Research On Network Community Structure,Membership Turnover And Investment Performance In Venture Capital Network Community

With the rapid development of venture capital industry,all kinds of investment strategies came into being.The joint investment strategy is widely used in venture capital,which makes the relationship between venture capital institutions closer and closer.Due to the existence of partner selection preference,there are more closely connected substructure in the venture capital network-Network Community.In recent years,benefiting from the development of social network analysis tools and theories,more and more scholars begin to study the venture capital network.However,existing literature mainly study the effect of the network struture that venture capital firms(VCs)emhedded in on investmant performance from the whole network and the ego-network perspectivel and ignore the research of the network community in the meso level.There are obvious differences in the performance of venture capital firms within the network community and without the network community(Bubna,2013[1];Sullivan&Tang,2012[2]),so the network community perspective is of more significance.This study is based on the heterogeneity of resources,establishes a theory model about investment network community structure-membership turnover-investment performance,discusses the mediating role of membership turnover and the moderating role of the cognitive consistency.This paper are shown as follows:firstly,based on the reciprocity and trust and inequality theory,this paper analyzes the effect of network community structure and investment performance;based on the resource heterogeneity,vacancy chains model,this paper analyzes the intermediary effect of membership turnover between network community structure and investment performance;based on homogeneity theory,this paper analyzes the moderating effect of cognitive consistency of network community structure and membership turnover;Secondly,using the data of joint investment events from CVSource database from 2000 to 2015,this paper analyzes the direct effect,intermediary effect and moderating effect.The main conclusions of this paper are as follows:(1)there is U relationship between cohesion and investment performance,when the cohesion in the middle level,the investment performance of the highest;(2)there is U relationship between inequity and investment performance between U type relationship,when the inequity in the middle level,the investment performance of the highest;(3)membership turnover plays a mediating effect in the relationship between inequality and investment performance;(4)investment cognitive consistency plays positive moderating effect on the relationship between conhesion and membership turnover,investment cognitive consistency plays positive moderating effect on the relationship between inequality and membership turnover.