The Relationships Between Reputation And Investment Performance Of Venture Capital

The development of venture capital has more advanced in in some foreign financial developed countries such as the US, Europe and Japan. Foreign scholars have made more contributions in this field.In our country, the development of venture capital began in 1980 and has developed about 30 years. But venture capital industry has not mature enough in China and the related theories are not completed.Syndicated investment is an investment strategy for venture capital industry. A lot of scholars have focused in this area. The issue of this paper is that relationship of the reputation and investment performance of venture capital industries. In this paper, the position of the network represents the reputation of venture capital industries. This paper use the IPO exit rate and the IPO exits return as investment performance. The data of this paper is from the database of CV source and the prospectus in the GEM and SME board.The results show that the reputation of venture capital investment institutions has a significant positive impact on investment performance. The higher of the reputation, venture capital investment industry will have more opportunity to obtain better investment performance. In this paper, the network centrality indexes is measured using undirected and directed matrix.