Please wait a minute...
Advanced Search
数据分析与知识发现  2019, Vol. 3 Issue (12): 84-92     https://doi.org/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
全文: PDF (2552 KB)   HTML ( 10
输出: BibTeX | EndNote (RIS)      
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。

服务
把本文推荐给朋友
加入引用管理器
E-mail Alert
RSS
作者相关文章
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      出版日期: 2019-12-25
ZTFLH:  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, 2019, 3(12): 84-92.
链接本文:  
https://manu44.magtech.com.cn/Jwk_infotech_wk3/CN/10.11925/infotech.2096-3467.2019.0713      或      https://manu44.magtech.com.cn/Jwk_infotech_wk3/CN/Y2019/V3/I12/84
  研究框架
  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
  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%
  核心社团间投资行为对比
  核心社团投资行业演变
  核心社团投资地域演变
  核心社团投资阶段演变
[1] Manigart S, Lockett A, Meuleman M , et al. Venture Capitalists’ Decision to Syndicate[J]. Entrepreneurship Theory & Practice, 2006,30(2):131-153.
[2] Deli D N, Santhanakrishnan M . Syndication in Venture Capital Financing[J]. Financial Review, 2010,45(3):557-578.
[3] Castilla E J . Networks of Venture Capital Firms in Silicon Valley[J]. International Journal of Technology Management, 2003,25(1-2):113-135.
[4] Tykvová T, Schertler A . Cross-border Venture Capital Flows and Local Ties: Evidence from Developed Countries[J]. Quarterly Review of Economics & Finance, 2010,51(1):36-48.
[5] Hochberg Y V, Ljungqvist A, Vissing-Jørgensen A . Informational Holdup and Performance Persistence in Venture Capital[J]. The Review of Financial Studies, 2014,27(1):102-152.
[6] 周育红, 宋光辉 . 中国创业投资网络的动态演进实证[J]. 系统工程理论与实践, 2014,34(11):2748-2759.
[6] ( Zhou Yuhong, Song Guanghui . The Dynamic Evolution of Venture Capital Network in China[J]. Systems Engineering-Theory & Practice, 2014,34(11):2748-2759.)
[7] Abell P M, Nisar T M . Performance Effects of Venture Capital Firm Networks[J]. Management Decision, 2007,45(5):923-936.
[8] Hochberg Y V, Lindsey L A, Westerfield M M . Resource Accumulation Through Economic Ties: Evidence from Venture Capital[J]. Journal of Financial Economics, 2015,118(2):245-267.
[9] Gulati R, Lavie D, Madhavan R . How do Networks Matter? The Performance Effects of Interorganizational Networks[J]. Research in Organizational Behavior, 2011,31:207-224.
[10] 金永红, 章琦 . 中国风险投资网络的网络特性与社团结构研究[J]. 系统工程学报, 2016,31(2):166-177.
[10] ( Jin Yonghong, Zhang Qi . Network Characteristics and Community Structure of Chinese Venture Capital Networks[J]. Journal of Systems Engineering, 2016,31(2):166-177.)
[11] 罗吉, 党兴华 . 我国风险投资机构网络社群: 结构识别、动态演变与偏好特征研究[J]. 管理评论, 2016,28(5):61-72.
[11] ( Luo Ji, Dang Xinghua . Study on China’s VC Network Communities: Structure Recognition, Dynamic Evolution and Preference Features[J]. Management Review, 2016,28(5):61-72.)
[12] 罗家德, 秦朗, 周伶 . 中国风险投资产业的圈子现象[J]. 管理学报, 2014,11(4):469-477.
[12] ( Luo Jiade, Qin Lang, Zhou Ling . Circle in Chinese Venture Capital Industry[J]. Chinese Journal of Management, 2014,11(4):469-477.)
[13] Bubna A, Das S, Prabhala N R . What Types of Syndicate Partners do Venture Capitalists Prefer? Evidence from VC Communities[J]. Indian School of Business, 2013,10(21):1-61.
[14] 党兴华, 薛超凯, 施国平 . 风险投资网络社群行为研究述评与展望[J]. 科技进步与对策, 2016,33(18):156-160.
[14] ( Dang Xinghua, Xue Chaokai, Shi Guoping . A Review of Researches on the Behavior of Venture Capital Communities and Future Prospects[J]. Science & Technology Progress and Policy, 2016,33(18):156-160.)
[15] 党兴华, 胡玉杰, 王育晓 . 基于扎根理论的风险投资网络社群形成影响因素研究[J]. 科技进步与对策, 2016,33(19):14-20.
[15] ( Dang Xinghua, Hu Yujie, Wang Yuxiao . Research on the Influencing Factors of the Formation of Network Community of Venture Capital Based on the Grounded Theory[J]. Science & Technology Progress and Policy, 2016,33(19):14-20.)
[16] Rieder F . What Drives Venture Capital Syndication?[J]. Applied Economics, 2004,42(23):3089-3102.
[17] 罗吉, 党兴华 . 我国风险投资网络社群识别、群间差异与投资绩效研究[J]. 管理评论, 2017,29(9):48-58.
[17] ( Luo Ji, Dang Xinghua . China’s Venture Capital Network Communities Recognition, Differences Between the Communities and Investment Performance[J]. Management Review, 2017,29(9):48-58.)
[18] Xue C, Ping J, Dang X . The Dynamics of Network Communities and Venture Capital Performance: Evidence from China[J]. Finance Research Letters, 2019,28:6-10.
[19] He H, Yang B, Hu X . Exploring Community Structure in Networks by Consensus Dynamics[J]. Physica A: Statistical Mechanics and Its Applications, 2016,450:342-353.
[20] Seidman S B . Network Structure and Minimum Degree[J]. Social Networks, 1983(5):269-287.
[21] 胡天天, 戴航, 黄东旭 . 基于CN-M的邮件网络核心社团挖掘[J]. 计算机技术与发展, 2014,24(11):9-12.
[21] ( Hu Tiantian, Dai Hang, Huang Dongxu . Mining Core Community from Mail Network Based on CN-M[J]. Computer Technology and Development, 2014,24(11):9-12.)
[22] He X, Dong Y, Wu Y , et al. Structure Analysis and Core Community Detection of Embodied Resources Networks Among Regional Industries[J]. Physica A: Statistical Mechanics & Its Applications, 2017,479:137-150.
[23] Hochberg Y V, Ljungqvist A, Yang L U . Whom You Know Matters: Venture Capital Networks and Investment Performance[J]. Journal of Finance, 2007,62(1):251-301.
[24] Blondel V D, Guillaume J L, Lambiotte R , et al. Fast Unfolding of Communities in Large Networks[J]. Journal of Statistical Mechanics, 2008(10):155-168.
[25] 马海涛, 师玉朋 . 政府创业投资引导基金发展现状与制度改进[J]. 地方财政研究, 2016(5):4-8, 22.
[25] ( Ma Haitao, Shi Yupeng . Government Venture Capital Guiding Fund Development Status and System Improvement[J]. Sub National Fiscal Research, 2016(5):4-8, 22.)
[1] 刘焕成. 我国证券网络发展分析与研究[J]. 现代图书情报技术, 2002, 18(4): 69-72.
Viewed
Full text


Abstract

Cited

  Shared   
  Discussed   
版权所有 © 2015 《数据分析与知识发现》编辑部
地址:北京市海淀区中关村北四环西路33号 邮编:100190
电话/传真:(010)82626611-6626,82624938
E-mail:jishu@mail.las.ac.cn