社会网络关系对风险投资行为的影响及经济后果研究——基于地理学视角的实证分析  

Study on the Effects and Economic Consequences of Social Network Relationship on Venture Capital Investment Behavior: An Empirical Analysis from a Perspective of Geography

作　　者：胡刘芬[1] 周泽将[1] Hu Liufen;Zhou Zejiang(School of Business, Anhui University, Hefei 230601, China)

机构地区：[1]安徽大学商学院,安徽合肥230601

出　　处：《外国经济与管理》2018年第4期110-124,共15页Foreign Economics & Management

基　　金：国家自然科学基金青年项目(71502001);国家自然科学基金面上项目(71772001);安徽省高校人文社科重点项目(SK2015A233)

摘　　要：本文基于地理学视角实证检验中国风险投资市场上联合投资网络对风险投资行为的影响及经济后果,研究发现:风投机构拥有的良好网络关系不仅有助于拓展其投资的地域范围,而且对远程风险投资的退出绩效具有明显的提升作用。具体来讲,风投机构越是处在网络的中心位置,其投资的地域范围越广,远距离投资成功退出的可能性越大,从投资到成功退出所需的时间越短。进一步研究显示,网络关系的正向影响是"项目选择功能"和"价值增加功能"共同作用的结果;与联合投资网络类似,本次投资是否采取联合投资策略也会影响风投机构的投资行为和绩效。综合本文研究结果,VC机构可通过加强与同行之间的关系联结、改善在联合投资网络中的位置来降低对地域的敏感程度,增强向外部省份或更远地区拓展自身投资范围的"软实力",从而有效缓解风险投资过于集中、地区竞争压力过大的问题。Unlike other forms of financial investment, venture capital is usually targeted at hightech SMEs at early development stage. Such enterprises do not have open information disclosure channel and a long history of development for investors to refer to, resulting in serious information asymmetry between venture capital firms and these enterprises. In addition, venture capital not only gives financial support to enterprises, but also provides different kinds of value-added services,including venture capitalists＇ involvement in the operation and management of enterprises（Hellmann and Puri, 2002; Baker and Gompers, 2003）. These factors lead to ＂local bias＂ of venture capital investment, namely VC firms prefer to select those enterprises which are close to them as investment objects. This phenomenon of ＂localization＂ is closely related to the flow of information. On the one hand, it is not easy for venture capital to gain long-distance investment opportunities. Even with the information related to investment objects, its accuracy and completeness must decline by a big margin.On the other hand, it is very difficult for venture capital to make an accurate assessment of project quality due to asymmetric information, and geographical distance aggravates this situation, which is equivalent to an increase in investment risk.

关 键 词：社会网络 风险投资 地域范围 退出绩效 作用机理 

分 类 号：F270[经济管理—企业管理]