选取我国2002~2009年间5 780个风险投资机构的投资案例作为样本,检验了风险投资机构声誉、联合投资对其成功退出的影响,实证结果表明,2002~2009年间我国风险投资机构的成功退出率(即投资项目最终IPO的比率)为23.44%,风险投资机构的声誉越高,则其成功退出的可能性越大。进一步研究还发现,联合投资会降低风险投资机构声誉和成功退出关系的敏感性,这可能是因为联合投资的风险投资机构具有更多的机制来影响其投资绩效。This paper examines the effect of venture capital reputation and syndication on its investment performance.Empirical results show that successful exit rate of venture capital in China(the ratio of investment projects being IPO finally)is 23.44% during 2002～2009, the higher the reputation of the venture, the more likely it would be successful exit.Further studies show that the syndication between venture capitals will reduce the sensitivity between the VC reputation and successful exit.Maybe there are more mechanisms(i.e.network connection)in syndication between VCs that influence investment performance.国家自然科学基金项目“风险投资支持的企业IPO折价、择机与后管理问题研究”(71172052
