{"version":"1.0","provider_name":"Fortune Insight","provider_url":"https:\/\/prime.fortuneinsight.com\/web","author_name":"\u53e4\u7d00\u9054\u535a\u58eb","author_url":"https:\/\/prime.fortuneinsight.com\/web\/posts\/author\/ecfred","title":"\u4eba\u5de5\u667a\u80fd vs. \u5929\u4f7f - Fortune Insight","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\"><a href=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/492986\">\u4eba\u5de5\u667a\u80fd vs. \u5929\u4f7f<\/a><\/blockquote>\n<script type='text\/javascript'>\n<!--\/\/--><![CDATA[\/\/><!--\n\t\t!function(c,d){\"use strict\";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var r,a,i,s=d.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),n=d.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),o=0;o<n.length;o++)n[o].style.display=\"none\";for(o=0;o<s.length;o++)if(r=s[o],e.source===r.contentWindow){if(r.removeAttribute(\"style\"),\"height\"===t.message){if(1e3<(i=parseInt(t.value,10)))i=1e3;else if(~~i<200)i=200;r.height=i}if(\"link\"===t.message)if(a=d.createElement(\"a\"),i=d.createElement(\"a\"),a.href=r.getAttribute(\"src\"),i.href=t.value,i.host===a.host)if(d.activeElement===r)c.top.location.href=t.value}}},e)c.addEventListener(\"message\",c.wp.receiveEmbedMessage,!1),d.addEventListener(\"DOMContentLoaded\",t,!1),c.addEventListener(\"load\",t,!1);function t(){if(!n){n=!0;for(var e,t,r=-1!==navigator.appVersion.indexOf(\"MSIE 10\"),a=!!navigator.userAgent.match(\/Trident.*rv:11\\.\/),i=d.querySelectorAll(\"iframe.wp-embedded-content\"),s=0;s<i.length;s++){if(!(e=i[s]).getAttribute(\"data-secret\"))t=Math.random().toString(36).substr(2,10),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t);if(r||a)(t=e.cloneNode(!0)).removeAttribute(\"security\"),e.parentNode.replaceChild(t,e)}}}}(window,document);\n\/\/--><!]]>\n<\/script><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/492986\/embed\" width=\"600\" height=\"338\" title=\"&#8220;\u4eba\u5de5\u667a\u80fd vs. \u5929\u4f7f&#8221; &#8212; Fortune Insight\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe>","thumbnail_url":"https:\/\/prime.fortuneinsight.com\/web\/wp-content\/uploads\/2020\/11\/2020-1127.png","thumbnail_width":720,"thumbnail_height":405,"description":"\u65e9\u572810\u591a\u5e74\u524d\u5df2\u7d93\u6709\u7814\u7a76\u6307\u51fa\uff0c\u79c1\u52df\u57fa\u91d1 (private equity) \u7684\u6295\u8cc7\u56de\u5831\u6703\u53d7\u6295\u8cc7\u8005\u7684\u300c\u8a8d\u77e5\u504f\u8aa4\u300d(cognitive bias) \u6240\u5f71\u97ff\u3002 \u4f8b\u5982Cumming and Dai (2010) \u5728 Journal of Empirical Finance \u90fd\u66fe\u7d93\u767c\u8868\u904e\u4e00\u7bc7\u6587\u7ae0\uff0c\u7814\u7a76\u5275\u6295\u57fa\u91d1 \uff08venture capital\uff09 \u7684\u300c\u672c\u571f\u504f\u597d\u300d (home bias \u6216 local bias)\u3002\u6240\u8b02\u672c\u571f\u504f\u597d\uff0c\u662f\u6307\u5373\u662f\u512a\u52e2\u4e0d\u53ca\u5176\u4ed6\u9805\u76ee\uff0c\u6295\u8cc7\u8005\u4ecd\u6703\u512a\u5148\u8003\u616e\u672c\u571f\uff08\u6216\u9130\u8fd1\u5730\u5340\uff09\u7684\u6295\u8cc7\u9805\u76ee\u3002\u5176\u6f5b\u5728\u539f\u56e0\u4e0d\u662f\u300c\u672c\u571f\u9805\u76ee\u66f4\u597d\u300d\uff0c\u800c\u53ea\u662f\u6295\u8cc7\u8005\u5c0d\u9019\u4e9b\u9805\u76ee\u6709\u4e00\u7a2e\u6a21\u7cca\u7684\u719f\u6089\u611f\u3002 &nbsp; 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\u6240\u8b02\u5929\u4f7f\u6295\u8cc7\u8005 (angel investors) \uff0c\u901a\u5e38\u6307\u90a3\u4e9b\u300c\u63d0\u4f9b\u5275\u696d\u8cc7\u91d1\u4ee5\u63db\u53d6\u53ef\u8f49\u63db\u50b5\u5238\u6216\u6240\u6709\u8005\u6b0a\u76ca\u7684\u5bcc\u88d5\u500b\u4eba\u6295\u8cc7\u8005\u300d\uff08\u7dad\u57fa\u767e\u79d1\uff09\u3002 \u9019\u4e9b\u6295\u8cc7\u8005\u7684\u500b\u4eba\u80cc\u666f\u5404\u7570\uff0c\u500b\u4eba\u559c\u597d\u3001\u98a8\u683c\u4ea6\u76e1\u4e0d\u76f8\u540c\u3002\u800c\u76f8\u4f3c\u7684\u5730\u65b9\u5247\u662f\u4ed6\u5011\u90fd\u8ca1\u96c4\u52e2\u5927\u7684\u5bcc\u88d5\u4eba\u58eb\uff0c\u5e0c\u671b\u900f\u904e\u5929\u4f7f\u6295\u8cc7\u7684\u65b9\u5f0f\u8cc7\u52a9\u65b0\u8208\u4f01\u696d\uff0c\u4ee5\u8cfa\u53d6\u56de\u5831\u3002 &nbsp; \u7814\u7a76\u5718\u968a\u5229\u7528\u6700\u65b0\u7684\u6a5f\u5668\u5b78\u7fd2\u65b9\u5f0f\uff0c\u958b\u767c\u51fa\u4e00\u500b\u65b0\u7684\u4eba\u5de5\u667a\u80fd\u7cfb\u7d71\u3002\u9019\u500b\u7cfb\u7d71\u900f\u904e\u7814\u7a76\u6b50\u6d32\u5176\u4e2d\u4e00\u500b\u6700\u5927\u7684\u5929\u4f7f\u6295\u8cc7\u7db2\u7d61\u7684\u6578\u64da\uff0c \u6a21\u64ec\u51fa\u4e00\u5957\u6295\u8cc7\u7b56\u7565\uff0c\u4e26\u4ee5\u6b64\u7b56\u7565\u8a08\u7b97\u6295\u8cc7\u56de\u5831\u3002 &nbsp; \u4ed6\u5011\u5f97\u5230\u7684\u7d50\u679c\u662f\u5e73\u5747\u56de\u58317.26%\u3002 \u9019\u7a76\u7adf\u7b97\u662f\u4e00\u500b\u9ad8\u6216\u4f4e\u7684\u6295\u8cc7\u56de\u5831\u5462\uff1f &nbsp; \u65bc\u662f\u7814\u7a76\u5718\u968a\u641c\u96c6\u4e86255\u500b\u5929\u4f7f\u6295\u8cc7\u8005\u7684\u56de\u5831 \u6578\u64da\uff0c\u767c\u73fe\u5e73\u5747\u56de\u5831\u53ea\u67092.56%\uff01\u63db\u8a00\u4e4b\uff0c\u4eba\u5de5\u667a\u80fd\u7cfb\u7d71\u6240\u9054\u5230\u7684\u56de\u5831\u662f\u5929\u4f7f\u6295\u8cc7\u8005\u5f972.84\u500d\uff01 &nbsp; \u7576\u7136\uff0c\u96a8\u7740\u95b1\u6b77\u7684\u6df1\u6dfa\uff0c\u9019\u4e9b\u5929\u4f7f\u6295\u8cc7\u8005\u7684\u773c\u5149\u6709\u9ad8\u6709\u4f4e\uff0c\u800c\u4e14\u6bcf\u500b\u4eba\u53d7\u8a8d\u77e5\u504f\u8aa4\u7684\u5f71\u97ff\u4ea6\u6709\u6240\u4e0d\u540c\u3002 \u56e0\u6b64\uff0c\u7814\u7a76\u4eba\u54e1\u628a\u5929\u4f7f\u6295\u8cc7\u8005\u5206\u70ba\u300c\u8cc7\u6df1\u300d\u53ca\u300c\u65b0\u9032\u300d\u5169\u7d44\uff0c\u4e26\u5206\u6790\u4ed6\u5011\u6240\u53d7\u8a8d\u77e5\u504f\u8aa4\u5f71\u97ff\u7684\u7a0b\u5ea6\uff0c\u518d\u53bb\u6bd4\u8f03\u4ed6\u5011\u7684\u5e73\u5747\u6295\u8cc7\u8868\u73fe\u3002 &nbsp; 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