Abstract:This paper introduces signal transmission theory to the field of venture capital syndication, and pays attention to the interaction between signals. This is different from existing risk theory and resource-based view theory,it opens up a new theoretical perpective for the formation of venture capital syndication. Using data from CVSource database during the period from January 1st of 2011 to December 31th of 2014, we find that:(1)The more the venture capital firms’ cumulative investment rounds, the greater the chance of with the lead venture capital for venture capital syndication.(2)The more the venture capital firms’ cumulative IPO or M A, the greater the chance of with the lead venture capital for venture capital syndication. That is to say experience signals positive influence on the formation of venture capital syndication.(3)The above effects enhance as the number of repeated transactions increase. This indicates that repeated transactions positive adjustment the relationship between experience signal and venture capital syndication.