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本篇paper代写- The influence of institutional distance on the performance of cross-border venture capital investment讨论了制度距离对跨境风险投资绩效的影响。跨境风险投资的绩效关系到跨境风险投资的募集、投资、管理和退出各个环节，只有足够的回报才能保证这种投资模式的可持续发展。而制度距离会造成跨境风险投资退出困难，降低退出成功率，影响跨境风险投资的绩效。虽然制度距离会对跨境风险投资绩效有直接的负面影响，但通过改善和发展被投资国的投资环境、退出环境和科技环境可以缓解这种负面影响。本篇paper代写由51due代写平台整理，供大家参考阅读。

With the deepening of the internationalization of venture capital, the goal of cross-border venture capital is to return to the foundation of successful exit from the market. As a kind of high returns for the purpose of investment behavior and performance of cross-border investment risk is related to the cross-border venture capital raising, investment, management and exit each link, only enough return to guarantee the sustainable development of this kind of investment mode. Research on the performance of cross-border venture capital, find out the factors that affect the performance, and the path of these factors, is to find the feasible path of the internationalization of venture capital.

Sahlman believes that the venture capital industry is based on uncertainty and information asymmetry. Cross-border investment risk of uncertainty and information asymmetry magnified due to the distance between the investor and the investor, when cross-border risk investment into the host country inevitably affected by outsiders disadvantages, including the local institutional environment, the lack of business rules are not familiar with and network, etc. From system from the perspective, this paper according to the Lerner and Tag system distance can be divided into legal quality, financial markets and the three dimensions of science and technology development, to distance measure system of cross-border risk investment performance.

From the perspective of legal quality, Armour and Cumming have found that legal environment is very important for the development of venture capital. Because of new classical economics theory, risk investment in developed market economy is built on a series of strong assumptions, these assumptions and the institutional environment and economic behavior of the players. Including: one is that the investment and financing parties believe that the legal system is rational, transparent and fair, which enables the contract between economic actors to be implemented at a reasonable cost. Second, there is sufficient competition in the economy, which gives economic actors the incentive to pursue the maximization of marginal utility. Jensen and Meckling suggest that there is a conflict between investor and entrepreneur that can be solved through the incentive structure design in the venture capital contract. The protection of investors mainly comes from the ability to compete and execute contracts, which depends on the legal system. Therefore, the above assumption may not be true in many developing countries. So the legal system itself can become a venture capitalist to judge the investment, the basis of Shen think weak legal system, risk investment will not be able to continue active, if more perfect the legal system of investor protection, the higher the effectiveness of the law, then the possibility of its investment should be.

From the perspective of financial market, Li and Zahra show that economic growth is closely related to venture capital activities. The better the country's economic development, the more active the industry is, the more investment targets will be created. At the same time, in fast-growing economies, investment companies will also accelerate growth, which will increase returns on venture capital and attract more investors. The development of financial market in economy is closely related to the activity of venture capital. The stock market lacks depth and liquidity, so venture capital can't stay active. Shen proposed that the U.S. is a capital market system centered on stock market, and its venture capital market is very active. In contrast, both Germany and Japan are bank-centric capital markets and their venture-capital markets are inactive. Schertler and Tykvova demonstrate that the boom in capital markets is good for fund raising and investment opportunities.

From the perspective of science and technology development, the level of science and technology is the embodiment of a country's innovation system, and its innovation level will affect the entrepreneurial activity, while the entrepreneurial enterprise is the subject of venture capital. Aizenman and Kendall suggest that almost all high-tech industries in the United States have received venture capital. Guler and Guillen also prove that a country's technology level is correlated with foreign venture capital investment. The motivation for venture capitalists to make cross-border investments is to seek more opportunities and goals to achieve higher returns. , according to data from the global entrepreneurship monitor all the entrepreneurial activities of highest entrepreneurship in developing countries in Asia, for foreign venture capital provides ample investment opportunities, and more value on the basis of innovative startups.

Further check the influence of institutional distance on cross-border venture capital performance. Li et al. believe that institutional distance can cause cross-border venture capital exit difficulties, reduce the success rate of exit, and affect the performance of cross-border venture capital. In detail, for the legal quality factor, Nahata et al. believed that it could reduce the negative impact of system differences by improving the legal rights, so as to improve the performance of cross-border venture investment. For financial market factors, such as Wang thinks the free market for early profit enterprises to provide more opportunities, and the government of free markets tend to have the effect of help rather than plundering, this is very important to the survival and the success of venture capital, i.e. the higher the economic freedom, companies with foreign venture investment background by IPO or M&A, the greater the possibility of exit and the shorter the duration of investment. In addition, the market return is proportional to the cross-border venture capital exit may success, the host country of the total supply of venture capital and information disclosure quality is proportional to the risk of cross-border investment performance, the host country GDP per capita is inversely proportional to the cross-border venture capital exit may success. For the technological development factors, entrepreneurial activity itself is an active performance of science and technology. Wang et al. thinks that the entrepreneurial activity of the host country may be directly proportional to the successful exit of cross-border venture capital.

Above are based on global data literature analysis, the system of distance on the risk of cross-border investment performance has a direct negative impact, but through improving and developing by investor's investment environment, withdrew from the environment and environment can alleviate the negative effect of science and technology. This paper USES China as an object of empirical research to see the specificity of China as a representative of developing countries in terms of institutional distance. This is helpful to observe risk investment to developing countries diffusion process, the possible development path, the obstacles and the solution method, the risk of cross-border investment institutions, especially China's cross-border risk investment institutions to eastern Europe, Latin America and Africa investment development have guiding significance.

Legal quality is mainly embodied in the corruption and government efficiency, political stability, and whether there is violence/terrorism, the legislative quality, the people's voice and most responsibility and the rule of law from six aspects. When a region of low degree of corruption, the government efficiency is very high, political stability, there is no violence/terrorism, has a good quality of legislation, for the government's administrative and law enforcement of people have higher supervision, business contract can get good executive, private property protected by law, the enterprises in this region can more effectively through the examination and approval of the government, reduce the time and manpower cost, the problem such as default would reduce the cost, caused by violence, such as "black swan" events, cost reduction, and more willing to put money to invest in innovation, that is to say, the possibility of future development will improve.

Wang et al. pointed out that the legal quality of host country and investment country is complementary. When the investor's legal quality is higher than the host country, the conditions at the same time, venture capitalists are more willing to good quality domestic enterprises investment law, then the risk of cross-border investment institutions to choose to legal quality relative difference of the host country investment needs must relative compensation.

Porta et al. pointed out that different legal sources will have different legal quality, that is, common law countries provide the best legal protection to investors. Germany and Scandinavian countries are in the middle; French law countries offer the worst protection to investors. From high to low in the quality of law enforcement is Scandinavia, Germany, common law and French law. Since different legal sources represent different legal quality, the law between host country and investment country is complementary.

The larger the economic scale of the host country, the more developed the financial market is, the easier it is for entrepreneurs to obtain funds, and the larger the size of the host country, the more likely it is to provide high-quality projects for venture capital. Black and Gilson argue that one of the main reasons for the success of America's venture-capital industry is that it has a thriving capital market. Wang et al. proposed to measure the development of financial markets through the market freedom of the host country, the return on capital market, the total amount of venture capital financing and the per capita GDP.

Kanovsky integration for the European market and American common market success was due to the freedom of the entrepreneurs and foreign capital, it expanded the scope of investment and production market, economic integration and the Soviet union and eastern European economic development of the cause of the failure can be part of the government's control and rejection of foreign venture investment. Free market for early not able to obtain profits of a large number of enterprises to provide more opportunities, with the government for companies in the free market tends to help rather than plundering role, it is very important to the survival and the success of venture capital. As a result, the greater the degree of economic freedom, the greater the probability that a company with a cross-border venture capital background will exit through IPO or M&A, and the less time it will take to get from investment to exit.

The higher the return on the capital market of the host country indicates that the higher the return on the IPO exit, the more capital the venture capital will reinvest, which can form a good investment cycle. In addition, through the capital market to issue shares to finance, the more funds to be used for mergers and acquisitions, the more active mergers and acquisitions, the more likely to exit.

The higher the total amount of venture capital in the host country, the more active the venture capital is in the country and the greater the role it plays in economic activity. Schertler and Tykvova think prosperity of venture capital market, will have more effective information and competitive environment, conducive to the risk of cross-border investment institutions looking for high quality projects and reduce the cost of investment and supervision, raise the performance of the risk of cross-border investment.

According to the neoclassical growth theory proposed by Solow, Koopmans and Cass, the per capita growth rate of a country is inversely proportional to per capita income. Say simply, under certain conditions, such as similar technology or preference, the poorer countries are growing faster than rich countries, namely Barro said for poor countries, low labor costs, so the marginal revenue of the product is higher. Therefore, for cross-border venture capital, the lower the per capita GDP of the host country, the higher the marginal revenue it may generate, which is that the successful exit of cross-border venture investment may be inversely proportional.

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