Syndicate partner composition of governmental venture capital firms: Evidence from China

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-01-27 DOI:10.1016/j.pacfin.2025.102689

Guoqing Ge , Jian Xue , Qian Zhang

引用次数: 0

Abstract

This paper examines the syndicate partner composition of governmental venture capital firms (GVCs), focusing on whether GVCs are more likely to partner with other GVCs or private venture capital firms (PVCs), the mechanisms driving this composition, and the impact of partner composition on GVC investment performance. Based on data from China, we find that GVCs disproportionately partner with other GVCs when initiating an investment. Mechanism analysis shows that relational ties and aligned investment preferences are important reasons for GVCs' tendency to have other GVCs as partners. However, GVC-led syndicate investments with more GVC partners perform worse than those with more PVC partners. These results remain consistent across a series of robustness tests. Our research contributes to the burgeoning literature on GVCs and VC syndicate partner selection, and has important policy implications for venture capital industries around the world.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.