基于PLS模型的风险投资联合动因实证研究

为了对中国资本市场风险投资联合的真实动因进行初步探讨，通过专家小组意见法确立了包含财务动机、资源动机、交易流动机3个维度的联合风险投资动因，并藉此作为外生潜变量，选择创业板有联合风险投资背景的投资机构进行问卷调查，通过偏最小二乘法（PLS)对联合风险投资的动因进行实证检验。研究认为，中国风险投资机构联合投资的动因按重要性水平从高到低划分依次为资源动机、财务动机、交易流动机、资源动机对财务动机与交易流动机有显著影响。研究还认为，各个动机间并不是相互排斥或独立存在的，风投机构在进行联合投资决策前应综合考虑各个因素对决策的影响；创业企业应考虑风投机构联合决策的影响因素，有效地迎合风投机构投资心理，从而成功获取风险资本；证监会只有了解风险投资公司作决策所考虑的因素，才能进行合理的引导，从而为等待已久的创新型和高科技带来新的曙光。

Empirical study on motivating factors for joint venture capital based on the PLS model

In order to preliminarily explore the actual motivating factors for the syndication of venture capital association in Chinese capital market, this paper establishes the motivation factors in three dimensions including financial motivation, resource based motivation and deal flow motivation through the method of panel of experts, conducts questionnaire survey among investment institutions with joint venture capital background in the Growth Enterprises Market (GEM) with the motivation factors as exogenous latent variables, and empirically tests the motivating factors for joint venture capital through partial least squares (PLS) method. Results show that the Chinese venture capital institutions’ motivation for joint venture capital can be classified into resource based motivation, financial motivation and deal flow motivation in the order of decreasing importance, and resource based motivation has a significant impact on the other two. This study believes that the motivations are not mutually exclusive or independent, and venture capital firms should consider the influence of various factors on joint investment decisions before making the decision of joint venture capital; venture companies should consider the influencing factors of joint decision of venture capital institutions, and effectively cater to the investment psychology of venture capital institutions, so as to successfully obtain venture capital; only when the CSRC understands the factors that venture capital companies consider when making decisions can it give reasonable guidance and bring new hope to the long awaited innovation and high end technology.