双重网络嵌入对联合投资形成的影响——基于网络信号视角

The Impact of Dual Network Embeddedness on Venture Capital Syndication:Based on the Perspective of Network Signal

现有文献均孤立地分析风险投资机构(简称VC)嵌入单个网络产生的影响。本文基于网络信号视角研究VC同时嵌入投资机构网络和有限合伙人(简称LP)网络对联合投资形成的影响。以2003年到2015年中国本土VC的数据为样本,本文研究发现:(1)LP的网络位置对VC形成联合投资有显著正向影响;(2)VC的网络位置对其形成联合投资有显著正向影响;(3)随着LP网络位置的提升,VC网络位置对联合投资形成的正向影响会减弱。上述检验结果表明在联合投资形成过程中,VC嵌入投资机构网络与嵌入有限合伙人网络产生的两种信号对缓解逆向选择问题存在替代效应。

While most existing studies analyze the impact of VCs＇ embeddedness in single network in isolation,this paper investigates the influence of venture capital firms＇（ VCs） embeddedness in both syndication network and limited partner（ LPs） network on the formation of co-investment based on signaling theory. Using the data of China＇s local VCs between 2003 and 2015,we find that： First,VCs＇ affiliations with LPs that occupy central positions in limited partner network offer benefits for the formation of future co-investment. Second,VCs which occupy central position in syndication network offer benefits for the formation of future co-investment. Third,the positive effect of VCs＇ network position in determining their formation of co-investment diminishes as LPs＇ network position increases. These results suggest that signaling value generated by different types of network（ syndication network and limited partner network） in reducing adverse selection can substitute each other during the process of co-investment formation.