私募股权基金投资网络关系测度实证研究

The Empirical Research on the Assessment of Private Equity Funds' Investment Network Relations

私募股权基金在联合投资过程中结成了以信任、分享和互利为主要特征的投资网络,本文利用社会网络分析法,从网络密度、捷径距离、网络中心度、结构洞、派系及核心-边缘结构等角度,对私募股权基金联合投资形成的网络结构特征进行测度研究,分析结果表明中国情境下的私募股权基金投资网络是个非凝聚性和地位不均衡的网络,网络地位突出的基金通常拥有较强的网络影响力和联合投资上的合作优势。

In the course of joint investments, Private equity funds gradually develop the PE network with the features of trust, participation and mutual benefit. Based on the social network analysis, the paper makes an empirical study on the structural characteristics of PE network from the perspectives of density, distance, centrality, structural holes, and core-periphery structure. It demonstrates that the PE network in China is not cohesive and equal. The PE funds with outstanding network status usually have stronger influence and advantage on joint investment.