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数据分析与知识发现  2019, Vol. 3 Issue (12): 84-92    DOI: 10.11925/infotech.2096-3467.2019.0713
     研究论文 本期目录 | 过刊浏览 | 高级检索 |
创业投资网络核心社团的投资行为分析 *
阮平南1,王倩颖1,杨娟1(),魏云凤2
1 北京工业大学经济与管理学院 北京 100124
2 北京工业大学城市交通学院 北京 100124
Investing Behaviors of Core Communities in Venture Capital Network
Pingnan Ruan1,Qianying Wang1,Juan Yang1(),Yunfeng Wei2
1 The College of Economics and Management, Beijing University of Technology, Beijing 100124, China
2 The College of Metropolitan Transportation, Beijing University of Technology, Beijing 100124, China
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摘要 

【目的】分析核心社团的投资行为, 为创业投资机构选择联合投资伙伴提供决策参考。【方法】基于2006年-2017年中国创业投资事件数据, 运用R语言抽取联合投资矩阵构建创业投资网络, 运用Louvain算法和核社团结构系数辨识核心社团。【结果】核心社团之间在投资行业、投资地域和投资阶段上存在差异; 随时间窗后移, 核心社团成员越倾向投资信息服务和文化教育行业, 投资地域仍集中在发达地区, 投资阶段趋向初创期。【局限】仅根据联合投资构建网络, 没有考虑领投与跟投的关系。【结论】通过核心社团的辨识, 能够深入发现社团的投资行为差异及变化, 对实践有一定的指导意义。

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阮平南
王倩颖
杨娟
魏云凤
关键词 创业投资网络社团划分核心社团辨识投资行为    
Abstract

[Objective] This paper analyzes the investing behaviors of core communities, aiming to help venture capital institutions choose syndicate partners.[Methods] First, we collected events of venture capital investments in China from 2006 to 2017. Then, we used R to extract syndicate matrix and constructed the venture capital network. Finally, we identified the needed communities with Louvain algorithm and the core community structure coefficient. [Results] Various core communities were different in investing industries, areas and stages. Members of the core community increasingly invested in information services and cultural education industries from the developed regions at the initial stage. [Limitations] The proposed network was built according to the syndication, which did include the relationship between leading and following investments. [Conclusions] Identifying the core communities will help us understand the changing behaviors of the community’s investments.

Key wordsVenture Capital Network    Community Division    Core Community Identification    Investment Behavior
收稿日期: 2019-06-19     
中图分类号:  F830  
基金资助:*本文系国家社会科学基金面上项目“新时代背景下跨层次公司社会网络对双元创新的影响研究”(项目编号: 18GL090);北京市教委社科项目“北京市创业投资网络社团划分与投资引导策略研究”(项目编号: SM201810005003)
通讯作者: 杨娟     E-mail: yangjuan@bjut.edu.cn
引用本文:   
阮平南,王倩颖,杨娟,魏云凤. 创业投资网络核心社团的投资行为分析 *[J]. 数据分析与知识发现, 2019, 3(12): 84-92.
Pingnan Ruan,Qianying Wang,Juan Yang,Yunfeng Wei. Investing Behaviors of Core Communities in Venture Capital Network. Data Analysis and Knowledge Discovery, DOI:10.11925/infotech.2096-3467.2019.0713.
链接本文:  
http://manu44.magtech.com.cn/Jwk_infotech_wk3/CN/10.11925/infotech.2096-3467.2019.0713
图1  研究框架
图2  核心社团网络图演化
社团 节点 平均度 平均
加权度
平均
聚类系数
平均
路径长度
444 1 238 6 851 13.183 33.759 0.729 2.958
329 1 043 4 683 8.816 20.057 0.674 3.105
433 638 1 807 6.866 12.818 0.810 3.250
表2  核心社团复杂网络结构特征
投资行业 投资地域 投资阶段
社团
444
信息服务68.88%,
制造业13.59%,
文化教育11.17%
京津冀43.69%,
长三角30.38%,
珠三角12.14%
初创期43.89%, 扩张期33.42%, 种子期11.77%, 成熟期10.07%
社团
329
信息服务74.58%,
制造业10.97%,
文化教育8.34%
国外84.17%,
京津冀3.29%,
长三角2.36%
扩张期52.67%, 初创期39.81%, 成熟期5.43%, 种子期2.02%
社团
433
制造业56.7%,
信息服务28.53%,
文化教育8.71%
京津冀25.95%,
长三角24.4%,
国外21.17%
成熟期43.71%, 扩张期37.47%, 初创期16.83%, 种子期1.59%
表3  核心社团间投资行为对比
图3  核心社团投资行业演变
图4  核心社团投资地域演变
图5  核心社团投资阶段演变
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