Please wait a minute...
Data Analysis and Knowledge Discovery  2019, Vol. 3 Issue (12): 84-92    DOI: 10.11925/infotech.2096-3467.2019.0713
Current Issue | Archive | Adv Search |
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
Download: PDF(2552 KB)   HTML ( 3
Export: BibTeX | EndNote (RIS)      

[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     
Received: 19 June 2019      Published: 25 January 2020
ZTFLH:  F830  
Corresponding Authors: Juan Yang     E-mail:

Cite this article:

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.

URL:     OR

社团 节点 平均度 平均
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
投资行业 投资地域 投资阶段
初创期43.89%, 扩张期33.42%, 种子期11.77%, 成熟期10.07%
扩张期52.67%, 初创期39.81%, 成熟期5.43%, 种子期2.02%
成熟期43.71%, 扩张期37.47%, 初创期16.83%, 种子期1.59%
[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] Liu Huancheng. Analysis and Research on Development of Stock Network in Our Country[J]. 现代图书情报技术, 2002, 18(4): 69-72.
  Copyright © 2016 Data Analysis and Knowledge Discovery   Tel/Fax:(010)82626611-6626,82624938