摘要
本研究以社会网络分析视角讨论中国风险资本联合投资策略规避不确定性的网络结构机制,解析国有和非国有风投机构的联合投资倾向差异。由于国有风投机构的先天行政关联优势,非国有风投机构更需要利用合作网络抵抗风险,因而其联合投资现象更为普遍、合作关系更为紧密。随后引入圈子理论讨论合作关系网络,分析以主投者为中心的联合投资圈子中不同圈层的关系意义。中心者需要发展各圈层的合作者来应对不同情境下对抗风险的需求,各圈层的合作者有借由主投者降低不确定性、提升投资绩效、优化网结构位置的持久动力。其核心诉求基于中国式长线思维的经济考量,寻求长期、总体经济效益的提升。
From the perspective of social network analysis, this study analyzes the different syndication behaviors between government-owned VCs and non-government-owned VCs, including those invested from foreign capital and private sectors. In comparison with government-owned VCs, a non-government-owned VC is more likely to invest jointly and form a more complex guanxi circle of syndication, in which this centered VC has different types of circle members, including partners for occasional and frequent joint investments. Our interpretation for this phenomenon is that non-government-owned VCs face higher environmental uncertainty than government-owned VCs, so they need complex circle of syndication to hedge the possible risks.
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2016年第4期3-14,共12页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
清华大学校内自主科研项目(20121088015)
国家自然科学基金项目(71372053)
关键词
中国风险资本
联合投资策略差异化
社会网络分析
圈子理论
Chinese venture capital
distinction of joint investment propensity
social network analysis
guanxi circle
