风险投资网络社群形成机理及对投资绩效的影响研究

Based on the mutual preferences of venture capital firms, venture capital network community become a substructure form between ego-network and whole-network. Community structure and community behavior are obvious characteristics that are different from the individual organizations and network organizations, and there are important academic value and practical significance to investigating the formation mechanism and the performance effects of venture capital network community. At the outset, the study expands the venture capital network research to network community level and scientifically defines the connotation characteristics of venture capital network community. Then, the study probes into the main influence factors of venture capital network community from the venture capital firms, venture business and financing environment levels, and reveals its formation mechanism. Third, the study explores the acting path of community structure to investment performance from the aspects such as community cohesion, cognitive distance and community embedded, and analyzes the influence pattern of community behavior to investment performance from the aspects such as information spreading, behavior spreading and movement across community. Eventually, combined with the internal relation of community structure and community behavior, the study integrally analyzes the impacts of community structure and community behavior on investment performance, and explores the efficient path to improve the investment performance. This project furnishes a novel perspective for a further analysis of venture capital network research, and has significantly theoretical guidance for progressing venture capital network community and advancing the investment performance within China.

风险投资网络社群是基于风险投资机构相互偏好而形成的亚组织形态，社群结构与社群行为具有异于个体组织与网络组织的明显特征，对风险投资网络社群的深入研究具有重要的学术价值及实践意义。本课题拟研究风险投资网络社群的形成及对投资绩效的影响。首先，将风险投资网络研究扩展至网络社群层面，对风险投资网络社群的内涵特征进行科学界定；其次，从风险投资机构、风险企业和投融资环境三个层面，探索影响风险投资网络社群形成的主要因素，揭示其形成机理；再次，从社群凝聚、认知距离和社群嵌入等方面分析社群结构对投资绩效的作用路径，从信息传播、行为传播和跨社群流动等方面分析社群行为对投资绩效的影响规律；最后，结合风险投资网络社群结构与社群行为的内在关联，对社群结构和社群行为影响投资绩效进行整体分析，探索改善投资绩效的有效途径。本项目可为风险投资网络研究提供新视角，对我国风险投资网络社群发展及投资绩效提升提供理论指导。

风险投资是推动高新技术产业发展不可或缺的力量，对实现我国创新驱动发展战略具有重要意义。风险投资网络作为现时代风险投资领域最重要的组织形式，一直受到学术界和社会上的普遍关注。风险投资网络社群聚集现象的出现，更是在理论和实践上提出了许多亟需研究的问题。本课题以此为对象，开展了风险投资网络社群的形成机理及对投资绩效影响的研究。. 1）构建课题研究基础。界定风险投资网络社群的概念、内涵与特征；采用Girvan-Newman算法对我国风险投资网络社群进行了探测，绘制了不同时间窗网络社群图，将其划分为领导型社群与自组织型社群并进行典型社群分析。. 2）研究风险投资网络社群形成机理。从机构特征、二元关系、网络属性三层面对影响风险投资网络社群形成的因素进行分析，运用因子分析法对影响因素指标进行降维；提出了互补需求、连接整合、认同感知和地理邻近对风险投资网络社群形成影响的概念模型；实证检验了影响因素对风险投资网络社群形成的直接影响、认同感知的中介作用与地理邻近对认同感知中介路径的调节效应。. 3）研究风险投资网络社群结构对投资绩效的影响。从凝聚性、地位不对称性与可达性三个维度刻画风险投资网络社群结构；构建了包括“网络社群结构—资源整合—投资绩效”作用路径、社群成员间的互动强度和认知异质性等调节变量在内的理论模型；通过多元回归验证了网络社群结构对投资绩效的影响机理。. 4）研究风险投资网络社群行为对投资绩效的影响。采用扎根理论归纳风险投资网络典型社群行为：社群信息传播和社群成员变动；构建了包括“社群信息传播—社群动态能力—投资绩效”作用路径、信息传播方式和社群异质性等调节变量在内的理论模型；分析了社群成员变动、社群位置、网络可达性和投资绩效在同一框架的理论模型；通过实证检验揭示了网络社群行为对投资绩效的影响机理。. 本项目研究拓展了风险投资网络组织的研究视角，研究成果丰富了风险投资网络及其治理的理论，对我国风险投资活动的健康发展有着较强的指导作用。