Abstract: Based on social network theory, signal theory and knowledge-based theory, this paper constructs a theoretical framework of the relationship between network cooperation capabilities, knowledge attributes and venture capitals' ego-network dynamics. Based on the related data of Wind database from 2010 to 2019, this paper constructs 8 periods of venture capital ego-network, and analyzes the dynamic driving force of network cooperation capabilities on the growth and diversity of venture capitals' ego-network, and the moderating effect of knowledge attributes by using methods such as within estimation, LSDV and PCSE. The results show that network cooperation capability positively promotes the ego-network growth and diversity of venture capital; knowledge depth positively moderates the relationship between network cooperation capability and the ego-network growth and diversity of venture capital; knowledge breadth plays a substitute effect on the cooperative relationship, and has a negative moderating effect on the relationship between network cooperation capability and ego-network growth of venture capital; however, knowledge breadth has a positive moderating effect on the relationship between network cooperation capability and ego-network diversity of venture capital. These findings provide management enlightenment for promoting the construction and dynamic evolution of venture capitals' ego-network.

Key words: network cooperation capability, knowledge depth, knowledge breadth, venture capital, ego-network dynamics