| In recent years,despite the rapid development of the Chinese economy,China’s weak market economy foundation,lack of independent innovation capacity,numerous problems left over from history and strong path dependence remain prominent.Therefore,the development of new and high-tech industries and the improvement of technological innovation capacity become an important strategic breakthrough to drive China’s economic development and promote the optimization and adjustment of economic structure.How to realize the economic growth pattern characterized by innovation and entrepreneurship is an important issue for the academic and practical circles to explore.Among them,venture capital enterprises under the new financial system are the important support to promote the development of new enterprises,and the huge energy engine to promote the implementation of China’s "Double Innovation Strategy ",which has attracted extensive attention.However,there is still a big gap between the investment performance of Chinese venture capital enterprises and that of developed countries.In this context,combined with the characteristics of venture capital enterprises,it is necessary and urgent to systematically and comprehensively study the influencing factors and their mechanism of investment performance.According to previous studies,it is an important way for enterprises to obtain competitive advantages by crossing organizational boundaries,cooperating with other enterprises,acquiring external knowledge through alliance network,and utilizing the integration and reconstruction of external knowledge and internal knowledge.Venture capital enterprises can use the knowledge,information and resources of three channels to act on the investment performance.Firstly,based on the investment experience,they can lay the internal knowledge foundation,improving the decision-making quality and learning ability.Secondly,based on relationship embedding,key resources are obtained from alliance partners to enhance information advantages.Thirdly,based on structural embedding,the search scope of external knowledge can be expanded from the alliance network to effectively fill the information gap and gain the competitive advantage.Combining with the Chinese context,analyzing the investment performance of venture capital companies from the perspective of knowledge sources is not only conducive to an in-depth,comprehensive,and systematic clarification of the sources and mechanisms of investment performance differences,but also provides a new perspective and research for investment performance direction.Based on the above analysis,based on organizational learning theory and social network theory,this paper explores the impact and mechanism of investment resources of three channels of venture capital companies—investment experience,relational embeddedness and structural embeddedness—on investment performance.Questions:(1)Venture capital enterprises have two investment forms: single investment mode and joint investment mode because of their unique "screening-investment-guidance-exit" circular operation process..As an important internal source of knowledge for venture capital enterprises,will investment experience affect investment performance due to different investment modes of venture capital enterprises? If so,what is the mechanism?(2)As one of the important external knowledge sources for venture capital enterprises,how does relationship embedding affect investment performance? Is it influenced by internal knowledge sources-investment experience and network structure characteristics-network density? Under the interaction between investment experience and network density,what will happen to the impact of relationship embedding on investment performance?(3)As another important source of external knowledge for venture capital enterprises,what is the mechanism of structure embedding on investment performance? Will it be influenced by two other sources of knowledge-investment experience and relationship embedding?In this paper,literature research and quantitative empirical analysis are used to answer the above questions one by one.The basic structure and main contents of this paper are as follows: chapter 1 is an introduction,which mainly introduces the research background,issues raised,research significance,basic concepts,research contents,research methods and possible innovations of this paper.Chapter 2 is the related theoretical basis and literature review.Firstly,it reviews the organizational learning theory and social network theory.Then it summarizes the related research of venture capital enterprises’ investment performance factors,organizational performance research based on organizational learning theory,organizational performance research based on relationship embeddedness,organizational performance research based on structure embeddedness and so on.Chapter 3 is the research on the investment experience and investment performance of Chinese venture capital enterprises.Chapter 4 is the research on relationship embeddedness and investment performance of Chinese venture capital enterprises.Chapter 5 is the research on the structural embeddedness and investment performance of Chinese venture capital enterprises.Chapter 6 is the main research conclusions,theoretical contributions,shortcomings and prospects.Based on the above theoretical analysis and empirical test,the main research conclusions are as follows:(1)Investment experience accumulated under different investment modes has different effects on performance.First,the experience of joint investment has a negative impact on the marginal effect of joint investment activities.Due to the high complexity of joint investment activities,the superficial similarity of each joint investment activity will conceal the essential difference of each joint investment activity,thus causing the misapplication of experience to joint investment.However,with the accumulation of experience and the learning feedback of joint investment activities,joint investment experience will bring experience reflection effect to the joint investment activities of enterprises,leading to the marginal effect of joint investment performance rising.Second,single investment experience has a positive impact on joint investment activities.Due to the lower complexity and more comprehensive and abundant causal inference information,the separate investment activities will provide valuable information for the joint investment activities and promote the improvement of the performance of the joint investment activities.(2)Relational embeddedness has a significant positive effect on investment performance,and investment experience,network density and their interaction play an important moderating role.Relational embeddedness has a steady promoting effect on investment performance,and investment experience strengthens the positive influence of relational embeddedness on investment performance.Network density weakens the positive effect of relational embeddedness on investment performance.Compared with the dense network,the investment experience in the sparse network has a stronger positive moderate effect on the relationship between relational embeddedness and investment performance.(3)Centrality and structural holes have a significant impact on investment performance,and investment experience and relational embeddedness play an important moderating role.The higher the centrality of venture capital enterprises is,the more they occupy the core position of investment network.They can obtain more information,have information advantages,and have higher reputation.They can attract more partners and more potential financing enterprises,so as to improve investment performance.The more structural holes the venture capital firms have,the less willing the partners are to share,and the more likely they are to behave opportunistically.The richer the investment experience,the weaker the negative effect of structure holes on investment performance.The higher the quality of the relationship with the alliance partners,the more significant the positive impact of centrality on investment performance.And the weaker the negative impact of structural holes on investment performance.The contribution of this paper lies in: First,based on the operation characteristics of venture capital enterprises and the role of investment experience,this paper classifies the attributes of investment experience,reveals the mechanism of the impact of investment experience on the investment performance of enterprises,explains the performance differences caused by the different capabilities of enterprises from the perspective of enterprise attributes,and expands the research field of organizational experience.Second,In this paper,relational embeddedness and investment experience,network density and their interactive attributes are put under the same research framework,and the main effect of relationship embeddedness on investment performance,as well as the regulatory effect of enterprise attribute,network attribute and their interaction are systematically analyzed.This paper clarifies the mechanism of the performance difference between the relational embeddedness of investment enterprises and investment performance due to the difference of enterprise attributes and network attributes,which provides empirical evidence for the paradox of relational embeddedness.Third,the three dimensions of structural embeddedness,relational embeddedness,and investment experience are placed in the same research framework.A comprehensive analysis of the main effects of structural embeddedness on investment performance,as well as the moderate effects of relational embeddedness and investment experience,confirms the negative impact of structural holes on investment performance,deepen the understanding of the relationship between various attributes of investment companies and investment performance,and enrich the research results of the joint investment network. |
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