联合投资网络、中心性与创投机构绩效——基于IDGVC的探索式研究

Venture Capital Syndication Investment Network and Investment Performance:A Case Study from IDG Venture Capital Fund

在创投市场,高不确定性使得创投机构依赖联合投资网络获取竞争优势。然而现有研究论证了联合投资网络对创投机构以及区域经济的重要意义时,却忽略了同一网络内创投机构网络位置的非均等性以及由此引发的绩效分化。为此,笔者构建了联合投资网络中心性与投资绩效的关联模型,并结合IDGVC案例研究提出:在联合投资网络中,中心性越高的创投机构,机会发现能力越强,也更容易带来网络内其他成员的行动协同以及在网络外部的声誉效应,从而能够更好地发现与培育创业企业并由此获得高收益。在此基础上,对中国本土创投机构的发展提出相应的意见与建议。

In venture capital market,high uncertainty makes venture capital companies rely on syndication to gain competitive advantage.Existing research discusses the significance of syndication investment network to venture capital companies and regional economy,but ignores the performance difference of venture capital firms resulted from different position embedded in syndication investment network.This paper establishes a model focusing the relationship between network centrality and investment performance.Combined with the case study of IDGVC,the paper concludes as follows： in the venture capital syndication investment network,the higher the centrality of VCs,the stronger the ability to identify opportunities.Besides,they are easier to bring other members＇ synergy and form their reputation outside the network,which leads to positive performance.