Research on the Influence of Investor Experience and Investment Strategy on Investment Return

Abstract

With the public's response to "mass entrepreneurship and innovation" and the gradual regulation of the financial market, venture capital industry in China has developed rapidly in recent years, which not only stimulates economic growth, but also promotes technological progress. However, there are still big differences in the performance of different venture capital entities. In this paper, we take the investment events of 540 private equity investment funds established in my country from 2008 to 2018 as a sample, and attempt to examine the impact of the investor experience and investment strategy of my country's venture capital institutions on investment returns. Through correlation analysis, hierarchical regression analysis and robustness test of variables, the empirical results show that: the investor experience of venture capital institutions is positively correlated with investment returns; industryspecialized investment strategies have a convex relationship with investment returns; regionally-specialized investment strategies have no correlation with investment returns.