联合投资网络和引导基金网络对企业创新的影响

Study on the impact of syndication network and GVCGFs network on firm innovation

将风险投资网络嵌入理论从单一网络拓展至双重网络,研究风投基金同时嵌入联合投资网络和政府引导基金网络对被投企业创新的影响。以引导基金参股的子基金投资的企业为样本,使用负二项回归模型检验发现:风投基金(1)单独嵌入联合投资网络中心位置(或结构洞位置)、单独嵌入引导基金网络中心位置(或结构洞位置)均可以促进企业创新;(2)同时嵌入联合投资网络中心位置和引导基金网络中心位置对企业创新的促进作用会相互替代;(3)同时嵌入联合投资网络中心位置和引导基金网络结构洞位置对企业创新的促进作用会相互补充;(4)同时嵌入联合投资网络结构洞位置和引导基金网络中心位置对企业创新的促进作用会相互补充;(5)同时嵌入联合投资网络结构洞位置和引导基金网络结构洞位置对企业创新的促进作用会相互补充。

The study investigates the effects of venture capital funds simultaneously embedded in syndication network and Government Venture Capital Guiding Funds( GVCGFs) network on venture capital backed firms’ innovation,which makes the theory of venture capital network embeddness extend from single network to dual network. By collecting the GVCGFs-participated sub-funds as samples and using the negative binomial model,the results show that( 1) venture capital funds occupy central position( or structural hole position) only in syndication network or occupy central position( or structural hole position) only in GVCGFs network can promote firm innovation;( 2) the promoting effects of occupying central position both in syndication network and GVCGFs network can substitute each other;( 3) the promoting effects of occupying central position in syndication network and structural hole position in GVCGFs network can complete each other;( 4) the promoting effects of occupying structural hole position in syndication network and central position in GVCGFs network can complete each other;( 5) the promoting effects of occupying structural hole position both in syndication network and GVCGFs network can complete each other.