Empirical study on motivating factors for joint venture capital based on the PLS model(PDF)
《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]
- Issue:
- 2019年04期
- Page:
- 10-18
- Research Field:
- 国际经济与贸易
- Publishing date:
Info
- Title:
- Empirical study on motivating factors for joint venture capital based on the PLS model
- Author(s):
- WU Bin; WANG Lang; CHEN Feng
- School of Economics and Management, Southeast University, Nanjing 210096, Jiangsu, China
- Keywords:
- venture capital; investment motivation index; PLS; AVE; resourcebased motivation; venture capital company; venture company
- PACS:
- F810.422
- DOI:
- -
- Abstract:
- 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, resourcebased 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 resourcebased motivation, financial motivation and deal flow motivation in the order of decreasing importance, and resourcebased 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 longawaited innovation and highend technology.
Last Update: 2019-07-25