mixed regression model and binary logistic regression,and comparatively analyzed for the supplement and breakthrough.The positive relationship is found between Chinese venture capital syndication network centrality and investment performance.It employs different capital types of investment institutions;proves that syndication investment has a distinct orientation and has different performances due to varied fields,stages,and capital properties of the investment institutions;and supports a series of hypotheses,including performance of co-investors in syndication investment is better than lead syndicates.However,the mainly deficiency of this dissertation is that the lacks of researchers' experiences and the limitations of data.From the shortcoming of the present research,the need to expand data samples and other perspectives of the network theory and investment institutions,the need to combine measure indexes of enterprises,including macro policy and policy factors should be paid more attention to subsequent further research.The research in this dissertation has important significance both in theory and practice;it validates the research achievements of mature markets in theory,and enriches the existing research achievements with the coexistence of characteristic investment institutions with multiple capital types on the Chinese market as the breakthrough.In practice,it has important reference significance and a guiding role for venture capital firms carrying out strategic choices to improve performance;for enterprises,it aids in making scientific decisions and achieving rapid development with supplemental resources;and for the state,it supports the formulation of relevant laws and regulations,improves the overall level of the industry,and perfects the market governance structure.Focusing on the emerging market of mainland China,this dissertation introduces the Chinese market's characteristic parameters and attribute variables from the perspective of behavior and performance relevance,with networking operation as the breakthrough point.It uses the research model and method in mature markets,and it complies with the research hotspot and trend of venture capital,adding theoretical significance and practical value.