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| The Impact of Venture Capital Network Communities Clustering and Reach on Successful Exit |
| Shi Lin1,2,Dang Xinghua1,Yang Qian2,Ran Xia2 |
| 1.School of Economics and Management, Xi'an University of Technology, Xi'an 710048,China;2.School of Economics and Management, Xi'an Technological University, Xi'an 710032,China |
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Abstract It becomes a new hot topic to research venture capital network from the medium perspective in theory domain. Based on the medium lever, that's network community, this paper investigates the impacts of venture capital network community clustering, reach, clustering and reach's interactive on successful exit. Using the sample data of CV source database from January 1,2005 to December 31,2015,and using multiple regression model, the results show that:the relationship of the venture capital network community clustering and successful exit has significantly inverted U type;the venture capital network community reach has a positive effect on successful exit;community reach positively moderates the inverted U type relationship between community clustering and successful exit. The research results have certain theoretical value and practical guiding significance to optimize venture capital network community structure and improve firm's investment performance.
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Received: 13 December 2016
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Corresponding Authors:
Shi Lin
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