摘要
在中国的关系型社会背景下,风险投资网络社群现象逐渐受到关注。随着网络社群内风险投资机构间关系的建立,跨越紧密关系网络的动机却较少涉及。本研究利用2000—2021年CVSource数据库中记录的投资事件与退出数据,分析风险投资机构跨社群移动行为的市场与资源寻求动机。研究发现,风险投资机构的网络地位对跨社群移动产生负向影响,同时,机构的跨社群移动是为了寻求新社群成员特定资源的相似性与累积性。进一步分析表明,风险投资网络社群的网络规模会增强机构跨社群移动的市场寻求动机,但网络密度会削弱机构的市场寻求动机。此外,风险投资机构的跨社群移动在中资与外资背景新社群成员的特定资源寻求上存在差别。本研究拓展了联合风险投资的相关研究,为理解与解释网络社群结构下联合投资伙伴选择的内在规律提供参考。
In recent years,with the penetration of social relationship research into the field of venture capital(VC),more and more studies have begun to pay attention to partner selection preference in VC and the phenomenon of network community formed by the strong and weak connection between partners.In the VC network community,although the members of the community carry a strong trust relationship and a relatively rapid way of information transmission,there is no shortage of VCs move to another communities happens.In the study of VC network community,few studies have focused on the dynamic movement behavior across network community,and the motivation of VC firms to cross the network of close relationships has been less mentioned.Based on the data of investment events and exits recorded in the CVSource database from 2000 to 2021, this paper is to start with network structure factors, to analyzes the market seeking motivations of VC firms’ who have the behavior of crossing VC network communities based on the status signal theory. And this paper is also to start with partnership factors, to analyze the resource seeking motivations of VC firms’ who have the behavior of crossing VC network communities based on the resource dependence theory and the resource matching type identification method developed by Hochberg et al. (2015). The research indicated that, firstly, from the perspective of network structure, VC firms who have the behavior of crossing VC network communities have market seeking motion. That is, the network status of VC firms has a negative impact on the movement across network community. After dealing with the en-dogeneity of reverse causality, extending the time windows of the explained variable and replacing the explained variable, the results remained robust. Secondly, from the perspective of partnership, the VC firms who have the behavior of crossing VC network commu-nities is to seek the similarity and accumulation of experience and reputation resources of new community members, and to seek the accumulation of network status resources. After dealing with the endogenous problem of reverse causality and replacing the explained variables, the results remained robust. Finally, the further analysis shows that from the perspective of the network structure of the original network community where the VC firms are located, the network scale of the VC network community will enhance the neg-ative impact of the network status of the VC firms on the movement behavior across network communities, but the network density will weaken the negative impact of the network status of the VC firms on the movement behavior across network communities. From the background of new community members, the motivation of VC firms to move across communities is to seek the similarity of rep-utation resources and the accumulation of experience and status resources of new community members with foreign background, and to seek the similarity and accumulation of reputation resources of new community members with Chinese background. This paper contributes to the existing literature in three aspects: First, this paper discusses the motivation of movement across net-work communities for VC firms, which helps to understand the causes of movement behavior across network communities of VC firms, and deepens the understanding of VC network community. Second, by studying the partner selection problem under the special network structure of network community, this paper broadens the research scope of partner selection of VC firms and helps to under-stand the inherent law of partner selection among VC firms more deeply. Thirdly, the application of the resource matching identifica-tion method by Hochberg et al. (2015) in this paper provides a research paradigm for the motivation research of movement behaviors across network communities in other fields, and helps to reveal the reasons for the connections across strong connections in enterprise alliances and economic networks from different resource matching perspectives. This paper expands the related research in the field of VC syndication, enriches the understanding of syndication partner selection in VC, and provides a reference for understanding and explaining the internal law of syndication partner selection under the network community structure.
作者
刘冰毅
杨晔
杜衡
Liu Bingyi;Yang Ye;Du Heng(School of Public Economics and Administration,Shanghai University of Finance and Economics)
出处
《南开管理评论》
CSSCI
北大核心
2024年第3期183-193,I0033,I0034,共13页
Nankai Business Review
基金
国家自然科学基金项目(72172077)
国家社会科学基金项目(20BJY190)
上海市软科学研究项目(23692111700)资助。
关键词
风险投资
网络社群
跨社群移动
动机
Venture Capital
Network Communities
Movement Across Network Communities
Motivation
