运用社会网络分析方法研究风险投资机构网络位置影响因素,在梳理国内外文献的基础上,研究了风险投资机构自身特征和网络特征因素对投资机构网络位置的影响,并使用CVsoure数据库2009-2013年的数据进行了验证。结果表明,风险投资机构管理资金规模、努力程度、吸收能力、主风险投资概率、网络能力等因素对风险投资机构网络位置有显著正向影响;退出方式度量的以往绩效对网络位置有显著正向影响;以累计投资轮次、累计IPO和M&A两个指标度量的声誉对风险投资机构网络位置具有显著正向影响。
This paper investigates the impact of venture capital firms’ network position using social network analysis method.On the basis of combing the literature at home and abroad,this paper through two aspects,VCs’ characteristics and network characteristics,analyzes the factors which influence VCs’ network position,and then employ CVsoure databases from 2009 to 2013data for validation.Empirical testing shows that the amount of managing capital,efforts,experience,absorption capacity and network capabilities have significant positive effects to VCs’ network position,prior performance measured by exit method has significant positive effects to VCs’ network position,and reputation measured by cumulative investment rounds and cumulative IPO and M&A has significant positive effects to VCs’ network position.