基于社会网络的联合风险投资伙伴选择研究

Research on Partner Selection of Venture Capital Syndication Based on the Social Network

联合风险投资伙伴选择为组织间关系形成的研究提供了很好的研究背景。基于社会网络分析理论，通过构建控制选择分析模型，采用CVSource2000～2011年中国风险投资大样本数据，从参与者视角和投资机构间二元视角分别经验检验了风险投资机构网络位置、网络距离对联合伙伴选择的影响。研究发现，特征向量中心性对联合可能性有正向影响，网络距离对联合可能性有负向影响，表明风险投资机构网络中心性程度越高，投资机构间网络距离越小，联合的可能性越高。

Partner selection of venture capital syndication provides good research background for the formation of inter - organizational relationship. Based on the perspective of social network, this paper constructs a control analy- sis model and empirically tests the influence of network position and network distance on partner selection, using China venture capital data of CVSource from 2000 to 2011. The results show that eigenvector centrality has positive effect on syndication possibility. Network distance has a negative effect on syndication oossibilitv.