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