Feng Ting, Guo Lihong, Dong Jianwei, Wang Han
School of Economics and Management, Northwest University, Xi'an, China 710127.
School of Business, Xi'an University of Finance and Economics, Xi'an, China 710127.
Heliyon. 2022 Dec 14;8(12):e12281. doi: 10.1016/j.heliyon.2022.e12281. eCollection 2022 Dec.
This paper examines the relationship between local venture capital (VC) funds and portfolio enterprise internationalization from the perspective of limited partners (LPs). Based on a sample consist of 581 listed enterprises invested by local VC funds in China during 2009-2021, it's found that, compared to the VC funds invested by local LPs completely (LLP_VC), the VC funds with foreign LP investment (FLP_VC) are more likely to help portfolio enterprises list overseas. If FLP_VC syndicates or act as a major investor, it will have a greater role in promoting the internationalization of enterprises.
本文从有限合伙人（LP）的角度考察了本土风险投资（VC）基金与投资组合企业国际化之间的关系。基于2009年至2021年期间由中国本土VC基金投资的581家上市企业样本，研究发现，与完全由本土LP投资的VC基金（LLP_VC）相比，有外资LP投资的VC基金（FLP_VC）更有可能帮助投资组合企业在海外上市。如果FLP_VC联合投资或担任主要投资者，将对促进企业国际化发挥更大作用。
