Research On Regional Gathered, Behavioral Preferences And Network Structure Of China Syndication

The venture investment in China started in the1980s, Since2004, our country’sventure investment have come into a golden period of growth，both the aggregate amountof the venture investment has reached a staggering scale. The syndication as a kind ofimportant strategy in the venture investment has gotten more and more favor of theventure capitalists.Firstly, this paper investigates the venture capital cluster. Based on large sample ofChinese venture capital investments from CVSource database, this study finds jointinvestment strategy mainly concentrate in the developed economy.There are many drivingfactors leading to this phenomena.On the one hand, most venture capital investment occurin the developed area,because it is affected by economic development, technologydevelopment, human resource, innovation ability;on the other hand, in order to monitorventure-backed company, syndication also shows geographic cluster.Secondly, this paper investigates the bias of the joint investment strategy.Based onlarge sample of Chinese venture capital investments from CVSource database, this studyfinds that joint investment strategy is influenced by economic fluctuation strongly. Intimes of economic prosperity, venture capital investors are more inclined to choose a jointinvestment strategy in the new technology industry; In the economic downturn Period,venture capital investors are more inclined to choose joint investment strategy in thenon-new technology industry.Furthermore, in order to avoid risks, venture capitalinvestors are more inclined to choose joint investment strategy in the development stageand expansion stage of company,and are more inclined to choose joint investment strategyin the next several rounds of joint investment.Thirdly, this paper investigates network ties of joint investment strategy. The collateddata are import to software UCINet,then draw out the network topology of the jointinvestment.This study founds out that joint investment institutions are distributed as anetwork.Large investment institutions such as IDG are at the center of the network, workclosely with other investment institutions, have a strong ability to control resources andinformation,so became the center of a network of joint investment institutions, At last,through this research, the author points out that：the government as thedominant force of Control macroeconomic policy and setting micro economic policiesshould give appropriate preferential policies and make full use of the economic tool ofsyndication and promote the economic growth of less developed areas in the regionalcharacteristics；integrate the industry power and use different syndication strategies topromote economic development in different economic times；attach great importance tothe construction of syndication network development；form the situation that big withsmall generation，with strong taking weakly and unification of energetic enterprises. Atlast, the author hopes that this research can offer advice to the government and the others.