中文摘要：

创业投资网络辛迪加投资能为创业企业带来比独立投资更丰厚的回报，然而，关于创业投资网络辛迪加投资对创业企业绩效的作用机理仍未有很好的解释。为此，本文利用社会网络理论的视角，选取2007—2012年在深市和沪市上市的有创业投资网络辛迪加投资的IPO企业为样本，分析创业投资网络辛迪加成员网络结构特征对创业企业IPO后绩效的影响机理。研究表明，辛迪加成员占据网络中心位置或主辛迪加成员结构洞越多，对创业企业绩效的影响越显著。

英文摘要：

Syndicate of venture capital network brings more returns than independent venture capital firms. However, the mechanism of this influence does not have a better explanation. On the basis of social network theory, this paper uses IPO firms which have venture capital syndicate background and are listed on Shanghai and Shenzhen stock market in 2007~2012 as samples to analyze the influence of the network structure of syndicate members on the post-IP0 enterprises＇ performance. We find that syndicate member oc- cupying the center network position or lead syndicate member who has more structure holes has a significant impact on enterprises＇ performance.