Journal of Financial Economics ，Volume 119, Issue 3, March 2016, Pages 611-625, ISSN 0304-405X ，MARCH 2016

友誼的代價

作者：Paul A. Gompers, Vladimir Mukharlyamov, Yuhai Xuan

摘要：我們研究了在風險投資中個人特征如何影響聯合投資，分析了基于相似性的聯合投資對風險投資業績帶來的影響。我們發現擁有相同種族、相同教育背景和職業背景的風險投資家更有可能會形成辛迪加。我們還發現這樣的同質性會降低風險投資的成功率。當處于投資早期時，這種有害影響尤為明顯。種種測試都顯示：為“親和性”付出的代價極有可能要歸咎于這些高度相似的風險投資者聯合投資之後做出的糟糕決策。這些結論都表明人們需要為合作關系上的“物以類聚，人以群分”付出極高代價。

關鍵詞：風險投資 聯合投資 同質性

The cost of friendship

Paul A. Gompers, Vladimir Mukharlyamov, Yuhai Xuan

ABSTRACT

We investigate how personal characteristics affect people's desire to collaborate and whether this attraction enhances or detracts from performance in venture capital. We find that venture capitalists who share the same ethnic, educational, or career background are more likely to syndicate with each other. This homophily reduces the probability of investment success, and the detrimental effect is most prominent for early-stage investments. A variety of tests show that the cost of affinity is most likely attributable to poor decision-making by high-affinity syndicates after the investment is made. These results suggest that “birds-of-a-feather-flock-together” effects in collaboration can be costly.

原文鍊接：http://www.sciencedirect.com/science/article/pii/S0304405X16000180

翻譯：吳雨玲