The Study Of The Venture Capital Network Community Structure And Information Dissemination On The Investment Performance

At this stage,Chinese economic development has begun to transform from extensive development that only pursues speed to fine development that pursues quality.Therefore,emerging fields and industries should be cultivated,which need the promotion of venture capital.The development of venture capital industry has become the focus of attention.The enterprises supported by venture capital are generally enterprises with large demand for new technology and capital.It is difficult for one venture capital firm to complete such a huge work.Therefore there will be joint investment by several firms.Many joint investments will form a venture capital network.In these networks,some venture capital firms are often closely tightened,which called network communities.Although network communities are closely connected,showing different structural forms and having different investment performance.This phenomenon has attracted the attention of scholars.However,the principle that network community can improve investment performance is still a "black box".Research on the mechanism of venture capital network community structure and information dissemination changing investment performance is also rare.Therefore,the research of this paper has certain theoretical and practical significance.Aiming at the phenomenon of network community,this paper focuses on the purpose of "how to improve the investment performance of network community".First,it discusses the dimensionality division of network community structure(cohesion,status difference and coordination),and the influence of network structure on information communication.Second,it discusses the dimension division of information communication(project information dissemination and experience information dissemination),and the influence of information dissemination on the investment performance of network community.On this basis,this paper constructs the main effect model of network community structure-information dissemination-investment performance.Third,this paper studies the influence of geographical proximity and cognitive proximity on network community structure and information dissemination.Moreover the influence of organizational learning on information dissemination and investment performance are investigated.Finally,this paper uses the data of venture capital joint investment from 2006 to 2017 to build the network and extract the network community from CV Source database.Moreover,the ridge regression analysis method is used to test the research conclusions.The main innovations of this paper are as follows:(1)This paper reveals the role of cohesion,status difference and coordination in changing the investment performance of network communities,and broadens the understanding of the complex relationship between community structure and investment performance of network community.First,this paper discusses the role of cohesion,status difference and coordination in changing the investment performance of network community.It is found that cohesion,status difference and coordination can change community investment performance by changing venture capital firm investment performance.Second,the dimensions of network community structure are divided into cohesion,status difference and coordination,which breaks the limitations of analyzing the network community structure as a whole concept in existing studies.Moreover it can provide a good analytical framework for further exploring the relationship between community structure and community investment performance in the future.(2)Information dissemination is divided into project information dissemination and experience information dissemination.Moreover,their differential effects on the investment performance of network community are analyzed.The heterogeneous information provided by different information dissemination to network community is distinguished,which breaks through the research done by the existing venture capital research only from the overall concept of information dissemination.By constructing the logical framework of "information communication-network community investment performance",this paper reveals the different impact of project information dissemination and experience information dissemination on network community investment performance.The research conclusions deepen the understanding of the different impact of different information dissemination on the investment performance of network community.The relationship between project information dissemination,experience information dissemination and network community investment performance also makes up for the lack of information dissemination research of venture capital network community.,which provides new idea for further research on information dissemination in the future.(3)Combining social network theory with resource-based theory,this paper clarifies the action path of community structure and information dissemination on network community investment performance,so as to construct the theoretical model of "community structure-information dissemination-network community investment performance".By analyzing the influencing factors of venture capital network community investment performance change,this paper discusses the intermediary effect of two types of information dissemination(project information dissemination and experience information dissemination)between community structure and network community investment performance.The research conclusion analyzes the role and intensity of community structure dimensions(cohesion,status difference and coordination)on information dissemination(project information dissemination and experience information dissemination),which fills the research gap of the impact of venture capital network community structure on information dissemination.(4)The introduction of proximity and organizational learning clarifies the regulatory effects of geographical proximity and cognitive proximity on community structure and information dissemination and the regulatory effects of organizational learning on information dissemination and investment performance.Moreover,it further deepens the understanding of the role of community structure on the investment performance of network community.Geographical proximity and cognitive proximity are introduced into the impact of community structure on information dissemination,and the regulatory effects of cohesion,status difference and coordination on project information dissemination and experience information dissemination are discussed respectively.The results show that the regulatory effect of geographical proximity is not significant,however cognitive proximity has a significant regulatory effect.This paper introduces acquisition learning and experimental learning into the impact of information dissemination on investment performance,and discusses the regulatory effect of project information dissemination and experience information dissemination on investment performance respectively.The results show that there are differences in the role and intensity of information dissemination between acquisition learning and experimental learning.