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Bo Li

DBA Graduate - 2016

Thesis title

China venture capital syndication and investment performance

Supervisor(s)

Jie Yan
Purpose This thesis analyzes the China venture capital syndication network and its relationship with the investment performance, and researches the characteristics of the syndicated network, and its impact on the investment performance, syndication investment orientation and performance, lead syndication and co-investment performance, etc. Design/methodology/approach This thesis optimizes and adjusts relevant research models in the light of the China market from the perspective of literature research and empirical research, based on the specialized database covering the China venture capital data over 21 years, with reference to the mature venture capital markets, and using the quantitative research method approach. The research begins with building China venture capital syndication network for network parameter calculation and network structure analysis by using the social network analysis method. Then on this basis, the thesis carries out various researches using statistical analysis method based on descriptive statistical analysis, centered on linear mixed regression model and binary logistic regression, and with comparative analysis as the supplement and breakthrough. Findings This thesis access a number of important conclusions. The research proves that there is a positive relationship between the China venture capital syndication network centrality and investment performance, which is different because of different capital types of the investment institutions; proves that the syndication investment has certain orientation, and its performance is different due to different fields, stages, capital properties of the investment institutions, etc.; proves a series of hypotheses, such as the hypothesis that the performance of co-investors in syndication investment is better than that of lead syndicates. Research limitations/implications This thesis has deficiencies due to the problems, such as the researchers' experience and data, may expand data samples and other perspectives of the network theory in the future, expand the investment institutions, and combines measure indexes of enterprises, including macro policy and policy factors for subsequent further research.