Global Connections, Local Impacts: The Enduring Effects of International Syndication Experience on Venture Capital Investments
研究了国内风投公司与知名外国风投公司的联合投资经验如何提高其后续投资企业的成功退出概率，并揭示了认证效应和学习效应两种机制。
We investigate how a domestic venture capital (VC) firm’s syndication experience with reputable foreign VC firms improves its likelihood of achieving successful exits for entrepreneurial firms that it subsequently funds. We identify two complementary theoretical mechanisms: (a) domestic VC firms can gain certification from reputable foreign VC firms that improves access to superior investment opportunities and (b) they can learn from reputable foreign VC firms to better select and nurture ventures. Furthermore, the positive impact of syndication experience is particularly pronounced in facilitating exits for portfolio companies in foreign countries. Our findings highlight the enduring benefits that domestic VC firms gain from partnerships with reputable foreign VC firms.