The Syndication of Venture Capital Investments
基于271家私营生物技术公司样本，检验风险投资联合投资的三种动机，发现经验丰富的风投主要在首轮与同行联合，后期则与同行和较新的资本提供者联合，且联合投资常用于维持持股比例。
This paper examines three rationales for the syndication of venture capital investments, using a sample of 271 private biotechnology firms. Syndication is commonplace, even in the first-round investments. Experienced venture capitalists primarily syndicate first-round investments to venture investors with similar levels of experience. In later rounds, established venture capitalists syndicate investments to both their peers and to less experienced capita) providers. When experienced venture capitalists invest for the first time in later rounds, the firm is usually doing well. Syndication also often insures that the ownership stake of the venture capitalist stays constant in later venture rounds. I argue that the results are consistent with the proposed explanations.