As a key element of innovation and entrepreneurship investment and financing market, venture capital plays an important role in promoting the construction of innovation-oriented nation of China.At present, China's innovation and entrepreneurship is facing the problem of uneven distribution of service resources, especially the uneven distribution of financing proportion.However, as one of the key investment strategies for capital aggregation and resource exchange between venture capital companies, syndication has been widely applied in the venture capital industry and promoted the emergence of venture capital network with the trend of continuous dynamic adjustment.With the development of venture capital network, the partner selection preference of venture capital firms promotes the emergence of network community phenomenon, and with the passing of time, the phenomenon of community becomes more and more significant, and the number and scale of community increase significantly.Although existing researches have paid attention to venture capital network community, they have ignored its dynamic evolution process.Therefore, it is urgent to sort out the components of the research on the evolution of venture capital network community, integrate the causal relationship between the elements, realize the sustainable evolution of efficient venture capital network community, and optimize the ecological environment of innovation and entrepreneurship in China.#br#Existing studies have focused on the phenomenon of community in venture capital networks and the positive impact of community on the development of venture capital industry and new ventures, but there is still a lack of direct research on the evolution of community in venture capital networks.Although the influencing factors of syndication partner selection are somewhat similar to those of the evolution of venture capital network community, there are significant differences in subject scope and meaning dimension.In addition, existing researches focus on the the final result of evolution of venture capital network community, and pay little attention to the evolution process, and lack research to connect the evolution cause, evolution process and evolution result.#br#Using the method of in-depth interview, this paper collects data from the employees of representative venture capital companies,explores the influencing factors and paths of the evolution of venture capital network community based on the grounded theory, and extracts five categories of "two-dimensional proximity", "enterprise status", "community embeddedness", "community bond evolution" and "community structure evolution", and sort out "community evolution" as the core category.On the basis of this, the paper constructs the action path of "cause-process-result" and the overall model of the evolution of venture capital network community.#br#It is found that community embeddedness, two-dimensional proximity and firm status are the influential factors of the evolution of venture capital network communities with significant hierarchical differences.Firm status is the influential factor at the micro-subject level, including the market position and community position.Two-dimensional proximity, including geographic proximity and cognitive proximity, is the influencing factor at the binary-relation level.Community embeddedness, including relationship embeddedness and structure embeddedness, is an influential factor at the community level.The evolution of community ties is an essential element in the evolution of venture capital network community, including the dynamic of community ties from formation, maintenance to dissolution.The evolution of community structure is the element and final result of the evolution of venture capital network community, which can be directly presented through the network topology.Specifically, the evolution of community structure is finally reflected in the evolution of clustering, status asymmetry, and accessibility.Two-dimensional proximity, firm status, and community embeddedness directly affect the evolution of venture capital network community ties.The gradual accumulation of the evolution of venture capital network community ties leads the evolution of the venture capital network community structure.#br#This paper has constructed the path and overall model of the venture capital network community evolution, enriched the meso perspective of venture capital network research, integrated the research perspective of influencing factors on the evolution of venture capital network community and deepened the dynamic cognition of the venture capital network community.The results can provide suggestions for government departments to formulate relevant policies to promote venture capital and entrepreneurship, and improve the efficient operation of venture capital network communities.Researchers can carry out empirical research and simulation analysis on the basis of existing research conclusions, further verify the research conclusions of this paper, and combine qualitative research and quantitative research to enhance the scientific nature and effectiveness of the research conclusions.#br#
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