关键词: 风险投资,“风险-收益”特征,收益归因,国际比较

Abstract: By reviewing and comparing the literatures concerning the return to venture investment, this paper explores VC’s “risk-return” characteristics in Europe, US and China. It draws the following conclusions and inspirations: (1) China’s VC industry is disadvantaged in terms of the influencing factors and the influenced results of earnings but earns much higher returns compared with its European and US counterparts, which attributes to the popular entrepreneurship and innovation in China; (2) the return to VC is always higher than that to stock index returns at the corresponding period (at least in the US), which indicates taking VC as an alternative asset into portfolios can help to improve portfolio performance; (3) the “high-risk—high-return”feature is not confirmed in VC industry, which indicates that to adopt the portfolio diversification strategy and dig out the corporate intrinsic value are the basic paths to gain sustained high returns from VC.

Key words: venture investment; “risk-return” characteristics; factors influencing returns; international comparison