我国风险投资网络社群:结构识别与投资绩效

Study on China's VC Network Communities:Structure Recognition and Investment Performance

风险投资网络社群是风险投资网络发展的一种内在规律性的表现。它不仅是风险投资机构在网络空间中所呈现的聚集现象,而且也是一种介于整体网络与自中心网络之间,建立在风投机构相互偏好基础之上的亚组织形态。本文选取2003-2013年我国风险投资事件为研究样本,动态识别了我国风险投资网络社群结构,实证检验了网络社群对风险投资机构投资绩效的影响。结果表明:我国风险投资网络存在社群结构,且随着网络规模的扩大,社群结构现象愈来愈显著;网络社群对以项目投资结果和投资效益衡量的风险投资机构投资绩效均存在显著的正向影响。

VC network community is the appearance of the internal laws of VC network development. It is not only the VCs clustering phenomena of network space, but the quasi-- organization form between Global Network and ego net-work,which based on the mutual preference among VCs. Using the sample of the venture capital events from 2003 to 2013 in China, the paper dynamically detected the structure of china＇s VC network communities, then made an empirical test of the effect of VC network communities on VC＇s investment performance. The results indicated that the community phenomenon is widespread in china＇s VC network, and become more and more significant with the expansion of the net- work scale; VC network community has positive significant effect on VC＇s investment performance evaluated by project investment results and investment benefit.