制度学习、网络中心性和市场进入——跨国风险资本在华投资的实证研究  

Institutional Learning,Syndication Network Centrality and Foreign Market Entry——Evidence from an Empirical Study on Cross-border Venture Capital in China

作　　者：李军[1] 王玉荣[1] 

机构地区：[1]对外经济贸易大学国际商学院

出　　处：《国际贸易问题》2013年第1期131-145,共15页Journal of International Trade

基　　金：国家社会科学基金重大项目(11&ZD004)国家社会科学基金项目(12BGL019);对外经济贸易大学研究生科研创新基金(A201006001)

摘　　要：在我国风险投资市场不断繁荣而且跨国风险投资大量涌进的背景下,本文主要运用清科数据库2001年1月1日到201 0年1 2月31日的数据进行分析,研究发现跨国风险投资机构的网络中心性对"制度学习一市场进入"的关系具有中介作用。跨国风险投资机构不同的联合投资网络中心性对制度学习正向影响市场进入的影响作用不同,其中中介中心性的影响作用最大,表明跨国风险资本充当其他风险投资机构网络联结的中介具有重要的作用。在此基础上,本研究对跨国风险投资机构和本土风险投资机构的实践及联合投资网络的运作提出相应的建议,以期推动我国风险投资产业的有序发展。In the background of China venture capital market＇ s flourish with cross-border venture capital rushing into China, using data from Zero2IPO Database during the period from January 1st of 2001 to December 31st of 2010, this paper discusses the mediating effects of cross border venture capital resulted from position embedded in syndication investment network on the relationship of localization and foreign market entry. The mediating effect of betweenness centrality on the relationship of ＂Institutional Learning-Market Entry＂ is more significant than that of degree centrality and eigenvector centrality, illustrating that the ability to act as a broker between other venture capital firms is of great importance. Further, in order to promote the orderly development of Chinese venture capital industry, some suggestions are provided to cross border and local venture capital institutions and government guiding fund.

关 键 词：跨国风险资本 联合投资 网络中心性 制度学习 市场进入 

分 类 号：F293.35[经济管理—国民经济]