Abstract: The paper explores motivating factors for Chinese venture capital firms to syndicate utilizing 5316 VC investments in China based on modern portfolio investment theory, motivations of syndication for VC firms in western countries as well as special laws, regulations and culture environments owned by China. The results shows that in terms of financial motivations (such as the size of financing), motivations of syndication for Chinese VC firms are similar to that in the west ; However, as for motivations closely related to laws, regulations and cultural background of the country, Chinese VC firms act quite differently when deciding whether or not to syndicate.

摘要： 本文运用中国风险投资市场5316条风险投资数据，以现代组合投资理论及欧美国家市场联合投资的动机为参考，并结合中国特有的法律、政策、文化环境，探究了中国风险投资机构参与联合投资的动机的影响因素。结果表明，出于财务方面的动机（如融资额等），中国与欧美国家在选择联合投资的动机较为家趋同；而与法律、政策环境、文化背景联系较密切的一些动机则有一定差异。