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风险投资(VC)在推动创新创业、促进中国经济转型发展中的作用日益重要。基于我国风险投资投入和退出项目的历史数据,本文试图回答如何提高风险投资的区域配置效率的问题。通过对风险投资在国内地区退出率的分组比较研究,发现平均而言,VC在风险投资中心(北、上、广深)的退出率最低,而其邻近省份的退出率最高。原因在于:(1)交易和监督成本的存在使VC提高了远距离项目的选择标准;(2)地区产业集聚及投资机构经验能显著提高退出率,有助于削弱因距离带来的逆向选择。这些发现揭示出:为了更好地发挥风险投资对创新创业的推动作用,应综合考虑被投企业所在地的禀赋资源、VC自身的专业性等条件来制定合理的投资策略。本文的发现为认识国内VC的现状及运作规律提供了增量知识,也为从“供给侧”改善VC资金投放方式提供了借鉴。
The role of venture capital (VC) in promoting innovation and entrepreneurship and promoting China’s economic restructuring is increasingly important. Based on the historical data of China’s venture capital investment and exit projects, this article attempts to answer the question how to improve the regional allocation efficiency of venture capital. Through a comparative study of exit rates of venture capital in China, it is found that on average VCs have the lowest exit rates in venture capital centers (North, Shanghai and Guangzhou) and the highest exit rates in their neighboring provinces. The reason is that: (1) the existence of transaction and supervision costs makes VC raise the selection criteria for long-distance projects; (2) the experience of regional industrial agglomeration and investment institutions can significantly improve the exit rate and help reduce the adverse selection due to distance . These findings reveal that in order to give full play to the role of venture capital in promoting innovation and entrepreneurship, reasonable investment strategies should be formulated by fully considering endowment resources where the invested enterprises are located and the professionalism of the VC itself. The findings of this paper provide incremental knowledge for understanding the status quo and operating rules of VC in China, and also provide reference for improving the VC investment mode from the “supply side”.