A Study of Influence Factors of Syndication of Private Equity Investment Institutions in China

Using data from January 1, 2000 to May 12, 2017 in PEdata, as well as Logit regression model and Poisson regression model, we examined influence factors of syndication from two aspects: private equity (PE) investment institutions and invested firms. It was found that from the perspective of invested firms, early-stage firms were more likely to accept syndication than later-stage firms. Innovative firms were more likely to accept syndication. From the perspective of investment institutions, state-owned investment institutions were less likely to adopt syndication and state-owned investment institutions didn't play a regulatory role between the characteristics of invested firms and formation of syndication.