创业投资辛迪加网络结构测度的实证研究
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财经研究 2010 年 第 36 卷第 03 期, 页码：47 - 55
摘要
参考文献
摘要
文章利用社会网络分析方法,从密度、距离、中心度、结构洞、派系及核心-边缘结构等角度,对国内创业投资辛迪加网络的结构特征进行了实证分析。分析结果显示:中国情境下的创业投资辛迪加网络是一个非凝聚性的,且权利及地位分配极不均衡的社会网络;最为突出的创业投资机构往往处于"结构洞"的位置,并且倾向于与其他突出的创业投资机构联合;缺乏经验的创业投资机构倾向于与突出的创业投资机构进行联合投资。
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[2]Lerner J.The syndication of venture capital invest ments[J].Financial Management,1994,23:16-27.
[3]Manigart S,Lockett A,Meuleman M,et al.Venture capitalists’decision to syndicate[J].Entrepreneurship Theory and Practice,2006,(march):131-153.
[4]Brander J,R Amit,WAntweiler.Venture-capital syndication:I mproved venture selec-tion vs.the value-added hypothesis[J].Journal of Economics&Management Strategy,2002,11(3):423-452.
[5]Sorenson O,Stuart T E.Syndication networks and the spatial distribution of venture capital invest ments[J].American Journal of Sociology,2001,106(6):1546-1588.
[6]Bygrave WD.Syndicated invest ments by venture capital firms:Anetworking perspec-tive[J].Journal of Business Venturing,1987,2(2):139-154.
[7]Bygrave WD.The structure of the invest ment networks of venture capital firms[J].Journal of Business Venturing,1988,3(2):137-158.
[8]Zheng J K.Asocial network analysis of corporate venture capital syndication[R].Uni-versity of Waterloo,2004.
[9]Hochberg Y V,A Ljungqvist,Y Lu.Whom you know matters:Venture capital net-works and invest ment performance[J].Journal of Finance,2007,62:251-301.
[10]Sorenson O,Stuart T E.The evolution of venture capital invest ments networks[R].Working Paper,2005.
[11]Bruce Kogut,Pietro Urso,Gordon Walker.Emergent properties of a new financial market:American venture capital syndication,1960-2005[J].Management Science,2007,7(53):1181-1198.
[12]Borgatti S P,Everett M G,Freeman L C.Ucinet for windows:Software for social network analysis[M].Harvard,MA:Analytic Technologies,2002.
[13]Burt R S.Structural holes:The social structure of competition[M].Cambridge,MA:Harvard University Press,1992.
引用本文
王艳, 侯合银. 创业投资辛迪加网络结构测度的实证研究[J]. 财经研究, 2010, 36(3): 47–55.
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