The Evolution And Influencing Factors Of Venture Capital Network In China

On the one hand,with the US scientific and technological innovation capacity to show a strong impetus to the economy,the academia have begun to study the reasons behind it,many scholars are surprised to find it is the venture capital network to accelerate the process of innovation in the US,which further promote the rapid growth of the US economy.After that,most scholars also show that the developed venture capital network is conducive to the efficient allocation of resources,improve the innovation ability of enterprises,promote employment,thus promoting the development of a regional economy.On the other hand,there is no doubt that China's GDP growth have slowed down.That innovation is necessary to achieve macroeconomic transformation and industrial upgrading.In the summer of 2014 in Davos Forum,Premier Li Keqiang proposed that "public entrepreneurship,Peoples innovation" for the first time;in March 2015,Xinhua News Agency issued a document,"The CPC Central Committee and State Council on deepening the reform of institutional mechanisms to accelerate the implementation of innovation-driven development strategy of a number of opinions",Innovation and entrepreneurship has been upgraded to national strategy to promote economic development;which shows that our government attaches great importance to innovation.So we'll want to know that whether China's venture capital network could efficiently allocate resources,improve their innovation capacity,promote employment,and ultimately promote economic development?On the basis of the existing research results,and from the perspective of venture capital theory and social network theory,In order to study the evolution of venture capital network in China,3376 PE / VC investment institutions of the 12262 round venture capital event were selected from January 1,2001 to December 31,2015 in this paper.First of all,using all the investment events to build the past years of China's venture capital network map,and putting the characteristics of venture capital institutions(ownership of the property,the location of the headquarters,the establishment of time,the government background,)into the network map to observe the regular pattern,we'll finds out the most important index in the process of network evolution is the ownership of venture capital institutions.We also found that with the number of venture capital institutions increasing,the quality of China's venture capital network is declining.Secondly,we established a regression model to verify the conclusion observed from the network map that with the increase of the number of private venture capital institutions which do not pay attention to the network,the overall quality of the network has a downward trend.The regression model selected three central index of the network and its logarithm as the explanatory variable,and took five ownership properties and their transformations as explanatory variables to analyzing the influence of the number that different nature of the venture capital institutions on the evolution of China's venture capital network.The results show that the number of Sino-foreign joint venture capital institutions will significantly improve the quality of venture capital networks in China,while the number of private venture capital institutions and the number of state-owned venture capital institutions makes the overall quality of China's venture capital network gradually lower.Finally,according to the above conclusions,we make some suggestions for government and private venture investment institutions.