Research On The Influence Of Signal Transmission Behavior Under Dual Network On Investment Choice Of Venture Capital

Venture capital contains great risks while nurturing huge opportunities.Alliance investment can spread risk and reduce competition,is widely adopted by venture capital institutions.With the long-term widespread application of alliance investment,The alliance investment network was becoming.The invested companies are often knowledge-intensive and high-tech enterprises,form a technological innovation network.When the venture capital institution chooses to be invested,the invested enterprise will also select the appropriate venture capital institution to form a cooperation model of “door-to-door”.There is a bilateral selection process between venture capital institutions and invested companies.In this process,Information asymmetry has a huge impact.Signaling behavior can reduce this information asymmetry,and the signaling are transmitted between networks,thus affecting the investment choices of venture capital institutions.Signaling theory has become a new tool for studying joint networks.Most of the existing research on the joint network only pays attention to a single network,such as the joint venture capital network or the enterprise technology innovation network.The lack of attention to the interaction and joint action between the dual networks can no longer meet the requirements of reality.In addition,domestic research on signal transmission behavior in joint networks is still in its infancy.At present,it is of great significance to further explore the characteristics and the impact of signal transmission behavior on risk investment choices under dual networks.Therefore,this research is based on the needs of reality and theory.It not only focuses on the joint venture capital network but also introduces the enterprise technology innovation network.Through the identification of the joint venture capital network and the enterprise technology innovation network,the signal transmission behavior is defined and the signal transmission is established.The impact model of behavior on the investment choice of venture capital institutions explores the mechanism of the influence of signal transmission behavior on the investment choice of venture capital institutions under dual networks.In the construction and identification of dual networks,we combed and summarized existing literature,adopted social network theory to identify joint venture investment network and enterprise technology innovation network,combined UCINET6.0 software to construct a network model,and calculated network centrality as a network.Signal;the research mechanism of the influence mechanism of signal transmission behavior on risk investment choice under dual network,combined with Logistic model,deeply explores the investment choice of signal investment behavior of venture capital institutions under dual network.We finds that the background support signal of the venture capital institution will increase the attractiveness of the invested enterprise to the venture capital institution in the future;the status signal of the enterprise in its own technology innovation network will make the enterprise more resources and prospects than the similar enterprises.It is also welcomed by venture capital institutions;in addition,the study also found that companies' signals in their own technology innovation networks will weaken the attractiveness of their venture capital institution background support signals to potential venture capital institutions.The research in this paper finds that the research on the joint network will be an improvement.The joint network only focuses on the joint action of the single joint network to the dual network,and greatly enriches the research of the joint network.At the same time,this research expands the behavior between the networks.The study provides a cross-network empirical analysis of signaling behavior.