风险投资机构网络中心性、知识专业化与投资绩效

基于我国风险投资业情境，运用CV Source数据库2005年1月1日-2014年12月31日数据，使用多元回归模型，研究了风险投资机构网络中心性对投资绩效的影响，以及知识专业化对二者间关系的调节作用。结果表明:风险投资机构网络中心性与投资绩效存在显著倒U型关系；知识专业化正向调节二者间的倒U型关系，即知识专业化水平越高，风险投资机构网络中心性对投资绩效的初始正向影响越强，而高水平网络中心性对投资绩效的负面影响越小。

Venture Capital Firm Network Centrality,Knowledge Specialization and Investment Performance

Based on the situation of venture capital industry in China ,this paper investigates the impact of venture capital firms'network centrality on investment performance ,and the moderating effect of knowledge specialization in this impact . Using the sample data of CV Source database from January 1 ,2005 to December 31 ,2014 ,and using multiple regression model ,the results show that :the relationship of the venture capital firms'network centrality and investment performance has significantly inverted U type ;knowledge specialization positively moderates the inverted U type relationship between venture capital firms'network centrality and investment performance .That is ,the higher knowledge specialization of ven‐ture capital firms ,the stronger the initial positive effect of venture capital firms'network centrality on investment perform‐ance ,and the weaker the negative effect at higher levels of network centrality .