本文格式为Word版，下载可编辑2022考研英语阅读不带来好处的友谊 Choosing co-investors;Friends without benefits 选择投资伙伴;不带来好处的友情; Venture capitalists need to be ruthless about theirrelationships; 风险投资家们在他们的关系里需要更加无情; Even in a world of algorithmic trading andautomated credit scoring, good financial decisionsstill depend on judgment. Choosing whom toinvest alongside is particularly important in theuncertain world of venture capital, where manydeals are syndicated, in order to share risk and information. Paul Gompers and Yuhai Xuan ofHarvard Business School and Vladimir Mukharlyamov of Harvard University have put togethera dataset of 3,500 early-stage investors in almost 12,000 deals to examine why specificpairs of investors are drawn to each other, and how that affects their financial performance. 就算在一个充斥着算法式交易和自动信誉评级的世界里，好的投资决策依旧依靠推断力。选择与谁并肩作战，在一个布满着未知数的风投世界里显得尤其重要。很多风投项目都是联合投资以分散风险与共享信息。哈佛商学院Paul Gompers和Yuhai Xuan跟哈佛高校Vladimir Mukharlyamov整合了一个拥有3500名早期投资者，将近12,000个案例的资料库。该数据库式用以检验为什么特定组合的投资者能相互吸引，而这种关系如何影响他们的投资表现。 Investors clearly prefer partners with whom they have something in common. People whohave worked at the same company are over 60% more likely to co-invest than those whohave not. Investors who belong to the same ethnic minority, or studied at the sameuniversity, are around 20% more likely to pair up. The bias towards co-investors onmeasures of ability is weaker: investors with degrees from the best universities are just 9%more likely to get together. 投资者明显更喜爱拥有共同点的伙伴。曾在同一家公司上班的比那些没有这种经受的伙伴共同投资的几率要高60%。同一种族，或同一高校毕业的投资者共同投资的几率也要高出20%。依据个人力量来搭伙的倾向并不明显，具有最优秀高校学位的投资者共同投资的几率仅高出9%。 Rapport is a poor basis for selecting partners. The authors examine investors record atexiting investments through an initial public offering . An IPO is the holy grail for manystart-ups, but the odds of success are 22% lower if a co-investing pair are alumni of the sameuniversity, and 18% lower if they share a past employer. By itself, ethnicity has no effect oninvestment success. In a pair, it is a different story. Co-investors from the same ethnicminority are 25% less likely to bring a portfolio company to an IPO . The data suggest that the poorer results of similarinvestors stem less from selecting bad companies, more from bad decisions taken togetherafter the initial investment. It may be that a diversity of views helps investors to makebetter calls. Choosing co-investors;Friends without benefits 选择投资伙伴;不带来好处的友情; Venture capitalists need to be ruthless about theirrelationships; 风险投资家们在他们的关系里需要更加无情; Even in a world of algorithmic trading andautomated credit scoring, good financial decisionsstill depend on judgment. Choosing whom toinvest alongside is particularly important in theuncertain world of venture capital, where manydeals are syndicated, in order to share risk and information. Paul Gompers and Yuhai Xuan ofHarvard Business School and Vladimir Mukharlyamov of Harvard University have put togethera dataset of 3,500 early-stage investors in almost 12,000 deals to examine why specificpairs of investors are drawn to each other, and how that affects their financial performance. 就算在一个充斥着算法式交易和自动信誉评级的世界里，好的投资决策依旧依靠推断力。选择与谁并肩作战，在一个布满着未知数的风投世界里显得尤其重要。很多风投项目都是联合投资以分散风险与共享信息。哈佛商学院Paul Gompers和Yuhai Xuan跟哈佛高校Vladimir Mukharlyamov整合了一个拥有3500名早期投资者，将近12,000个案例的资料库。该数据库式用以检验为什么特定组合的投资者能相互吸引，而这种关系如何影响他们的投资表现。 基于友善来选择伙伴是一个失败的依据。从现有上市的表现来检验了投资者的投资记录。上市是很多创业公司的终极目标，但校友伙伴搭配投资的胜利率比非校友的要低22%，同时曾同事过的伙伴胜利率则低18%。假如仅考虑种族问题，这对最终投资胜利率没有影响。但一旦涉及搭配，这就完全不一样。由同一种族组成的共同投资搭配，旗下企业上市的几率要低25%。这些数据表明具有共同点投资伙伴所产生的疲弱投资结果，受选错公司的影响其实较小，而更多的是由初步投资后的错误决策而导致。这可能是由于多样化视角有利于投资者作出更好的推断。 Partnerships based on ability, not similarity, tend to do better. If one investor of a pair hasa degree from a leading university, this adds 9% to the possibility of their selected firmsreaching an IPO; if the second does too, that adds a further 11%. Of course, such investorsstill have to find each other. Research led by Alexander Ljungqvist of New York University sStern School of Business has shown that VC firms in influential network positions performbetter, as they have more opportunity to take part in syndications. The moral seems to bethat investors should make friends easily, but not invest for friendship s sake alone. 基于力量而非共同点组成的搭配往往更胜利。假如其中一名投资者拥有顶尖高校学位，这将使被投资公司的上市几率上升9%;假如另一名也有同样等级的学位，这将额外增加11%的上市几率。纽约高校斯特恩商学院Alexander Ljungqvist带头的讨论显示，拥有具影响力关系网的风投企业表现更好，由于他们更有机会参预到联合投资里。这个寓言好像告知投资者应广泛交友，而不要仅因友情就参预投资。 5 / 5