网络规模与2-步可达性对风险投资绩效的影响——知识属性的调节作用

The Impact of Network Size and 2Stepreach on Venture Capital Performance:The Moderating Effects of Knowledge Attribute

基于社会网络理论和知识基础理论,构建了风险投资机构网络规模、2-步可达性的网络属性与个体知识属性之间关系的理论框架。利用Wind数据库收集198家投资机构的1207轮投资数据实证研究网络规模和2-步可达性对风险投资绩效的影响,从知识深度和知识宽度两个方面剖析知识属性对网络规模、2-步可达性与投资绩效之间关系的调节作用。结果表明:网络规模和2-步可达性均与投资绩效呈倒U型关系;知识深度对网络规模、2-步可达性与投资绩效之间关系均有显著调节作用;知识宽度对2-步可达性与投资绩效之间关系有显著调节作用,而对网络规模与投资绩效之间关系的调节作用不显著。提出投资机构应避免盲目扩大联合伙伴数量和拉近距离;提高自身的知识专业化,增强项目筛选及增值服务能力;注重自身知识宽度的范围,控制知识跨度等发展策略。

Based on social network theory and knowledge-based theory,this paper constructs a theoretical framework of the relationship between the network attributes of network size and 2stepreach and individual knowledge attributes of investment institutions.Using Wind database to collect 1,207 rounds of investment data from 198 investment institutions,this paper empirically studies the impact of network size and 2stepreach on venture capital performance,and analyses the moderating effect of knowledge attributes on the relationship between network size,2stepreach and investment performance from two aspects of knowledge depth and knowledge breadth.The results show that:both network size and network 2stepreach have inverted U-shaped relationship with investment performance;Knowledge depth has a significant moderating effect on the relationship between network size and investment performance,as well as the relationship between 2stepreach and investment performance;Knowledge breadth has a significant moderating effect on the relationship between network 2stepreach and investment performance;However,the moderating effect of knowledge breadth on the relationship between network size and investment performance is not significant.According to the conclusion,investment institutions should avoid blindly enlarging the number of joint partners and shortening the distance;improve their knowledge specialization,enhance the ability of project selection and value-added services;pay attention to the scope of their knowledge breadth,control the knowledge span and other development strategies.