中文摘要：

基于我国2000--2013年联合风险投资数据，通过量化研究风险投资联盟（以下简称风投联盟）的网络嵌入性与其成功退出企业之间的关系，以探索我国风险投资市场起步阶段下的网络嵌入性影响风投联盟成功退出的机理,研究表明，与成熟资本市场相比，网络嵌入性对风投联盟成功退出的作用机理，既展现出一定的共性,又凸显了新兴市场的特殊性,共性上表现为异质性信息的增强有助于风投联盟成功退出,特殊性表现为：在IPO短期套现以树立声誉的动机下，风投联盟对企业的干预能力越强，越不利于深化企业的价值链；风投联盟对风险投资市场信息的相依性过强，束缚了其独立判断能力；风投联盟对企业信任过度，极易诱发企业的投机性行为,这3方面都不利于风投联盟的成功退出，因此，相关主体在完善其管理机制时应更多地考虑我国风险投资市场的特殊性,

英文摘要：

It collected joint venture investment data in China during year 2000 to 2013, and empirically analyzed the relationship between network embeddedness of venture capital union and its successful exit at the initial stage of venture capital development. The results show that compared with mature capital market, the mechanism not only has certain commonality but also shows the emerging market＇s particularities. From the commonality point of view, it can exert pos- itive effect to successful exit through obtaining heterogeneity information. The particularities are manifested in the fol- lowing three aspects. It is not conducive to deepen enterprise value chain to establish credibility through short-term cas- hing during IPO, with the enhancement of venture capital union＇s intervention ability on the development of enterprises. Besides, venture capital union＇s independent judgment is bound by venture capital market. Both results and the prob- lem of undue trust in the investees reduce the chance of its successful exit. Therefore, more attention should be paid to the particularity of China market in order to improve relevant management mechanism.