Concentrating Too Hard? Foreign and Corporate Venture Capital Involvement in Syndicates
研究了公司风险投资和外资风险投资参与融资轮时，投资者集中度的变化，发现这些投资者的参与会降低集中度，表明投资者会评估联合伙伴来决定投资份额。
We investigate the relationship between investment of corporate venture capital (CVC) and foreign venture capital (FVC), and the concentration of investors involved in a financing round. As forms of venture capital distinct from independent venture capital, CVC and FVC can offer different value to new ventures. However, having FVC or CVC investors in the syndicate can also pose additional risks to other investors. We find that a corporate venture capital or a foreign venture capital affiliation is related to lower concentration of investors. Our results suggest that the investors evaluate not only the venture but also their syndicate partners in determining their relative share of round investment.