创业投资网络对投资绩效的影响研究——基于投资决策的中介效应检验  

The Impact of Venture Capital Networks on Investment Performance——A Mediation Effect Evaluation Based on Investment Decision

作　　者：胡磊[1] 张强[1] HU Lei;ZHANG Qiang(School of Finance and Statistics,Hunan University,Changsha,Hunan 410082,China)

机构地区：[1]湖南大学金融与统计学院,湖南长沙410079

出　　处：《财经理论与实践》2018年第5期44-50,共7页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金国际合作与交流项目(71661137006);国家自然科学基金创新群体(71221001)

摘　　要：依据2007-2013年中国市场创业投资数据,运用基于Bootstrap抽样的结构方程模型,考量投资决策在投资网络影响机构投资绩效过程中的中介效应。结果表明:创业投资网络可以通过投资决策影响投资绩效,具有较高网络中心性或占据丰富结构洞位置的创业投资机构可以通过采用项目后期介入策略、地域分散投资策略和行业专业化投资策略,提高机构投资绩效。Based on the data of venture capital investment in Chinese market from 2007 to 2013,this paper uses the structural equation model based on bootstrap sampling to examine the mediation effect of investment decisions between venture capital networks and investment performance.The results show that the venture capital networks can influence the investment performance through investment decisions,and the venture capital institutions with high network centrality or occupying a rich structural hole can improve their performance by adopting the post-project intervention strategy,regional diversification strategy and industry specialization strategy.

关 键 词：创业投资网络 投资绩效 投资决策 中介效应 结构方程模型 

分 类 号：F062.4[经济管理—政治经济学]