风险投资机构网络位置对投资绩效影响的差异——专业化程度的调节作用

Differences in the Impacts of Venture Capital Firms' Network Position on Investment Performance——The Moderating Effect of the Specialization Degree

网络位置对风险投资机构具有重要的影响,然而投资机构受益于良好网络位置时其投资绩效却存在差异。专业化程度作为重要的个体属性特征,影响了投资机构对网络资源的获取、利用以及对网络的依赖,进而影响了投资机构的绩效。文章通过使用CVSource 2000-2013风险投资数据,从地理、行业、投资阶段三个方面实证研究了专业化程度对风险投资机构网络位置与投资绩效之间关系的调节效应。研究结果表明,专业化程度越高,网络位置对投资绩效的正向影响越小。其中程度中心性网络位置对绩效的影响会随着专业化程度的提高而减弱;行业专业化程度负向调节网络位置对投资绩效的正向影响。

Network position has an important impact on venture capital firms, but the investment performance of venture capital firms with the same good network position is different. The degree of specialization, as an important individual attri- bute feature, affects the acquisition and utilization of network resources as well as the dependence to the network of venture capital firms, thus affects their investment performance. This paper, hy applying CVSource venture capital data from 2000 to 2013, makes an empirical study on the moderating effect of specialization degree on the relationship between network posi- tion of venture capital firms and their investment performance. The results show that the higher the degree of specialization, the smaller the positive impact of network position on investment performance. The impact of the central degree of network po- sition will weaken with the increase of specialization degree, whereas the industry specialization degree has a negative role in the positive effect of network position on investment performance.