中国风险资本联合投资策略的差异化现象

发布时间：2018-10-29 18:35

【摘要】：本研究以社会网络分析视角讨论中国风险资本联合投资策略规避不确定性的网络结构机制,解析国有和非国有风投机构的联合投资倾向差异。由于国有风投机构的先天行政关联优势,非国有风投机构更需要利用合作网络抵抗风险,因而其联合投资现象更为普遍、合作关系更为紧密。随后引入圈子理论讨论合作关系网络,分析以主投者为中心的联合投资圈子中不同圈层的关系意义。中心者需要发展各圈层的合作者来应对不同情境下对抗风险的需求,各圈层的合作者有借由主投者降低不确定性、提升投资绩效、优化网结构位置的持久动力。其核心诉求基于中国式长线思维的经济考量,寻求长期、总体经济效益的提升。
[Abstract]:From the perspective of social network analysis, this study discusses the network structure mechanism of Chinese venture capital joint investment strategy to avoid uncertainty, and analyzes the differences of joint investment tendency between state-owned and non-state-owned venture capital institutions. Because of the inherent advantages of the state-owned venture capital institutions, non-state-owned venture capital organizations need to use the cooperative network to resist the risk, so the joint investment phenomenon is more common and the cooperation relationship is closer. Then we introduce the circle theory to discuss the cooperative relationship network and analyze the relationship significance of different circles in the joint investment circle with the main investor as the center. The center needs to develop the cooperators of each layer to deal with the need to confront the risk in different situations. The cooperators of each layer have the lasting power to reduce the uncertainty, improve the investment performance and optimize the location of the network structure by the main investors. Its core demand is based on the economic consideration of Chinese long-term thinking, seeking for the promotion of long-term and overall economic benefits.
【作者单位】：清华大学社会科学学院;中国科学技术发展战略研究院;
【基金】：清华大学校内自主科研项目(20121088015) 国家自然科学基金项目(71372053)
【分类号】：C912.3

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