Research On Dynamic Evolution And Influencing Factors Of Venture Capital Networks In China

In recent years,venture capital in the form of networking has played a decisive role in the development of China's entrepreneurial enterprises.Developed venture capital networks can better promote the transformation of scientific and technological achievements into actual productive forces,accelerate the in-depth development of innovation and entrepreneurship,and promote employment,thus driving the economic development of an entire region.However,as China's venture capital industry is booming and the number of venture capital firms in China is booming,problems such as increasing number of members in marginal areas,solidifying members in core areas and poor network quality are hidden.It is of great significance to study the dynamic evolution of China's venture capital network and analyze its causes to promote the healthy development of China's venture capital industry.On the basis of defining the concept of venture capital network,this paper reviews the literature on the formation,dynamic evolution and driving factors of network position change of venture capital network.Using all investment events and taking 5 years as a time window,the venture capital network graph of China from2008 to 2017 was constructed to analyze the dynamic evolution law of its core-edge structure.The most prominent attribute index in the network evolution process--the change of network position was taken as the entry point to analyze the driving factors of the dynamic evolution of the network: The network position,as the dependent variable.Four factors from the factor analysis--the reputation of venture capital firms,the reputation of venture capital firms' syndicate partners,network resource acquiring capability of venture capital firms,the degree of investment specialization of venture capital firms,as independent variables.To explore the influence factors of venture capital network position changes,and according to the research conclusion put forward suggestions on building the high quality venture capital network.The research conclusions are as follows :(1)China's venture capital network presents a law of constantly changing core-edge structure,with the number of corearea members basically unchanged and the number of edge area increasing sharply;Venture capital firms with domicile in China are in a dominant position over those with domicile outside China;Chinese venture capital firms present the situation of "equal shares" with foreign venture capital firms in the core area.The core members of venture capital network in China are not very close and the network quality needs to be strengthened.(2)The reputation of venture capital firms and syndicate partner reputation of venture capital firms have significant positive influence on the change of network position;The positive influence of network resource acquiring capability and specialization degree of venture capital firms on network position is not significant.