我国风险投资网络社群识别、群间差异与投资绩效研究

China's Venture Capital Network Communities Recognition,Differences between the Communities and Investment Performance

针对我国风险投资网络呈现的愈发显著的社群现象,本文选取2003-2014年我国风险投资事件为研究样本,在动态识别风险投资网络社群基础上,分析了社群特征以及群间差异,进而对风险投资网络社群对机构投资绩效的直接影响进行了实证检验,并考察自中心网络聚集对网络社群与投资绩效的调节作用。结果表明:我国风险投资网络存在明显的社群现象;网络社群在投资阶段、行业以及项目地理分布属性方面均呈现群内差异小,群间差异大的特征,网络社群专业化明显;机构的社群成员身份对其投资绩效有显著的促进作用,自中心网络聚集程度对网络社群与投资绩效具有显著的正向调节作用。

Aiming to research into the increasingly significant community phenomenon in China＇s venture capital（ VC） network,based on the sample of the venture capital events from 2003 to 2014 in China,the paper dynamically detects the structure of China＇s VC network communities,analyzes the community characteristics and the differences between communities,and then makes an empirical test of the effect of VC network communities on VC＇s investment performance. The results indicate that the community phenomenon is widespread in China＇s VC network; each feature attribute of VC within the community presents striking central tendency,however the striking specializing tendency exists between communities; the network community has positive significant effect on VC＇s investment performance; the clustering of ego-network has a positive moderating effect on the relationship between VC network communities and investment performance.