本文将信号发送理论引入到联合投资领域加以应用，且关注了信号间的交互作用，这与现有风险理论和资源观理论不同，为联合投资形成的研究开拓了新的理论视角。以CVSource数据库中2011年1月1日至2014年12月31日的风险投资交易事件为样本,本文研究发现：(1)风险投资机构的累计投资轮次越多,与主风险投资机构进行联合投资的可能性越大。(2)风险投资机构的累计IPO或并购次数越多,与主风险投资机构进行联合投资的可能性越大。说明经验信号正向影响联合投资的形成。(3)上述效应会随着重复交易次数增加而增强。说明重复交易正向调节经验信号与联合投资形成之间的关系。

This paper introduces signal transmission theory to the field of venture capital syndication, and pays attention to the interaction between signals. This is different from existing risk theory and resource-based view theory,it opens up a new theoretical perpective for the formation of venture capital syndication. Using data from CVSource database during the period from January 1st of 2011 to December 31th of 2014, we find that:(1)The more the venture capital firms’ cumulative investment rounds, the greater the chance of with the lead venture capital for venture capital syndication.(2)The more the venture capital firms’ cumulative IPO or M A, the greater the chance of with the lead venture capital for venture capital syndication. That is to say experience signals positive influence on the formation of venture capital syndication.(3)The above effects enhance as the number of repeated transactions increase. This indicates that repeated transactions positive adjustment the relationship between experience signal and venture capital syndication.

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教育部人文社会科学基金青年项目“海归创业的竞合关系及其网络治理对绩效的影响机理：基于嵌入性视角研究”(15YJC630104)；国家自然科学基金面上项目“风险投资网络社群形成机理及对投资绩效的影响研究”(71572149)，“网络位置与网络能力对风险投资机构投资绩效的影响研究”(71172201)