风险投资家职业背景与投资业绩

本文以风险投资家的职业背景为研究视角，对比研究金融背景和实业背景风险投资家的投资业绩.借助风险投资项目、风险投资家个人、被投资企业的样本和数据，本文发现:相对于实业背景的风险投资家，金融背景的风险投资家更为成功，表现为所投资项目有更高的IPO退出率.而且，金融背景的风险投资家投资风格更为激进，如更倾向于进行独立、跨地区、大金额的投资.究其背后机理，本文发现金融背景的风险投资家能够利用其金融职业背景更好地支持被投资企业.譬如，有助于被投资企业更快获得下一轮VC融资，在IPO过程中帮助其雇佣声誉更好的承销商，且IPO抑价率相对较低.

Venture capitalist's prior work experience and investment performance

From the perspective of the professional background of venture capitalists,this paper compares the investment performances of two different types of venture capitalists,which are characterized as financial background and business background, respectively. Data of the venture capital projects,individual venture capitalists and invested enterprises show that venture capitalists with financial background are more likely to be successful than that those with business background. Specifically,in terms of the investment performance of the venture capitalists with financial background,the probability of exiting from the investment project by IPO is higher. Meanwhile,this type of venture capitalists,which usually exhibit more radical investment style,always prefer independent,trans-regional and large scale investment. Further analysis indicates that the financial background of the venture capitalists could help invested enterprises to finance more quickly and easily in the next round of VC and to hire better underwriters,which is conductive to obtaining relatively high IPO price and low underpricing rate,in the process of IPO.