风险投资网络关系强度、关系质量与新创企业创新能力  

Relationship strength,relationship quality of venture capital networks and start-up enterprise innovation capability

作　　者：罗吉 王月 姜雨 LUO Ji;WANG Yue;JIANG Yu(School of Business Administration,Chongqing University of Technology and Industry,Chongqing 400067,China)

机构地区：[1]重庆工商大学工商管理学院,重庆400067

出　　处：《科技管理学报》2024年第3期35-50,94,共17页Journal of Science and Technology Management

基　　金：重庆市社会科学规划一般项目(2020YBGL100);重庆工商大学高层次人才科研启动项目(1955045)。

摘　　要：风险投资网络在促进新创企业创新方面发挥了独特的作用。本文以我国创业板与科创板上市公司为研究样本,从风险投资网络视角,对风险投资网络关系嵌入中的关系强度、关系质量与新创企业创新能力之间的关系以及其间风险投资声誉发挥的调节作用进行了实证研究。研究发现:风险投资网络关系强度与关系质量能促进新创企业创新能力的提升;网络关系强度与关系质量二者交互对新创企业创新能力存在互补效应;风险投资声誉显著增强了风险投资网络关系质量对新创企业创新能力的正向推动效应,然而,对于关系强度与新创企业创新能力之间的调节效果却并不显著。With the continuous development of China s venture capital market,the venture capital industry shows a remarkable trend of network development,and the venture capital network plays a unique role in fostering innovation among start-ups.This paper selects newly listed companies on the Growth Enterprise Market(GEM)from January 1,2010 to December 31,2022,and those listed on the Science and Technology Board from July 22,2019 to December 31,2022 as research samples.Based on the perspective of venture capital networks,this paper focuses on the relationship strength and relationship quality in the relationship embedding of venture capital networks,and conducts empirical research on the relationship between the two and their interaction with the innovation ability of start-ups,as well as the moderating effect of venture capital reputation in the process.The findings are as follows:Firstly,both the relationship strength and relationship quality of venture capital networks have a significant positive effect on the innovation ability of start-ups.Relationship strength enhances the innovation ability of start-ups by enhancing the average connection strength between venture capital institutions and the self-service network.Venture capital institutions with high relationship quality often occupy the position of structural holes in the network,so they can obtain the heterogeneous information with innovative value in time,and rely on resource control advantages to deliver knowledge and information to target enterprises,thereby improving the innovation ability of start-ups.Secondly,the interaction between venture capital network relationship strength and relationship quality has a complementary effect on the innovation ability of start-ups.In the venture capital network,high relationship quality enables start-ups to obtain innovation resources,and high relationship strength promotes the efficient implementation of innovation plans.The advantages of network relationship strength and relationship quality of venture capital instituti

关 键 词：风险投资 声誉 关系强度 关系质量 企业创新 

分 类 号：F272.2[经济管理—企业管理]