摘要
基于社会网络和资源基础观视角,提出代表风险投资机构资源属性的两个要素,即组织力、地位。以Wind数据库所搜集的439家风险投资机构为样本,实证风险投资机构网络凝聚性和资源属性对投资绩效的直接效应与调节效应。结果发现:机构网络凝聚性与投资绩效呈显著负向关系;机构组织力、地位均能显著促进投资绩效提升;机构组织力显著负向调节网络凝聚性与投资绩效的关系;机构地位显著正向调节网络凝聚性与投资绩效的关系;机构组织力和地位共同决定了网络凝聚性对投资绩效的影响。因此,机构应及时剔除无用的冗余联系,优化与合作伙伴的关系;努力提高自身控制必备资源的能力并改善自身在网络中的位置;权衡自身资源属性与网络凝聚性的相互关系,联合考虑自身资源与所处投资环境,从而最终实现提升投资绩效的目标。
Based on the perspective of social network and resource-based view, the paper puts forward two elements that represent the resource attributes of venture capital firms(VCs), namely organizational ability and status. With 439 VCs collected from the Wind database as samples, the paper explores and tests the direct and regulating effects of network cohesion and resource attributes of VCs on investment performance. The results find that there is a significantly negative relationship between VCs' network cohesion and investment performance. VCs' organizational ability and status respectively and significantly promote investment performance. VCs' organizational ability significantly and negatively moderates the relationship between network cohesion and investment performance. VCs' status significantly and positively moderates the relationship between network cohesion and investment performance. VCs' organizational ability and status simultaneously determine the impact of network cohesion on investment performance. Therefore, VCs should eliminate unnecessary redundant links in time, optimize the relationship with partners, strive to enhance own ability of controlling the necessary resources, improve own position in the network, weigh the relationship between own resource attributes and network cohesion, and jointly consider own resources as well as investment environment, which are beneficial to ultimately improve VCs' investment performance.
作者
杨艳萍
刘窈君
Yang Yanping;Liu Yaojun(School of Management, Henan University of Technology, Zhengzhou 450001,China)
出处
《科技进步与对策》
CSSCI
北大核心
2019年第20期11-20,共10页
Science & Technology Progress and Policy
基金
国家社会科学基金项目(16BGL026)
关键词
风险投资机构
网络凝聚性
资源属性
投资绩效
Venture Capital Firms
Network Cohesion
Resource Attributes
Investment Performance
