Empirical Research On Venture Capital Network Position Property Affecting Enterprise Innovation Performance

As a new finance system, venture capital has been developing rapidly all over the world in the recent years.which make a greate contribution to the growth of country economy. With the rapid development of venture capital, more and more VCs make investment through joint-investment,and then form a syndicate joint investment network.The formation of the network can help VCs exchange resource and information, and then reduce transaction costs and information asymmetry in the network. Thus it provide more value-added services for enterprises,eventually improve innovation performance of enterprises.However.because of their different position in the network, their corresponding power and status are different, Thereby the information and resources which they obtain are different, eventually lead to different innovation performance of enterprises which VCs invest in. The study on venture capital network and its relationship between innovation performance is important to improve our country enterprises’s innovation performance and promote the implementation of innovation-driven development strategy.It has important academic value and application prospects.First,this article introduce the background and significance of the paper.Then undertake status analysis of venture capital network and enterprise’s innovation performance,find the deficiency of the previous study and the direction of this paper. Based on previous relate studies,we analysis the social network theory, technical innovation theory and financial innovation theory, explore the relationship between venture capital network and enterprise innovation performance,which can provide theory support and direction for the study of behind.Then we collect the joint investment events between 2009 and 2013,and construct venture capital network through the social network analysis methods.We choose the enterprises those have been backed by VCs and their IPO’s time are between January 2014 and June 2015 as a sample (the lag period is 1.5 years),and we construct evaluation index system of innovation performance based on C2R model of DEA,then measure the innovation performance.This article mainly research what effects the different position of VCs in the network have on innovation performance of the enterprises and the reason for this effect,furthermore we make a robust-test for the conclusion.In addition,this article also examines if the attributes of VCs themselves indirectly affect innovation performance of enterprises by affecting their centrality in the network.Finally, the main conclusions are as follows:network position property of venture capital institutions have an impact on enterprises innovation performance. In the three property of venture capital institutions which we researched, asset size and the character of ownership have a direct impact on innovation performance of enterprises which the VCs invest.But the working years indirectly affect innovation performance by affecting its centrality in venture capital networks. Moreover，based on the previous research,we put forward some suggestions for improving innovation performance of enterprises.