中文摘要：

使用China Venture数据库样本，采用多元回归模型及社会网络分析工具，在控制其他影响因素的基础上，检验了中国风险投资企业的网络结构特征对其投资绩效的影响。研究发现：信息中介度和接近中心度越高，风险投资企业的投资绩效越高；“结构洞”无法为风险投资企业带来竞争优势，相反会对其投资绩效产生负面影响；具有“小圈子”特征的联合风险投资网络可以带来更高的投资绩效。

英文摘要：

This paper examines influence mechanism of venture capital firms＇ social networks on investment performance based on the background of the China＇s venture capital market. With adoption of social network analysis method and samples from China Venture Database, it finds that, the higher information centrality and closeness centrality is, the great invest- ment performance will be; structural holes have a negative impact on firms＇ investment performance instead positively pro- vide competitive advantages for them; a joint venture network with the “small circle” feature can lead to higher investment performance.