本文考察了不同类型的国际知识积累对创业投资公司国际化的影响。本文将知识积累的类型划分为三类：由以往投资活动总结的经验性知识、通过管理团队承袭的继承性知识以及借助合作伙伴获得的外部性知识。本文采集了110家创业投资公司的数据来验证假设,研究表明经验性和继承性知识对国际化有正向的影响,但是外部性知识的影响是有限的。总之,实证结果强调了经验性和继承性知识在创业投资公司国际化进程中克服信息不对称问题起到的重要作用。

This paper examines the impact of different types of international knowledge accumulation on the internationalization of venture capital. In this paper, the types of knowledge accumulation are divided into three categories: by summing up the previous investment activities of experiential knowledge, through the management team inherited the inherited knowledge and through partners external knowledge. In this paper, we collected data from 110 venture capital to verify the hypothesis, research shows that experiential and inherited knowledge has a positive impact on internationalization, but the impact of external knowledge is limited. All in all, the empirical results emphasize the importance of empirical and inherited knowledge in the venture capital to overcome the problem of asymmetric information.

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国家留学基金委资助项目“Study of Game Theory on Enterprise’Multi-Stage Equity Financing Based on the Valuation Adjustment Mechanism”(201506630047), 中央高校基本科研业务费专项资金资助“基于对赌协议机制的企业多阶段股权融资博弈研究”(CUSF-DH-D-2015065), 国家社科基金重大项目“推进农业转移人口市民化:路径选择、财力保障与地方政府激励研究”(项目编号:14ZDA032).