中文摘要：

从中观层面研究风险投资网络成为风险投资领域的热点。基于风险投资网络社群这一中观视角，研究风险投资网络社群集聚性、可达性及二者交互效应对机构成功退出的影响。运用CV Source数据库2005年1月1日至12月31日的样本数据，采用多元回归模型进行分析。结果表明：①风险投资机构网络社群集聚与成功退出呈倒U型关系；②可达性与成功退出呈正相关关系；③可达性正向调节社群集聚与成功退出的倒U型关系。研究结果对风险投资网络社群结构优化、提高机构投资绩效具有一定理论价值和实际意义。

英文摘要：

It becomes a new hot topic to research venture capital network from the medium perspective in theory domain. Based on the medium lever, that＇s network community, this paper investigates the impacts of venture capital network community clustering, reach, clustering and reach＇s interactive on successful exit. Using the sample data of CV source data- base from January 1,2005 to December 31,2015,and using multiple regression model, the results show that：the relation- ship of the venture capital network community clustering and successful exit has significantly inverted U type;the venture capital network community reach has a positive effect on successful exit ; community reach positively moderates the inverted U type relationship between community clustering and successful exit. The research results have certain theoretical value and practical guiding significance to optimize venture capital network community structure and improve firm＇s investment performance.