A Study on the Impact of Accredited Directors on Investment and Fund-raising of Venture Capital Institutions
HAN Jin1, CHEN Minling2
1. School of Business, Xi'an University of Finance and Economics, Xi'an 710100, China; 2. School of Economics and Management, Xi'an Shiyou University, Xi'an 710065, China
Abstract On the basis of collecting the data of financing and exit events from 2000 to 2019, this paper uses multivariate regression model and Heckman model to study the impact of venture capital accredited directors on their investment and fund-raising, as well as the moderating effects of heterogeneous venture capital institutions' reputation, joint investment strategy and geographical proximity on the above effects. The results show that accrediting directors can strengthen the control of venture capital over the enterprise, promote the board of directors to play an effective supervisory role, gain the trust of investors, ultimately improve the investment performance and expand their fund-raising scale. The characteristics of heterogeneous venture capital institutions can regulate the relationship among accredited directors, their investment performance and fund-raising scale, that is, for investment institutions with high reputation, joint investment strategy and long-distance investment, the role of accrediting directors to promote their investment performance is more obvious for investment institutions with high reputation, independent and long-distance investment, the role of accrediting directors to promote their fund-raising scale is more obvious. This paper reveals the impact mechanism of venture capital accrediting directors on its own investment and fund-raising, and also provides empirical evidence for improving the investment performance of venture capital and improving the governance of enterprise board of directors.
HAN Jin,CHEN Minling. A Study on the Impact of Accredited Directors on Investment and Fund-raising of Venture Capital Institutions. Economic Survey, 2022, 39(2): 099.
2022, Vol. 39 
