破茧能否自救？——风险投资机构跨社群移动行为对投资绩效的影响研究

摘要/Abstract

摘要： 风险投资网络社群是一种包含强弱联合关系的网络结构形式，网络社群内的合作与信任关系虽然较强，却不乏风险投资机构跨社群移动现象的产生，这是否为机构为了破除资源限制与信息茧房的自救行为？本文以2000—2021年CVSource数据库中的风险投资机构为研究样本，实证检验了风险投资机构跨社群移动行为对投资绩效的影响及其作用机制。研究发现，风险投资机构的跨社群移动在整体上表现为一种破茧的自救行为，有助于机构投资绩效的提升。机制分析表明，风险投资机构的跨社群移动行为在机构自身资源水平较高的情况下对投资绩效的提升作用较弱，而在机构投资专业化程度较高的情况下较强。当网络社群的规模较大时，风险投资机构的跨社群移动行为对投资绩效的提升作用更强。本文揭示了跨社群移动行为影响投资绩效的内在机理，为风险投资机构的行为决策提供了实证参考与相应指导。

关键词: 风险投资, 网络社群, 跨社群移动, 投资绩效

Abstract: Venture capital network community is a network structure containing strong and weak syndication relationship, although the cooperation and trust relationship within the network community is strong, there is no lack of the phenomenon of movement across network community of venture capital institutions. Is this a self-help behavior of institutions in order to break the resource constraints and information cocoon house? Based on the research sample of venture capital institutions in the CVSource database from 2000 to 2021, this paper empirically tests the role and mechanism of movement across network community of venture capital institutions on investment performance. The study finds that the movement across network community of venture capital institutions is a self-help behavior on the whole, which helps to improve the investment performance of institutions. The mechanism analysis shows that the movement across network community of venture capital institutions has a weak effect on the improvement of investment performance when the level of the institution’s own resources is higher, and it is stronger when the degree of institutional investment specialization is higher. In addition, when the scale of the network community is large, the movement across network community of venture capital institutions has a stronger effect on the improvement of investment performance. This paper reveals the internal mechanism of how the movement across network community influences investment performance, and provides empirical reference and corresponding guidance for the behavior decision-making of venture capital institutions.

Key words: venture capital, network communities, movement across network communities, investment performance

刘冰毅, 杨晔, 杜衡. 破茧能否自救？——风险投资机构跨社群移动行为对投资绩效的影响研究[J]. 管理评论, 2025, 37(6): 66-76.

Liu Bingyi, Yang Ye, Du Heng. Can You Save Yourself by Breaking the Cocoon?—Research on the Influence of Movement across Network Community of Venture Capital Institutions on Investment Performance[J]. Management Review, 2025, 37(6): 66-76.

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