德勤－复旦会计论坛系列讲座之一百二十五

时间：2017年6月13日（周二）下午14：00

地点：史带楼601室

主持人: 张新副教授

演讲嘉宾：Yuejia Zhang (The University of Auckland)

Title：New evidence on mixed syndication between governmental and private venture capital firms in China

Abstract：This study investigates the performance of mixed syndication involving both governmental and private venture capital firms (GVCs and PVCs) in the context of China. Using the data on the investments in start-ups between 1999 and 2011, I find that start-ups backed by mixed syndication underperform those backed by syndication solely among PVCs. This finding is contrary to previous studies using international data which have suggested mixed syndication can leverage more diversified resources as well as overcoming the shortcomings of GVCs, thus outperforming pure PVC syndication. A further surprising finding is that the underperformance of mixed syndication in China mainly stems from PVC-led syndicates, rather than GVC-led ones. Digging more deeply, a third unexpected finding is that the underperformance of PVC-led mixed syndication is more profound when the lead PVC in a syndicate possesses more resources—measured by its centrality in the VC network through previous syndication experience.

会计学系

2017-6-9