|
|
|
| Impact of Venture Capital Network Position Property on Innovation Performance of Enterprise |
| Qi Yong,Chen Shang |
| School of Economics and Management,Nanjing University of Science and Technology,Nanjing 210094,China |
|
|
|
|
Abstract We collect all the occurred joint investment during the period from 2009 to 2013,construct a venture capital network by social network analysis method.We choose the enterprises which are supported by the VC and initial public offer during January 2014 and June 2015(the lag period is 1.5 years),construct the performance evaluation index system,use DEA to calculate the innovation performance.Our purpose is to research how the network position property of venture capital affects innovation performance of IPO enterprise,as well as the causes of the effect,and then we carry out a robust test to verify the conclusion.Finally,we put forward some countermeasures to promote enterprise innovation performance.
|
|
Received: 20 October 2015
|
|
|
|
|
|
[1]BRANDER J R Amit,ANTWEILER W.Venture-capital syndication:improved venture selection vs the value-added hypothesis[J].Journal of economics and management strategy,2002,11(3):423-452.
[2]SORENSON O,STUART T E.Syndication networks and the spatial distribution of venture capital investments[J].American journal of sociology,2001,106(6):1546-1588.
[3]HOCHBERG Y V,LJUNGQVIST A,LU Y.Whom you know matters?venture capital networks and investment performance[J].Journal of finance,2007,62(1):251-301.
[4]王艳,候合银.创业投资辛迪加网络结构测度的实证研究[J].财经研究,2010(3):46-54.
[5]FLORIDA R L,KENNEY M.Venture capital-financed innovation and technological change in the USA[J].Research policy,1988,17(3):119-137.
[6]AHLSTROM D,BRUTON G D.Venture capital in emerging economics:networks an institutional change[J].Entrepreneurship theory and practice,2006,30(2):299-320.
[7]ZHANG J,WONG P K.A contingent model of network utilization in early financing of technology ventures[J].Entrepreneurship theory and practice,2008,32(4):593-613.
[8]SARRKAR M B,AULAKH PS,MADHOK A.Process capabilities and value generation in alliance portfolios[J].Organization science,2009,20(3):583-600.
[9]ABELL P,NISAR T M.Performance effects of venture capital firm networks[J].Management decision,2007,45(5):923-936.
[10]党兴华,董建卫,吴红超.风险投资机构的网络位置与成功退出[J].南开管理评论,2011,14(2):82-91. |
|
|
|
2016, Vol. 0 
