双重网络嵌入对联合投资形成的影响——基于网络信号视角

›› 2018, Vol. 30 ›› Issue (2): 61-70,135.

双重网络嵌入对联合投资形成的影响——基于网络信号视角

杨敏利¹, 丁文虎¹, 郭立宏², Marcus Feldman³

1. 西安理工大学经济与管理学院, 西安 710054;
2. 西北大学经济管理学院, 西安 710127;
3. 斯坦福大学莫里森人口与资源研究所, 加利福尼亚 94305

收稿日期:2016-12-27 出版日期:2018-02-28 发布日期:2018-02-10
通讯作者: 杨敏利(通讯作者),西安理工大学经济与管理学院副教授,硕士生导师,博士
作者简介:丁文虎,西安理工大学经济与管理学院博士研究生;郭立宏,西北大学经济管理学院教授,博士生导师,博士;Marcus Feldman,斯坦福大学莫里森人口与资源研究所所长,美国科学院、艺术与科学院院士,教授,博士生导师,博士。
基金资助:
国家自然科学基金青年基金项目（71702091）；教育部人文社会科学研究规划基金项目（16YJA630015；15YJA630086）；教育部人文社会科学研究青年基金项目（14YJC630023）；陕西省教育厅科学研究计划项目（14JK1494）。

The Impact of Dual Network Embeddedness on Venture Capital Syndication:Based on the Perspective of Network Signal

Yang Minli¹, Ding Wenhu¹, Guo Lihong², Marcus Feldman³

1. School of Economics and Management, Xi'an University of Technology, Xi'an 710054;
2. School of Economics and Management, Northwest University, Xi'an 710127;
3. Morrison Institute for Population and Resource, Stanford University, California 94305

Received:2016-12-27 Online:2018-02-28 Published:2018-02-10

摘要/Abstract

摘要：

现有文献均孤立地分析风险投资机构（简称VC）嵌入单个网络产生的影响。本文基于网络信号视角研究VC同时嵌入投资机构网络和有限合伙人（简称LP）网络对联合投资形成的影响。以2003年到2015年中国本土VC的数据为样本，本文研究发现：（1） LP的网络位置对VC形成联合投资有显著正向影响；（2） VC的网络位置对其形成联合投资有显著正向影响；（3）随着LP网络位置的提升，VC网络位置对联合投资形成的正向影响会减弱。上述检验结果表明在联合投资形成过程中，VC嵌入投资机构网络与嵌入有限合伙人网络产生的两种信号对缓解逆向选择问题存在替代效应。

关键词: 有限合伙人, 风险投资机构, 网络位置, 联合投资形成, 信号, 替代效应

Abstract:

While most existing studies analyze the impact of VCs' embeddedness in single network in isolation, this paper investigates the influence of venture capital firms'(VCs) embeddedness in both syndication network and limited partner(LPs) network on the forma-tion of co-investment based on signaling theory. Using the data of China's local VCs between 2003 and 2015, we find that:First, VCs' affiliations with LPs that occupy central positions in limited partner network offer benefits for the formation of future co-investment. Sec-ond, VCs which occupy central position in syndication network offer benefits for the formation of future co-investment. Third, the positive effect of VCs' network position in determining their formation of co-investment diminishes as LPs' network position increases. These re-sults suggest that signaling value generated by different types of network (syndication network and limited partner network) in reducing adverse selection can substitute each other during the process of co-investment formation.

Key words: limited partner, venture capital firm, network position, formation of co-investment, signaling, substitution effect

杨敏利, 丁文虎, 郭立宏, Marcus Feldman. 双重网络嵌入对联合投资形成的影响——基于网络信号视角[J]. , 2018, 30(2): 61-70,135.

Yang Minli, Ding Wenhu, Guo Lihong, Marcus Feldman. The Impact of Dual Network Embeddedness on Venture Capital Syndication:Based on the Perspective of Network Signal[J]. , 2018, 30(2): 61-70,135.

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