我国创业投资网络绩效研究
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财经研究 2010 年 第 36 卷第 06 期, 页码：59 - 69
摘要
参考文献
摘要
创业投资机构在联合投资过程中结成了以信任和互利为主要特征的创业投资网络。文章使用社会网络方法,对我国创业投资网络及其投资绩效进行实证检验。研究证实,我国创业投资产业高度嵌入关系网以及创投机构网络位置的改变会显著影响投资绩效;程度中心性和入度中心性的提高有助于提高创业投资退出率,出度中心性的提高反而降低退出率;关系稳定性对退出率有正向影响;从业时间有助于增强网络中心性对退出率的正向影响,投资规模有助于削弱网络中心性对退出率的正向影响;外资机构的投资绩效好于本土机构。
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[13]Fund B R,Pollock T G,Baker T,Wowak A.Who’s the newkid?The process of de-veloping network centrality in venture capitalist deal networks[J].Advances in Strate-gic Management,2008,25:563-593.
[2]钱苹,张帏.我国创业投资的回报率及其影响因素[J].经济研究,2007,(5):78-90.
[3]Sahl man William A.The structure and governance of venture capital organizations[J].Journal of Financial Economics,1990,27:421-473.
[4]Lerner Josh.The syndication of venture capital invest ments[J].Financial Manage-ment,1994,23:16-27.
[5]Du Qianqian.Birds of a feather or celebrating differences?The formation and i mpact ofventure capital syndication[R].Sept.2009,Close to Submission.
[6]Olav Sorenson,Toby E Stuart.Syndication networks and the spatial distribution ofventure capital invest ments[J].American Journal of Sociology,2001,106:1546-1588.
[7]Olav Sorenson,Toby E Stuart.Bringing the context backin:Settings and the searchforsyndicate partners in venture capital invest ment networks[J].Administrative ScienceQuarterly,2008,53:266-294.
[8]Yael V.Hochberg,Alexander Ljungqvist,Yang Lu.Whom you know matters:Ven-ture capital networks and invest ment performance[J].Journal of Finance,2007,62:252-301.
[9]Umit Ozmel,Jeffrey J Reuer,Ranjay Gulati.Network interdependencies:Relationshipsbetween venture capital and strategic alliances[R].Working Paper,2009,3.
[10]James A Brander,Raphael Amit,Werner Antweiler.Venture capital syndication:I m-proved venture selection vs the value-added hypothesis[J].Journal of Economics&Management Strategy,2002,11:423-452.
[11]Yael Hochberg,Alexander Ljungqvist,Yang Lu.Networking as a barrier to entry andthe competitive supply of venture capital[R].Journal of Finance,Forthcoming,2009.
[12]M Wright,A Lockett.The structure and management of alliances:Syndicationin theventure capital industry[J].Journal of Management Studies,2003,40:2073-2102.
[13]Fund B R,Pollock T G,Baker T,Wowak A.Who’s the newkid?The process of de-veloping network centrality in venture capitalist deal networks[J].Advances in Strate-gic Management,2008,25:563-593.
引用本文
刘志阳, 江晓东. 我国创业投资网络绩效研究[J]. 财经研究, 2010, 36(6): 59–69.
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