“谁”在投资中国文旅创业板块——基于“领投-跟投”关系的研究  

“Who” Invests in New Culture and Tourism Ventures in China?——A Study on “Leader-Follower” Relationships in Venture Capital Syndication

作　　者：罗超亮 刘冰[2] 姜晖 LUO Chaoliang;LIU Bing;JIANG Hui(School of Business Management,Guizhou University of Finance and Economics,Guiyang 550025,China;Business School,Sun Yat-sen University,Shenzhen 518107,China;School of Hotel,Restaurant and Tourism Management,College of Hospitality,Retail and Sport Management,Universityof SouthCarolina,Columbia29208,USA)

机构地区：[1]贵州财经大学工商管理学院,贵州贵阳550025 [2]中山大学商学院,广东深圳518107 [3]南卡罗来纳大学酒店零售与体育管理学院,美国南卡罗来纳哥伦比亚29208

出　　处：《旅游学刊》2023年第1期66-80,共15页Tourism Tribune

基　　金：国家自然科学基金项目“断层视角下的多边联盟失稳机理及治理对策研究”(71902049);教育部人文社会科学研究项目“数字平台中的多重权力逻辑研究:形成、演化与效应”(22YJA630048)共同资助。

摘　　要：当前,中国文旅板块活跃的创业活动正面临融资需求加剧的窘境,引导创业项目与社会资本精准对接,完善文旅产业投融资体系,已成为助推中国文旅产业高质量发展的重要力量。但已有研究对文旅创业板块投资的核心主体及其行为特征仍不甚明晰,未能针对如何有效利用社会资本以缓解文旅创业企业融资难题提供理论指引。文章以2016—2020年中国文旅创业板块联合投资事件为样本,运用指数随机图模型,实证检验“领投-跟投”关系机制,结果表明:资本来源趋同、投资经验互补等因素是构成“领投-跟投”关系的重要基础,并呈现出流行性和传递性闭合加强、而扩张性和多重连通性减弱的网络结构特征。研究结论为建立健全健康有序的文旅产业投融资体系提供理论依据与决策参考。In recent years, active entrepreneurial activities in China’s culture and tourism sector have faced the dilemma of increased demand for financing. In response, equipping such entrepreneurial endeavors with appropriate forms of social capital and improving the culture and tourism sector’s investment and financing system have become important forces for promoting its high-quality development.However, research to date has not clarified how venture capital investors act in the sector’s market for entrepreneurship or behavior characteristics and has therefore failed to provide theoretical guidance on ways to use social capital to alleviate the financing difficulties of new culture and tourism ventures.Against that background, in our study we used a data set covering all co-investment deals in China’s culture and tourism sector from 2016 to 2020 and analyzed the mechanisms of the formation of leader-follower relationships in venture capital syndication by modeling their path dependencies over time in exponential random graph models across three levels.The models revealed that, at the node level, state-owned and experienced venture capital investors dominated the co-investment relationship in the culture and tourism sector. At the dyadic level, homogeneity in the origin of capital and the complementarity of experience seemed able to significantly influence the formation of leader-follower relationships. Meanwhile, at the structural level, leader-follower relationships exhibited a significantly increasing tendency in popularity spread but a declining tendency in activity spread. Those results suggest that leading investors with high centrality in the network are less likely to initiate new partnerships, whereas followers with high centrality are more likely to receive invitations from existing as well as potential leading investors. At the same time, the strengthened dependencies of transitive closure and weakened dependencies of multiple connectivity suggest that leader-follower relationships during the period w

关 键 词：文旅板块 创业投资 领投-跟投 外部属性 内生依赖 

分 类 号：F59[经济管理—旅游管理]