Full-Text Search:
Home|Journal Papers|About CNKI|User Service|FAQ|Contact Us|中文
《On Economic Problems》 2018-01
Add to Favorite Get Latest Update

The Impact of GVCGFs Compensation Mechanism on VCFs Follow-on Fundraising

ZHOU Xiao-wen;DING Wen-hu;YANG Min-li;School of Management,Yulin University;School of Economics and Management,Xi'an University of Technology;  
Choosing the appropriate compensation mechanism is one of the important steps to improve the venture capital guiding mechanisms. By collecting matching samples from the PE Database,and using the logit model,Cox model and multiple linear regression model,this paper investigates the impact of the compensation mechanisms of China's Government Venture Capital Guiding Funds( GVCGFs) on venture capital firms( VCFs) follow-on fundraising under the investment mode of equity participation. The main results are summed up as follows:( 1)Whether with one-period lag or two-period lag,GVCGFs equity participation with revenue-related compensation can increase the possibility and shorten the time interval of VCFs follow-on fundraising.( 2) When GVCGFs participate in the non-state-backed VCFs,the above effects are more obvious. These results suggest that the incentive effect of revenue-related compensation could enhance the investment ability and efficiency of venture capitalists,thus promoting the follow-on fundraising of VCFs.
【Fund】: 国家自然科学基金项目(71702091);; 教育部人文社会科学研究青年基金项目(17YJC630023);; 榆林市社科联项目(YLSKGH2017-20)
【CateGory Index】: F832.51
Download(CAJ format) Download(PDF format)
CAJViewer7.0 supports all the CNKI file formats; AdobeReader only supports the PDF format.
©2006 Tsinghua Tongfang Knowledge Network Technology Co., Ltd.(Beijing)(TTKN) All rights reserved