风险投资网络结构嵌入对投资绩效只有促进作用吗?——来自我国风险投资业的经验证据

Does the Structural Embeddedness of Venture Capital Network Only Promote Investment Performance—Based on Evidence from China's Venture Capital Industry

基于我国风险投资业情境,从网络密度、网络规模和网络中心性等3个方面研究风险投资网络结构嵌入对投资绩效的影响,分析发现风险投资网络结构嵌入与投资绩效存在非线性曲线关系。运用CVSource数据库2005年1月1日至2014年12月31日间的样本数据,使用Logit多元回归模型进行实证,结果表明风险投资网络结构嵌入与投资绩效存在显著倒U型关系:在结构嵌入达到最优值之前,结构嵌入对投资绩效具有促进效应,即随着嵌入程度增加,投资绩效逐渐增加;但超过最优值后,结构嵌入对投资绩效具有抑制效应,即随着嵌入程度增加,投资绩效呈递减趋势,结构嵌入对投资绩效的影响作用从促进效应转化为抑制效应。研究结果对提升机构投资绩效、优化风险投资网络结构具有重要意义。

Based on the situation of venture capital industry in China, from the three aspects of network density, network size and network centrality, this paper researches the influence of the venture capital network structural embeddedness on investment performance. The analysis shows that the relationship between the network structural embeddedness and the in- vestment performance is nonlinear. Using the sample data of CV Source database from January 1, 2005 to December 31, 2014, and using Logit multiple regression model, the results show that the relationship between the structural embeddedness and investment performance has significantly inverted U type. Before structural embeddedness reaches the optimal value, structural embeddedness has a promoting effect on investment performance, that is, with the increasing of structural embed- dedness, the investment performance is gradually increasing. However, after structural embeddedness exceeds the optimal value, structural emheddedness has an inhibitory effect on investment performance, that is, with the increasing of structural embeddedness, the investment performance begins to decline, which means the impact of structural embeddedness on the investment performance is changing from the promotion effect to the suppression effect. The research results have great sig- nificance to improve investment performance and optimize the network structure of venture capital.