网络位置、网络能力与风险投资机构投资绩效:一个交互效应模型

摘要/Abstract

摘要：

联合风险投资网络化是我国风险投资业发展的一个主要形态，这种网络关系使风险投资机构能够有效地识别、获取与利用投资机会，进而获得高的投资回报。风险投资机构网络属性特征已成为影响其成功的关键因素。本文基于社会网络视角构建了风险投资机构网络位置、网络能力与投资绩效之间逻辑关系的理论分析框架，探索了网络位置、网络能力对投资绩效的直接影响，并考察网络能力对网络位置与投资绩效的调节作用。以CVSource和清科数据库中所获取的479家机构为样本，构建理论模型并进行检验；结果表明：机构位于网络中心和中介位置对其投资绩效有显著的促进作用；机构的网络资源获取能力和整合利用能力能有效提升投资绩效；网络资源整合利用能力越强，越能发挥网络位置对投资绩效的正向影响；网络资源获取能力对中介位置与投资绩效的关系具有显著的调节作用，而对中心位置与投资绩效的关系则调节作用不明显。

关键词: 网络位置, 网络资源, 获取能力, 整合利用能力, 投资绩效

Abstract:

Syndication networkis a prominent feature of the venture capital industry in China. Such network allows venture capital firms (VC) to effectively identify and exploit investment opportunities and obtain a high return on investment. The network typical of VC investors has become a key factor in their success. From the social network perspective, the paper builds a theoretical framework on the analysis of logical relationships between VC's network position, network capability and investment performance, explores the effect of network position and network capability on VC's investment performance, and the moderating roles of network capability. Based on the samples of 479 VCs from the CVSource and Zero2IPO database, a theoretical model is empirically analyzed and tested. The results show that central position and brokerage position have a positive association with VC's investment performance. VCs that are capable to acquire and integrate network resources have a much better investment performance. The more capable VCs are to integrate network resources, the more positively they can apply the network position to their investment performance. Network resource acquiring capability significantly moderated the relationship between brokerage position and investment performance of VC, but does not moderate the relationship between central position and VC's investment performance.

Key words: network position, network resource, acquiring capability, integrating capability, investment performance

罗吉, 党兴华, 王育晓. 网络位置、网络能力与风险投资机构投资绩效:一个交互效应模型[J]. , 2016, 28(9): 83-97.

Luo Ji, Dang Xinghua, Wang Yuxiao. Network Position, Network Capability and VC's Investment Performance: An Interaction Model[J]. , 2016, 28(9): 83-97.

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