China's Venture Capital Network Communities Recognition, Differences between the Communities and Investment Performance

Abstract

Abstract:

Aiming to research into the increasingly significant community phenomenon in China's venture capital (VC) network, based on the sample of the venture capital events from 2003 to 2014 in China, the paper dynamically detects the structure of China's VC network communities, analyzes the community characteristics and the differences between communities, and then makes an empirical test of the effect of VC network communities on VC's investment performance. The results indicate that the community phenomenon is widespread in China's VC network; each feature attribute of VC within the community presents striking central tendency, however the striking specializing tendency exists between communities; the network community has positive significant effect on VC's investment performance; the clustering of ego-network has a positive moderating effect on the relationship between VC network communities and investment performance.

Key words: venture capital, network communities, difference between the communities, investment performance

Luo Ji, Dang Xinghua. China's Venture Capital Network Communities Recognition, Differences between the Communities and Investment Performance[J]. , 2017, 29(9): 48-58.

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