风险投资机构社交网络对被投资公司创新绩效的影响

The Impact of Social Networks of Venture Capital Institutions on the Innovation Performance of Invested Companies

创新是关系中国整体发展的重要问题。本研究以风险投资机构支持的上市公司为研究对象,探讨风险投资机构网络嵌入性对创新绩效的影响。运用社会网络理论,以2001年1月至2020年7月的投资事件为基础,构建风险投资机构与被投资公司之间的投资网络。运用社会网络和多元回归分析方法,发现风险投资机构的网络嵌入性对被投资公司的创新具有显著的负向影响。研究还发现,风险投资机构的声誉、被投资公司的行业以及风险投资的网络模式都影响着风险投资机构的嵌入性与被投资公司创新绩效的关系。本研究为风险投资机构基于网络嵌入性更好地促进创新提供了策略建议。

Innovation is an important issue related to the overall development of China. This study focuses on listed companies supported by venture capital institutions and explores the impact of network embeddedness of venture capital institutions on innovation performance. Using social network theory, based on investment events from January 2001 to July 2020, construct an investment network between venture capital institutions and invested companies. Using social networks and multiple regression analysis methods, it was found that the network embeddedness of venture capital institutions has a significant negative impact on the innovation of the invested companies. The study also found that the reputation of venture capital institutions, the industry of invested companies, and the network model of venture capital all affect the relationship between the embeddedness of venture capital institutions and the innovation performance of invested companies. This study provides strategic recommendations for venture capital institutions to better promote innovation based on network embeddedness.