风险投资人社会网络中心性对新三板企业创新绩效的影响研究

Research on Venture Capitalists Investor's Social Network Centrality and Innovative Performance of Listed Companies from New Three-Plate Market

基于社会嵌入理论视角,构建了风险投资人社会网络中心性与企业创新绩效关系的理论模型,并获取2017年3月1日前上市的1 170家新三板上市企业及其风险投资人的相关数据进行实证检验。研究表明:企业风险投资人社会网络中心性显著提升了企业的创新绩效,并且这一促进作用受到行业结构不确定性和企业生命周期的调节;在行业结构不确定性较强的条件下,其促进作用更强;当企业处于企业生命周期初期阶段时,其促进作用更强。

Based on social embedded theory,this paper constructs the theoretical model of the relationship between venture capitalists＇ social network centrality and enterprises＇ innovative performance,using relevant data of 1170 listed companies from new three-plate market before March 1 st,2017 and their venture capitalists.The research shows that venture capitalists＇ social network centrality significantly improves the enterprises＇ innovative performance,which is moderated by industry structural uncertainty and enterprise life circle.The positive relationship between venture capitalists＇ social network centrality and enterprises＇ innovative performance is enhanced in the case of high industry structural uncertainty;meanwhile,the positive relationship is stronger when the enterprise is in the early stage of enterprise life circle.