Research On The Factors Affecting The Location Of Structural Holes By Venture Capital Institutions From The Perspective Of Network

Under the impetus of “double innovation” and “supply-side reform”,the venture capital industry has developed rapidly in China.Network development is one of the main forms of the development of venture capital industry.The formation of network relationship enables venture capital institutions to effectively identify,acquire and utilize investment opportunities,reducing investment risks and helping start-ups to grow better.Scholars have confirmed that venture capital institutions that span a better structural hole position in the network can obtain higher investment performance.This paper further analyzes the influencing factors of venture capital institutions spanning structural holes in the network from the network perspective.Based on social network theory and venture capital theory,this paper analyzes from four network perspectives of network location,network status,network content and multiple networks,and proposes four factors that influence the position of venture capital institutions in structural holes,including: Span the degree of structural holes,network status,specific knowledge resources and strong relationship networks,and analyzes the impact mechanism from the two dimensions of the incentives and constraints provided by the network and the purposeful chase behavior of the participants in the network.Next,this paper adopts a total of7498 venture capital investment events in the Beijing-Tianjin-Hebei region from 1992 to 2017,and a total of 5642 venture capital investment events in the Yangtze River Delta region to build venture capital networks to test the research hypothesis proposed.The results of the hierarchical regression of the regions are compared to arrive at the conclusions of the study.The main conclusions of this paper are as follows:The higher the degree of venture capital institutions spanning structural holes in the past,the higher the network status and the richer the specific knowledge resources,the less favorable for venture capital institutions to span more structural holes in the future.However,when further considering the adjustment effect of the strong relationship network with different strengths,it can be found that the strong relationship network will positively adjust the relationship between venture capital institutions' past spanning hole degree,network status,specific knowledge resources and the degree of structural hole spanned by venture capital institutions in the future.In particular,As the number of strong relationships increases to a certain extent,the higher the degree ofventure capital institutions spanning structural holes in the past,the higher the network status and the richer the specific knowledge resources,the more venture capital institutions tend to span more structural hole locations in the future.Finally,the paper also puts forward relevant suggestions to the government and relevant departments and venture capital institutions.