论文部分内容阅读
联合投资网络对于私募股权投资绩效的影响分为两方面:一方面能够带来风险分散、信息分享、经验学习、共同协商避免“黑天鹅事件”发生的好处;另一方面投资网络中有可能出现道德风险问题、套牢问题、搭便车问题等对于投资绩效具有负向影响的机制。中国市场的经验事实表明,投资网络对于领投者和跟投者的投资绩效的确能够带来正向影响,但如果投资网络为结构洞信息流交换机制,则有可能因各种败德问题的出现而降低整个投资联盟的投资绩效,从而使处于中心节点位置的投资者并不能充分获取信息中介所带来的好处,反而有可能因整体绩效下降而降低其个体的投资绩效。另外,私募股权投资者受到投资网络的限制越多,其投资绩效越低。因此,联合投资有必要进一步推广,但在信息交换机制上应更为透明,同时尽量减少对网络投资者的各种限制。
The impact of co-investment network on the performance of private equity investment is divided into two aspects: on the one hand, risk diversification, information sharing, experience learning and common negotiation can avoid the benefits of “Black Swan Incident”; on the other hand, There may be a mechanism of negative impact on investment performance such as moral hazard, stuck-in issue and free-riding problem. The empirical facts in the Chinese market show that the investment network can indeed have a positive impact on the investment performance of lead investors and followers. However, if the investment network is a structural information flow exchange mechanism, it may be due to various problems Appear to reduce the investment performance of the entire investment union so that investors in the central node can not fully obtain the benefits brought by the information intermediary but may reduce the individual’s investment performance due to the overall performance decline. In addition, the more limited the private equity investor is to the investment network, the lower its investment performance. Therefore, joint investment needs to be further promoted, but it should be more transparent in terms of the clearing-house mechanism while minimizing the various restrictions on online investors.