我国独角兽企业-投资机构双模网络结构特征及对企业价值和投资绩效的影响研究

Research on the Structural Characteristics of Unicorn Enterprise-Investment Institutions Dual Mode Network in China and Its Impact on Enterprise Value and Investment Performance

基于胡润研究院和清科私募通数据库中2018~2020年独角兽企业和投资机构数据样本,借助Ucinet软件构建独角兽企业-投资机构双模网络并分析了其网络特征。研究结果表明:双模网中独角兽企业节点的中心性对企业价值有显著的正向影响;双模网中投资机构节点的中心性对投资绩效有显著的正向影响;独角兽所属行业类型多样性对投资机构节点的中心性与投资绩效之间的关系有显著的负向调节作用。

The study uses the data of unicorn enterprises and investment institutions from 2018 to 2020 in the Hurun Research Institute and Zero2 IPO Private Equity Database as samples, applies Ucinet software to construct dual mode network of unicorn enterprise-investment institution and analyzes its network features. The research results show that: the centrality of unicorn enterprise nodes in the dual-mode network has a significantly positive impact on corporate value;the centrality of investment institution nodes in the dual-mode network has a significantly positive impact on investment performance;Unicorn industry type diversity has a significantly negative moderating effect on the relationship between the centrality of investment institution nodes and investment performance.