风险投资网络社群形成的影响因素探索与实证分析

Exploration of Influencing Factors and Empirical Analysis on the Formation of Venture Capital Network Community

在对现有文献梳理的基础上,从风险投资机构、二元关系、网络属性三层面,分析并归纳风险投资网络社群形成的影响因素,采用主成分回归方法,分析风险投资网络社群形成的内在机理。选取16个影响因素测度指标,利用主成分分析法提取出四个主因子,以此构建风险投资网络社群形成机理的概念模型;基于2004-2019年中国风险资本市场相关数据,采用Probit回归分析与OLS分析对概念模型进行实证检验。结果表明:互补需求、连接整合和认同感知因子都对网络社群身份的形成有显著的促进作用;认同感知在风险投资网络社群形成中存在中介作用;地理邻近对认同感知中介路径的正向调节效应不显著。

On the basis of combing the existing literature,this paper analyzed and summarized the influencing factors of the formation of the venture investment network community from the venture capital institutions,binary relation and network properties.Principal component regression method is used to analyze the internal mechanism of the formation of venture capital network community.The conceptual model of the formation mechanism of venture capital network community is constructed on the basis of the four main factors extracted from the 16 selected measurement indicators of influencing factors by using principal component analysis.Finally,based on the data of China's venture capital market from 2004 to 2019,Probit regression analysis and OLS analysis were used to test the theoretical model.The results show that the complementary needs of the resources among institutions,the connection integration ability and the identity perception factors directly promoted the formation of the venture capital network community;identity perception in the complementary needs to drive the formation of the network community also played a part of the role of intermediary.However,the positive moderating effect of geographic proximity on the mediating path of identity perception has not been supported.