摘要: |
风险投资作为对现有金融制度的结构性补充,在创业企业的融资和发展方面能发挥显著的作用。本文选取2008—2017年10年间中国本土发生的风险投资事件为样本,构建联合投资网络,研究了网络嵌入位置和地位对风险投资机构投资阶段选择的影响,实证结果发现:网络中心度越高、结构洞越多的风险投资机构,其平均投资阶段会向前移动,即更偏好投资处于早期阶段的创业企业;地位越高的风险投资机构,其平均投资阶段会向后移动,即更偏好投资处于成熟阶段的创业企业;网络中心度能够调节地位与平均投资阶段的关系,当网络中心度提高,地位对于平均投资阶段的作用会削弱。本文为风险投资机构投资阶段的选择提供了重要的启示。 |
关键词: 风险投资机构 网络中心度 结构洞 地位 投资阶段 |
DOI:10.13581/j.cnki.rdm.20200744 |
分类号:F832.48;F425 |
基金项目:教育部人文社会科学研究规划基金资助项目“中国企业的开放式创新研究:边界依赖、技术环境变迁与技术战略”(20YJA630080);对外经济贸易大学惠园杰出青年学者资助项目“中国企业的开放式创新:基 ‘竞合’关系与制度环境视角”(19JQ02);对外经济贸易大学研究生科研创新项目“研发团队知识深度、CEO社会联结与高技术企业创新绩效:一项纵向追踪研究”(201928)。 |
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Influence of Network Location and Status of Venture Capital Institutions on Venture Capital Stage SelectionAn Empirical Study Based on China's Venture Capital Industry |
YANG Zhen-ning, HOU Yi-fan, WU Ruo-bing
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Business School, University of International Business and Economics, Beijing 100029, China
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Abstract: |
As a structural supplement to the existing financial system, venture capital plays a significant role in the financing and development of entrepreneurial enterprises. It selected the venture capital events that occurred in China in the ten years from 2008 to 2017 as a sample to build a joint investment network, and studied the influence of network location and status of venture capital institutions on venture capital stage selection. The empirical results show that venture capital institutions with higher network centrality and more structure holes move their investment stage forward, that is, they prefer to invest in start-ups at the early stage. The higher the status of venture capital institutions, their investment stage distribution move more backward, that is, more preference to invest in the mature stage of entrepreneurial enterprises. Network centrality adjusts the relationship between status and the average investment stage. When the network centrality increases, the role of status in the average investment stage is weakened. Finally, investment advice was given for the venture capital industry in China. |
Key words: venture capital institution network centrality structural hole status investment stage |