境外LP参股对中国VC基金“投、管、退”的影响研究：基于关系网络视角

有限合伙人（LP）通过参股风险投资基金（VC基金）建立关系网络并获取资源属于理论前沿。由于境外LP参股的VC基金主要集中于境外，因此境外LP有丰富的境外关系网络。本项目基于关系网络视角，提出四个新理论研究境外LP参股对中国VC基金“投、管、退”的影响。首先，提出中国一般合伙人（GP）以境外LP为中介寻找境外合作伙伴的理论，研究境外LP参股对中外VC基金联合投资的影响，以及对中国VC基金境外上市退出的影响。其次，提出中国GP以境外LP为中介的知识转移理论，研究境外LP参股对中国VC基金投资早期和高科技企业的影响。再次，提出中国GP双重嵌入全球LP网络与全球GP网络的理论，研究境外LP参股对中国VC基金所投企业外聘CEO及跨国战略合作的影响。最后，提出中国GP借助境外LP关系网络改变承诺升级的理论，研究境外LP参股对中国VC基金清算退出的影响。本项目在国际化背景下拓展了LP关系网络理论。

LP’s establishment of relationship network by participation in venture capital funds (VC funds) and obtaining resources fall into theoretical frontier. Overseas LPs are sitting on a wealthy content of overseas relationship network simply because overseas LP-shared VC funds mainly converge abroad. Based on the lens of relationship network, this project puts forward four new theories to study the impact of overseas LPs’ stake on “investment, management and withdrawal” of China VC funds. Firstly, it proposes the theory that Chinese general partners (GP) discover overseas partners by force of overseas LPs as intermediary, and delves into how overseas LPs’ stake influences joint investment of China and foreign VC funds, as well as the withdrawal of China’s VC funds from overseas listing. Secondly, it puts forward the knowledge transfer theory reference to Chinese GP considering overseas LP as intermediary to delve into what impacts will be brought to overseas LPs’ stake on China VC funds investment in early stage and high-tech enterprises. Thirdly, it puts forward the theory grounded on Chinese GP both embedded in global LP network and global GP network, and steeps in how overseas LPs’ stake influences the external CEO of China VC fund invested enterprises, coupled with transnational strategic cooperation. Finally, it proposes the theory pertaining to Chinese GP changing commitment of upgrading aided by overseas LP relationship network, and get teeth into the impact of overseas LPs’ stake on the liquidation withdrawal of China VC funds. This project enriches the theory of LP relationship network in the context of internationalization.