摘要
本文基于社会网络理论,构建了风险投资机构网络能力个体属性、网络位置与关系强度的网络嵌入属性之间关系的理论框架,从网络资源感知先动能力与配置利用能力两个维度探讨了投资机构网络能力对投资绩效的直接效应,网络位置、关系强度及其交互的调节效应。利用CV Source数据库收集的201家本土投资机构的2 684轮投资数据,运用Probit模型进行了实证检验。结果表明:(1)网络资源感知先动能力与配置利用能力越高,机构投资绩效越好;(2)网络位置负向调节着网络资源感知先动能力与投资绩效的关系;(3)关系强度正向调节着网络能力与投资绩效的关系;(4)处于低网络位置的投资机构,关系强度对网络资源感知先动能力与投资绩效关系的正向调节作用将变强。
Based on the theory of social network,the paper builds a theoretical framework on the analysis of relationship between individual attributes and network embedded attributes of venture capital firms（VC）.The paper explores and exams the direct effect of network capability on the investment performance from capability of sensing and responding first-mover to network resources and the capability of configuring and utilizing of network resources,and the moderating roles of network position and tie strength using probit model and the data of 201 VC＇s 2684 investment rounds from CV source database during the period from 2007 to 2015.The results show that：（1）these two capabilities have significant positive effects on VC＇s invest performance;（2）the effect of the capability of sensing and responding first-mover to network resources on invest performance is negatively moderated by VC＇s network position;（3）the effect of VC＇s network capabilities on invest performance is positively moderated by tie strength;（4）network position has a negative influence on the positive moderating effect of tie strength on the relationship between the capabilities of sensing and responding first-mover to network resources and VC＇s invest performance.
作者
王育晓
张晨
王曦
WANG Yu-xiao;ZHANG Chen;WANG Xi(School of Economics ＆ Management, Xi＇an Technological University, Xi＇an 710021, China;School of Economies and Management, Xi＇an University of Technology, Xi＇an 710054, China;School of Economies and Management, Xidian University, Xi＇an 710071 ,China)
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2018年第2期91-101,共11页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
国家社会科学基金西部项目(13XJY004)
教育部人文社会科学研究青年基金西部和边疆地区项目(17XJC630010)
关键词
风险投资机构
网络能力
网络位置
关系强度
投资绩效
venture capital firms
network capabilities
network position
tie strength
invest performance
