风险投资机构的网络位置与退出期限:来自中国风险投资业的经验证据

Venture Capital Firms' Network Position and Their Exit Duration: Empirical Evidence from China's Venture Capital Industry

以中国风险资本市场为研究背景,研究风险投资机构的网络位置对退出期限的影响。运用清科数据库2000年1月1日至2009年12月31日的数据,使用Cox比例风险模型,本文研究发现:风险投资机构的网络中心性越高,退出期限越短。这表明风险投资机构的网络位置对退出期限有显著的影响,提升自身的网络位置有助于投资机构缩短退出期限。

This paper investigates the impact of the venture capital firms＇ network on their exit duration in China＇s venture capital market. Using data from Zero2IPO Database during the period from January 1, 2000 to December 31, 2009 and Cox proportional hazard model, we find that the higher the venture capital firms＇ network centrality, the shorter their exit duration. It indicates that the network position influences the exit duration significantly and enhancing network position is helpful for an incumbent venture capital firm to shorten its exit duration.