辛迪加网络对股权投资偏好的影响及作用机制——基于社会网络分析视角

Effects of Syndication Network on Preference of Equity Investment

股权投资在促进经济发展及科技创新上有重要意义,但是我国的股权投资由于距离产生的监督成本等因素使股权投资的偏好局限在特定的区域及行业,而利用辛迪加方式形成的投资网络在克服距离成本等因素上具有重要作用。为此,本研究基于社会关系网络分析视角探究辛迪加网络特征对股权投资偏好的影响,进一步分析关系网络中的强弱关系对投资偏好的作用机制。研究结果表明,辛迪加网络可以克服以往研究认为股权投资机构在区域及行业投资偏好上的局限性,并且高相似度的股权投资机构形成的强关系网络是影响区域投资偏好的主要因素,而低相似度的弱关系网络则是影响投资行业偏好的主要因素。

Equity investment has great significance in promoting economic development and technological innovation.However,most investments are limited to specific regions and sectors because of the cost of equity investments caused by distance and other factors.Syndication network can overcome the cost of distance and other factors.This paper analyzes the influence of syndication network on investment preference from the perspective of social network analysis and further explores the mechanism of strength of relationship.The results show that syndication network can overcome the limitation of preference of equity investment,and the strong network of relationship formed by high similarity partners is the major factor influencing regional investment preference while the weak network of relationship formed by low similarity partners is the major factor influencing industry investment preference.