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| The Impact of Venture Capital Firms' Reputation on Their Decision Making |
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Abstract Using data from PE data Database during the period from 2000 to 2015, it explores the role VC firms' reputation plays in their decision making. The empirical results show that the higher reputation of a VC firm, the higher the likelihood it inclines to invest in a highrisk emerging industry. In addition, the higher the reputation of a VC firm, the more likely it adopts strategies to reduce risks it faces, such as the syndication and laterstage investment. The abovementioned empirical results mean that reputation increases double pressure from aspirations for future performance and consistent performance. Further test indicates that, the sector's legitimation will intensify the relation between VC firms' reputation and their investment in the emerging industry.
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| Fund:国家自然科学基金项目（71572146,71302010）；教育部人文社会科学基金项目（15YJC630104）；陕西省特色学科项目（105/7075X1301） |
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