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本研究以社会网络分析视角讨论中国风险资本联合投资策略规避不确定性的网络结构机制,解析国有和非国有风投机构的联合投资倾向差异。由于国有风投机构的先天行政关联优势,非国有风投机构更需要利用合作网络抵抗风险,因而其联合投资现象更为普遍、合作关系更为紧密。随后引入圈子理论讨论合作关系网络,分析以主投者为中心的联合投资圈子中不同圈层的关系意义。中心者需要发展各圈层的合作者来应对不同情境下对抗风险的需求,各圈层的合作者有借由主投者降低不确定性、提升投资绩效、优化网结构位置的持久动力。其核心诉求基于中国式长线思维的经济考量,寻求长期、总体经济效益的提升。
This study discusses the network structure mechanism of China’s venture capital joint investment strategy to avoid the uncertainty from the perspective of social network analysis, and analyzes the differences of the joint investment tendencies between the state-owned and non-state-owned VC institutions. Due to the innate administrative advantages of state-owned venture capital institutions, non-state-owned venture capital firms also need to use cooperative networks to resist risks. As a result, their co-investment phenomenon is more common and the cooperation is more closely linked. Then introduced the theory of circle to discuss the network of cooperation and analyzed the significance of the relationship among different circles in the circle of co-investment centered on the main investors. The center needs to develop collaborators in all circles to deal with the needs of different risks in different situations. Collaborators in all circles have the persistent motivation to reduce the uncertainty by the main investors, improve the investment performance and optimize the network structure. Its core appeal is based on the economic considerations of long-term Chinese thinking, seeking long-term, overall improvement in economic efficiency.