风投机构联盟网络演变与联合投资行为研究

基于投中集团ChinaVenture数据库风险投资事件,从风投机构联盟网络及其子群层面实证检验风投机构网络位置对联合投资策略的影响。结果发现,网络位置与联合投资概率呈倒U型关系,与跨子群联合投资概率呈正U型关系,即随着网络位置上升,网络位置偏低机构更倾向于与原子群伙伴进行联合投资;网络位置偏高机构更倾向于独立投资,且在联合投资中更倾向于寻找跨子群联合伙伴。在我国风投机构联盟网络演变过程中,网络关系缔结或终止影响风投机构信息获取能力及投资决策。因此,政府应关注风投行业自发形成的联盟网络,掌握这一非正式制度的演变规律,以更好地培育当地风险投资市场。

Research on the Evolution of Venture Capital Institutions Alliance Network and Joint Investment

Based on the data of venture capital events in China Venture database,this paper constructs a quadratic model,empirically examines how the network location of venture capital institutions affects their joint investment strategies from the perspective of sub-group level of joint investment network,and examines the role of informal institutional evolution on the behavior of venture capital institutions.The results show that the relationship between network location and joint investment probability is inverted U-shaped,and the relationship between network location and cross-subgroup joint investment probability is positive U-shaped.That is to say,in the process of evolution of China's joint venture capital investment network,institutions with low network location tend to invest jointly,and they tend to seekoriginal joint partners; institutions with high network location tend to invest independently and are more inclined to seek cross-subgroup joint partners in joint investment.In the process of network evolution of venture capital in China,the change of network relationship alters the information channel of venture capital and affects investment decision-making.The government can consider the network spontaneously formed by the venture capital,and better cultivate the local venture capital market by mastering the evolution law of this informal institution.