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

友谊的代价

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

摘要：我们研究了在风险投资中个人特征如何影响联合投资，分析了基于相似性的联合投资对风险投资业绩带来的影响。我们发现拥有相同种族、相同教育背景和职业背景的风险投资家更有可能会形成辛迪加。我们还发现这样的同质性会降低风险投资的成功率。当处于投资早期时，这种有害影响尤为明显。种种测试都显示：为“亲和性”付出的代价极有可能要归咎于这些高度相似的风险投资者联合投资之后做出的糟糕决策。这些结论都表明人们需要为合作关系上的“物以类聚，人以群分”付出极高代价。

关键词：风险投资 联合投资 同质性

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.

原文链接：http://www.sciencedirect.com/science/article/pii/S0304405X16000180

翻译：吴雨玲