The Regional Supply of Venture Capital: Can Syndication Overcome Bottlenecks?
研究了2004至2009年德国风险投资数据，发现联合投资可克服地理距离障碍，但本地风险投资公司仍更可能参与联合投资并吸引更多公司加入。
abstract In our study, we investigated whether the supply of venture capital (VC) is driven by spatial proximity between a VC company and the portfolio firm. Our analysis was based on information about VC investments in Germany between 2004 and 2009. We found that possible problems caused by the geographic distance to a portfolio firm seem to be overcome by the syndication of investments with one of the VC firms located close to the investment. The results suggest, however, that a short geographic distance between an investor and the investment has an increasing effect on the probability of syndication as well as on the number of firms that join the syndicate. Hence, local VC suppliers may assume the role of an anchor, connecting the regional economy to more distant parts of the industry.