联合投资网络位置对投资绩效的影响——来自风险投资的实证研究

Does Position of a Syndication Impact Investment Performance?——An Empirical Evidence Based on Venture Capital

作为降低风险的手段,联合投资广泛应用于风险投资产业。然而,其对投资绩效的影响作用机制仍不清晰。风险投资企业普遍地被嵌在网络之中,以往研究中忽略了网络位置的作用。本研究使用社会网络分析工具,以1987-2008年间的风险投资企业联合投资网络为分析对象(涉及447家风险投资企业和762家新创企业),探讨了特殊网络位置资源对于风险投资企业绩效的作用。发现只有处于网络中心的位置,风险投资企业投资绩效才会提升。本研究拓展了风险投资企业联合投资理论,并补充说明了社会网络分析中结构洞指标应用的情境。

Venture capital( VC) firms syndicate their investments with other VCs,rather than invest alone. Syndication networks may improve the quality of deal flow through diffusing information across sector boundaries and diversifying their portfolios or through selecting better investments. In this paper,we examine the impact of organizational structure in the context of relationships established in VCs syndication on the VC firm's performance. We obtain a sample of balanced panel consisting of 227 VC firms which made investment deals in China. The results indicate that VC firms who enjoy more influential network positions perform significantly better,as measured by the exit rate. This study expands the theory of VC syndication and implements the application situation of the social network index,the structural holes.