基于指数随机图的新能源产业联合投资网络形成研究  

Research on the Formation of Venture Capital Network in New Energy Industry Based on ERGM

作　　者：潘虹[1] 赵凯 王明 翟东升[2] 梁国强 PAN Hong;ZHAO Kai;WANG Ming;ZHAI Dongsheng;LIANG Guoqiang

机构地区：[1]北京物资学院会计学院,北京101149 [2]北京工业大学经济与管理学院,北京100124

出　　处：《中国能源》2024年第9期73-83,共11页Energy of China

基　　金：国家自然科学基金青年项目(编号:72204014);北京市自然科学基金面上项目(编号:9232002)。

摘　　要：风险资本作为新能源初创企业融资的重要来源,对新能源产业发展具有显著作用。现有研究缺乏从多层面讨论影响新能源产业风险投资的动力因素,且未深入挖掘新能源产业联合投资网络的形成机理。为此,本文选取2018~2023年中国新能源产业风险投资事件为资料来源,构建联合投资网络,基于指数随机图模型,从个体、二元和内生结构三个层面,探究新能源产业联合投资网络的形成机理。结果表明:国有背景的风险投资机构提供资金、政策支持,高声誉风险投资机构吸引优质项目资源,行业经验丰富的风险投资机构提供专业建议,均促进联合投资网络形成,背景相似与区域邻近促进网络形成,经验相似抑制网络形成,国有背景相似促使风险投资机构在目标、策略方面形成合力,区域邻近促进产业集群内融合,经验相似导致策略趋同和思维局限;位置嵌入对网络形成有负向影响。研究结果为风险投资机构选择新能源产业联合投资伙伴提供了理论依据,对新能源产业风险投资政策制定具有参考价值。Venture capital,as an important source of financing for new energy start-ups,plays a significant role in the development of the new energy industry.Existing research lacks a multi-level discussion of the driving factors affecting venture capital in the new energy industry and has not deeply explored the formation mechanism of the new energy industry co-investment network.Therefore,taking China's new energy industry venture capital events from 2018 to 2023 as samples,a co-investment network is constructed.Based on the exponential random graph model,the formation mechanism of the new energy industry co-investment network is explored from three levels:individual,dyadic,and endogenous structure.The results show that venture capital institutions with state-owned backgrounds provide funds and policy support,high-reputation venture capital institutions attract high-quality project resources,and venture capital institutions with rich industry experience provide professional advice,all of which promote the formation of the co-investment network.Background homophily and regional homophily promote network formation,while experience homophily inhibits network formation.State-owned background homophily prompts venture capital institutions to form a joint force in terms of goals and strategies.Regional homophily promotes integration within industrial clusters.Experience homophily leads to strategy convergence and thinking limitations.Location embedding has a negative impact on network formation.The results provide a theoretical basis for venture capital institutions to select co-investment partners in the new energy industry and have reference value for the formulation of new energy industry venture capital policies.

关 键 词：新能源 联合投资网络 形成机理 指数随机图 

分 类 号：F83[经济管理—金融学]