摘要
风险投资是一个高风险的行业,风险投资机构通过联合投资降低投资的不确定性,而投资机构从一个投资社群跨入另一个投资社群来共享信息又进一步降低了不确定性。文章基于2003-2013年中国风险投资数据,使用网络分析法从联合投资数据中识别出投资网络社群,研究了投资机构跨投资网络社群移动对投资绩效的影响。结果表明,风险投资机构跨投资网络社群移动对投资绩效产生正影响,而移动次数与投资绩效之间存在负相关性。丰富了风险投资理论中网络社群的研究,具有一定的现实意义。
Venture capital is a high-risk industry.Venture capital institutions reduce the uncertainty of investment through joint investment.Investment institutions move from one investment community to another to share information and further reduce uncertainty.Based on the 2003-2013 China Venture Capital data,the article uses the network analysis method to identify the investment network community from the joint investment data,and studies the impact of investment institutions′ cross-investment network community movement on investment performance.The risk investment institutions cross-investment network community movement has a positive impact on investment performance,and there is a negative correlation between the number of moves and investment performance.The article enriches the research of network community in venture capital theory and has certain practical significance.
作者
谈毅
李瑞
刘钦豪
TAN Yi;LI Rui;LIU Qin-hao(Aritai College of Economics&Management,Shanghai Jiao Tong University,Shanghai 200240,China;University of Michigan-Shanghai Jiao Tong University Joint Institute,Shanghai Jiao Tong University,Shanghai 200240,China)
出处
《工业工程与管理》
CSSCI
北大核心
2019年第5期170-176,共7页
Industrial Engineering and Management
基金
国家自然科学基金面上项目(71573174)
关键词
风险资本
网络理论
网络社群
动态视角
投资绩效
venture capital
network theory
network community
dynamic perspective
investment performance
