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| Research on the Evolution of Venture Capital Institutions Alliance Network and Joint Investment |
| Yang Ye1,Chen Rong1,Qiu Zhiyi2 |
| (1.School of Public Economics and Administration,Shanghai University of Finance and Economics,Shanghai 200433,China;2.School of Economics, Changzhou University, Changzhou 213163, China) |
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Abstract Based on the data of venture capital events in China Venture database,this paper constructs a quadratic model,empirically examines how the network location of venture capital institutions affects their joint investment strategies from the perspective of sub-group level of joint investment network,and examines the role of informal institutional evolution on the behavior of venture capital institutions.The results show that the relationship between network location and joint investment probability is inverted U-shaped,and the relationship between network location and cross-subgroup joint investment probability is positive U-shaped.That is to say,in the process of evolution of China's joint venture capital investment network,institutions with low network location tend to invest jointly,and they tend to seekoriginal joint partners; institutions with high network location tend to invest independently and are more inclined to seek cross-subgroup joint partners in joint investment.In the process of network evolution of venture capital in China,the change of network relationship alters the information channel of venture capital and affects investment decision-making.The government can consider the network spontaneously formed by the venture capital,and better cultivate the local venture capital market by mastering the evolution law of this informal institution.
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Received: 18 January 2021
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