网络嵌入对风险投资机构网络能力与退出绩效的调节作用研究  

The Moderating Effect of Network Embedding on Venture Capital Firms’ Network Capabilities and Exit Performance

作　　者：王育晓[1] WANG Yu-xiao(School of Economics ＆ Management,Xi＇an Technological University,Xi＇an 710021)

机构地区：[1]西安工业大学经济管理学院

出　　处：《软科学》2018年第11期29-33,共5页Soft Science

基　　金：国家自然科学基金面上项目(71172201、71772145、71572137);国家社会科学基金西部项目(13XJY004);教育部人文社会科学研究青年基金西部和边疆地区项目(17XJC630010)

摘　　要：基于网络嵌入理论，运用CVsource数据库的样本投资机构数据，从网络资源感知先动能力和配置利用能力两个维度，检验了网络密度、关系强度及其交互对风险投资机构网络能力与退出绩效关系的调节效应。结果表明：风险投资机构网络能力越强，其退出绩效越好；网络密度负向调节着网络能力和退出绩效的关系；关系强度正向调节着网络能力和退出绩效的关系；疏松网络中，关系强度在网络资源配置利用能力与退出绩效关系之间的正向调节效应变得更强。Based on the theory of embedded network, using the data of venture capital firms （VC） samples from CV source database, the paper examines the moderating effects of network density, tie strength and their interaction on the relationship between the VC＇s network capability and their exit performance from the capability of sensing and responding first-mover to network resources and the capability of configuring and utilizing of network resources. Results show that, the stronger the VC＇s network capacities are, the better exit performance gets ; Network density negatively moderates the relationship between VC＇s network capabilities and its exit performance ; tie strength positively moderates the relationship between VC＇s network capabilities and its exit performance ; the positive moderating effect of tie strength on capability of configuring and utilizing of network resources on exit performance becomes stronger in a sparse network.

关 键 词：风险投资机构 网络能力 网络嵌入 退出绩效 

分 类 号：F830.59[经济管理—金融学]