The Influencing Factors On The Formation Of Venture Capital Network Community

Joint venture capital investment in the venture capital practice has the universality and importance,based on joint investment in the form of risk investment network has become the main form of risk investment industry.The research for the risk investment network mostly concentrated on the level of the network as a whole and from the center of the network level,with the development and perfection of the social network theory,scholars started from the effects of meso level network community perspective of venture capital investment network.Although research on risk investment network community has begun to emerge,but to risk investment network community formation factors related research is seldom involved in it,which leads to the lack of theoretical basis and research results of the effect of factors on the risk investment network community are relatively.Therefore,this study is mainly from the theoretical and empirical reveals the influence factors of venture capital network community,to enrich the risk investment and venture capital network theory research and our country risk investment institutions increase investment performance,promote the venture capital industry healthy development to provide practical guidance.Specifically,This paper firstly through literature review and analysis of risk investment network community formal description is given,define and clarify the connotation and characteristics of risk investment of network community,we believe that the risk investment network community is all risk investment institutions risk investment network form of resources based on sharing,trust mutually independent organization structure form,and community recognition method G-N algorithm through to our country risk investment network community recognition,and points out that its obvious feature is within the community of each node are closely connected,and the rest of the nodes in the network to connect sparse.Secondly,on China's risk investment institutions were interviews,using grounded theory in qualitative research methods,through the open coding,axial coding and selective coding,the influencing factors of exploration and classified;will eventually risk investment network community factors are classified into four categories,respectively for heterogeneous VC resources,enterprise risk characteristics,VC network characteristics and external investment scenarios;including 10 factors,respectively the reputation,management of funds,institutional background,enterprise risk geographic position,enterprise risk industry,development stage of venture enterprises,network location,network density,and trust in the market environment.Finally,factors influencing the formation of venture capital network community for empirical research,Using the CVSource database,using the Logistic regression model,this paper empirically analyzes the research hypothesis.Simulation results show that the reputation,management of funds,institutional background,enterprise risk geographic position,enterprise risk the industry,development stage of venture enterprises,network location,network density,and trust in the market environment were to risk investment network community produced positive effect.The Conclusion basically solves this problem,a supplement to the study of the existing about the venture capital community network formation of influence factors of problems,to correctly understand the risk investment network community provide important practical value.To sum up,the contributions of this paper are shown as follows:First,this paper from the meso level Baotuan phenomenon of network community from the perspective of research on risk investment institutions,and extends the existing research perspective.Through the description of the specification of the meso level of risk investment network community,help to correctly understand the Chinese joint venture capital networks in the phenomenon of spatial agglomeration,enrich the whole and system of risk investment network level research.Second,systematic analysis and explore the factors influencing the formation of risk investment in the network community.By using a grounded theory approach,the factors that influence the risk investment into VC network community formation of heterogeneous resources,characteristics of venture enterprises,VC network characteristics and external investment scenario four.This study makes up for the lack of existing research,enrich the theory of venture investment in the network community.Third,factors influencing the formation of venture capital network community test.On the related theoretical analysis based on the proposed research hypotheses.Through CVSource database data collection and collation,on the formation of venture capital network community factors influencing effect tests and verifies the influence path of various factors.The research reveals the inherent law of the formation of venture capital network community,which lays a foundation for further study.