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| Research on the Relationship between Network Cohesion and Investment Performance of Venture Capital Firms |
| Yang Yanping,Liu Yaojun |
| (School of Management, Henan University of Technology, Zhengzhou 450001，China) |
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Abstract Based on the perspective of social network and resource-based view, the paper puts forward two elements that represent the resource attributes of venture capital firms(VCs), namely organizational ability and status. With 439 VCs collected from the Wind database as samples, the paper explores and tests the direct and regulating effects of network cohesion and resource attributes of VCs on investment performance. The results find that there is a significantly negative relationship between VCs' network cohesion and investment performance. VCs' organizational ability and status respectively and significantly promote investment performance. VCs' organizational ability significantly and negatively moderates the relationship between network cohesion and investment performance. VCs' status significantly and positively moderates the relationship between network cohesion and investment performance. VCs' organizational ability and status simultaneously determine the impact of network cohesion on investment performance. Therefore， VCs should eliminate unnecessary redundant links in time, optimize the relationship with partners, strive to enhance own ability of controlling the necessary resources, improve own position in the network, weigh the relationship between own resource attributes and network cohesion, and jointly consider own resources as well as investment environment, which are beneficial to ultimately improve VCs' investment performance.
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Received: 22 August 2019
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