创投网络对科创企业创新绩效的影响——基于二阶社会资本的视角

Effect of Venture Capital Network on Innovation Performance of Science and Innovation Enterprises-A Perspective of Second-Order Social Capital

创投网络由投资者及其共同投资的伙伴关系所构成,而投资者的社会资本(即二阶社会资本)对被投企业技术创新的影响机理尚不清晰。以2000—2016年间接受风险投资的1852家生物医药企业及其所形成的2386个创投网络为研究样本,实证分析了创投网络结构(网络闭合、网络集聚)和网络构成(投资者赛道多元度)对被投科创企业创新绩效的影响,以及投资者赛道多元度对该影响的调节作用。研究发现:创投网络闭合与企业创新绩效呈倒U形关系;创投网络集聚负向影响企业创新绩效;投资者赛道多元度的提高有助于被投企业提升创新绩效,却弱化了网络闭合与企业创新的倒U形关系。此外,投资者赛道多元度对网络集聚与企业创新关系的调节效应不显著。研究结论为创投网络与科创企业创新绩效之间的关系提供了新的见解,有助于投资者优化投资策略和管理者制订科创企业创新政策。

Venture capital network is composed of investors and their joint investment partnership.The mechanism of the impact of the second-order social capital on the invested science and innovation enterprises is not clear.Selecting 1852 biopharmaceutical enterprises that received venture capital from 2000 to 2016 and the 2386 venture capital networks formed by them as research samples,it empirically analyzed the impact of venture capital network structure(network closure,network clustering)and network composition(investor track diversity)on innovation performance of the invested science and innovation enterprises,and the moderating role of investor track diversity on this impact.The research finds that the relationship between the closure of the venture capital network and innovation performance of the enterprises is inverted U-shaped,and the clustering of the venture capital network negatively affects innovation performance of the enterprises.The improvement of the diversity of the investor track helps the invested enterprises improve innovation performance,but weakens the inverted U-shaped relationship between the closure of the network and innovation performance of the enterprises.In addition,the moderating effect of investor track diversity on the relationship between network clustering and enterprise innovation is not significant.The conclusions provide new insights into the relationship between venture capital networks and innovation performance of science and innovation enterprises,and help investors optimize investment strategies and managers formulate innovation policies for science and innovation enterprises.