The Impact Of Information Dissemination On Investment Performance In Venture Capital Network Community

Due to the widespread use of syndication,the venture capital practice in our country shows more prominent network characteristics.not only shows significant agglomeration phenomenon,more to highlight the performance of the syndication in space agglomeration.The joint partner selection preference of venture capital institutioms leads to significant "agglomeration" phenomenon in venture capital networks,and thus the division of high density subnets in the network,which called "network community".With the increasingly obvious advantage of network community,The focus on the theory of venture capital network has gradually shifted from the macro-overall level and the micro-ego level to the meso-community level.Following this new research hotspot,This paper from the perspective of network community,further explore the impact of information dissemination in venture capital network community on the VC's investment performance.Specifically,First,Combined with the structure and relation characteristics of the venture capital network community,this paper demonstrates that the venture capital within the community will actively communicate to it's community partners to share their information driven by the community's reputation and mutual incentive mechanism.Thus,In this circumstance,based on the main content of information dissemination,the information dissemination is divided into the project information dissemination and the experience information dissemination.Secondly,Based on social network theory,resource view theory,organizational learning theory,the analytical model of "information dissemination in venture capital network community-VC's knowledge acquisition-VC's investment performance" is constructed.Based on this model,The moderating effect of absorptive capacity on the relationship between knowledge acquisition and VC's performance was investigated.Then,based on the syndication data of China's venture capital industry 2000-2015,Completed the venture capital network construction,community identification,correlation variable measure,and the theoretical model and hypotheses of this paper are verified by multiple regression analysis,mediating effect model,moderating effect model,The conclusions are as follows:(1)The information dissemination has a significant impact on VC's investment performance in venture capital network community.Specifically,The impact of project information dissemination on VC's performance has a significant inverted U type,when the richness of the project information spreaded by the community members is in the middle level,VC's performance is the highest;the experience information dissemination has a significant positive effect on VC's performance,the moer experience information spread by the community members,more conducive to the improving of VC's performance.(2)The information dissemination has a significant influence on VC's knowledge acquisition in venture capital network community.Specifically,The impact of project information dissemination on the VC's knowledge acquisition has a significant inverted U type,when the richness of the project information spreaded by the community members is in the middle level,the highest level of VC's knowledge acquisition.The experience information dissemination has a significant positive effect on VC's knowledge acquisition,the moer experience information spread by community members,more conducive to the VC's knowledge acquisition.(3)The VC's knowledge acquisition has a significant positive impact on VC's investment performance,the higher the level of VC's knowledge acquisition,the higher of the VC's investment performance.(4)The VC's knowledge acquisition plays a partial mediating role in the impact of project information dissemination and experience information dissemination on the VC's investment performance.(5)Contrary to the research hypothesis,The absorptive capacity significantly negatively regulates the positive relationship between VC's knowledge acquisition and it's investment performance,the increase of VC's knowledge acquisition level is less significant to its performance enhance.