网络社群成员变动对风投机构投资绩效的影响  

The Impact of Membership Turnover of Network Community on Venture Capital Firms’ Investment Performance

作　　者：施国平 陈德棉[1] 党兴华[2] 薛超凯[2] SHI Guoping;CHEN Demian;DANG Xinghua;XUE Chaokai(Tongji University,Shanghai,China;Xi’an University of Technology,Xi’an,China)

机构地区：[1]同济大学经济与管理学院,上海市200092 [2]西安理工大学经济与管理学院

出　　处：《管理学报》2019年第10期1486-1497,1551,共13页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(71572146);国家自然科学基金资助青年基金项目(71702091);教育部人文社会科学研究规划基金资助项目(16YJA630015)

摘　　要：基于中观网络社群视角,研究网络社群成员变动对风投机构投资绩效的影响。运用CVSource数据库搜集2000~2014年的相关数据,研究发现:①网络社群成员变动对风投机构投资绩效存在倒U型影响,即当成员变动处于中等水平时,风投机构的投资绩效最好;②相对于网络社群内边缘位置的风投机构,核心位置的风投机构能从适度成员变动中获得更多收益,投资绩效更好;③相对于高可达性网络中的风投机构,低可达性网络中的风投机构能从适度成员变动中获得更多收益,投资绩效更好。Based on network community perspective,this paper studies the impact of membership turnover of venture capital network community on VCs investment performance.Using data from CVSource Database during the period from 2000to 2014,the results show that the membership turnover of network community has an inverted U-shaped effect on VCs investment performance.In other words,VCs have highest investment performance when membership turnover is moderate.VCs located in the core of network community can benefit more from moderate membership turnover than those on the periphery,and make their investment performance better.VCs located in network with lower global network reach can benefit more from moderate membership turnover than those in network with higher global network reach,and make their investment performance better.

关 键 词：风险投资网络社群 成员变动 风投机构 投资绩效 

分 类 号：C93[经济管理—管理学]