Abstract: Based on social network theory and knowledge-based theory, this paper constructs a theoretical framework of the relationship between the network attributes of network size and 2stepreach and individual knowledge attributes of investment institutions. Using Wind database to collect 1,207 rounds of investment data from 198 investment institutions, this paper empirically studies the impact of network size and 2stepreach on venture capital performance, and analyses the moderating effect of knowledge attributes on the relationship between network size, 2stepreach and investment performance from two aspects of knowledge depth and knowledge breadth. The results show that:both network size and network 2stepreach have inverted U-shaped relationship with investment performance; Knowledge depth has a significant moderating effect on the relationship between network size and investment performance, as well as the relationship between 2stepreach and investment performance; Knowledge breadth has a significant moderating effect on the relationship between network 2stepreach and investment performance; However, the moderating effect of knowledge breadth on the relationship between network size and investment performance is not significant. According to the conclusion, investment institutions should avoid blindly enlarging the number of joint partners and shortening the distance; improve their knowledge specialization, enhance the ability of project selection and value-added services; pay attention to the scope of their knowledge breadth, control the knowledge span and other development strategies.

Key words: venture capital, network size, 2stepreach, knowledge attribute, investment performance