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| Organizational Factors and Syndicate Formation between Venture Capitals and Incubators |
| Zuo Zhigang1,Xie Fang2 |
| 1.School of Accounting, Guangdong University of Foreign Studies, Guangzhou 510006，China；2.The Department of Finance and Economics, Guangdong AIB Polytechnic College, Guangzhou 510507，China |
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Abstract In supporting of business innovation and entrepreneurship, investment cooperation between venture capital (VC) and business incubator (BI) is of great significance, but the potential benefits have seldom been explored in practice. This paper empirically analyzes organizational factors that affect the formation of investment syndicate between VCs and BIs. Results show that goal, resource, and ownership significantly affect the syndicate formation. For the factor of resource, strong-strong pairs have higher probability to be syndicated. For the factor of goal coordination, VCs have higher probability to syndicate with commercial BI rather than other types. Furthermore, difference in ownership is negatively related with the syndicate formation. The interactive effect between the factors is somehow alternative. This paper also puts forward suggestions to promote the cooperation between VCs and BIs in China.
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Received: 23 September 2016
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Corresponding Authors:
Zuo Zhigang
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