An Empiricial Research On The Impact Of Syndication Venture Capital Network On Growth Ability Of The IPO Enterprises

In recent years,national and local government gradually released policies to promote the development of venture capital.At the same time,local government provide information services cast more widely than previous years.The support from government creat a beneficial environment for venture capital market.The rapid development of the foreign institution set an good example for inner venture capital institutions.Domestic research mainally concentrated on how to measure the index of the network,and the position that the index measured brings what influence on the reward of the venture capital institutions.Foreign researchers distinguished the influence on enterprise growth between venture capital or syndication,but can not connected the structure of network to the enterprise growth,so this paper study on the syndication venture capital network,At first,this paper introduce the whole situation of the network,Then use cohesive subgroups analysis?core-periphery analysis?weak ties analysis to study the structure of network.At last,we found the important institutions in the network.Make preparations for the next step,Finally,this paper set five models to study if the position put influence on the enterprise growth.In empirical research part,This paper comprehensive use of qingke database,,Wind to auquire institutional data,the time span from 2004 to 2004,involving 3919 investment invents,including syndicational investment of 1227.This paper use 1227 data to draw everyear network in order to inspect our country's venture capital network.152 enterprises which acquire more than one venture capital institution's investment through IPO exit,and involved 295 syndicational venture capital institutions which as the data of correlation and regression analysis.From theory and empirical analysis,we learned that different institution has different positions,and different positions will put impact on the enterprises growth.Through the theoretical and empirical analysis,the following conclusions are drawn:(1)The scale of China's joint venture investment network is expanding,but the network density is gradually declining and no longer to focus on the core venture capital institutions,Venture capital institutions are on umbrella shape development.(2)The location of venture capital institutions in the network will be cast on the growth of enterprises have different effects.The degree centrality,betweenness degree,eigenvector centrality degree,structure hole effectiveness of venture capital institutions in the network have a significant positive impact on the growth of the invested enterprises.(3)the density of venture capital institutions between the core position is the largest.