Abstract
Based on the relevant data of joint investment from 2013 to 2017, this paper constructs a multivariate regression model, introduces the social network analysis method and the Bonacich Power Index to quantify the network attribute indicators of investment institutions, and empirically tests the influence of the role positioning of investment institutions on the value of start-up enterprises from the perspective of network. The research results show that the network centrality (relative centrality, closeness centrality) and the structural hole constraint of the joint venture capital network, as well as the leading and following investment position of investment institutions have a significant impact on the value of start-up enterprises. Additionally, the more central in the joint venture capital network the investment institutions are, the higher value of the start-up enterprises supported by them have; the more structural holes the investment institutions occupy, the higher value of the start-up enterprises supported by them have; the more prominent the leading position of the investment institutions is, the higher value of the start-up enterprises supported by them have. While, there is a negative relationship between the following investment position of investment institutions and the value of start-up enterprises supported by them.
Highlights
Socialism with Chinese characteristics has entered a new era
A high closeness centrality indicates that the investment institution has a greater influence in the aspects of information resource, rights, and reputation and this investment institution is located in the center of joint venture capital network
The network centrality and the structural hole constraint of the joint venture capital network, as well as the leading and following investment position of investment institutions have a significant impact on the value of start-up enterprises
Summary
Socialism with Chinese characteristics has entered a new era. China’s economy has shifted from high-speed growth to high-quality development. From the perspective of network, the research on the impact of the role positioning of venture capital institutions and the value of start-up enterprises can help to regulate investment behavior, and it has an important significance in theory and practice for guiding investment institutions to support the growth and sustainable development of start-up enterprises and promoting the development of innovative economy. (3) Based on the relevant data of joint venture capital, this paper constructs a multivariate regression model, empirically tests the impact of the role positioning of investment institutions on the value of start-up enterprises, so as to provide theoretical support and reference for the sustainable development of venture capital institutions and start-up enterprises in China The main contributions of this paper focus on the following three aspects: (1) from the perspective of network, based on the social network theory, this paper constructs a joint venture capital network, quantifies the network attributes of investment institutions, and explores the impact of network position of investment institutions on the value of start-up enterprises. (2) This paper introduces the Bonacich power index, measures the leading and following investment position of investment institutions in the network, and explores the impact of the role positioning of the investment institutions in the network on the value of the start-up enterprises. (3) Based on the relevant data of joint venture capital, this paper constructs a multivariate regression model, empirically tests the impact of the role positioning of investment institutions on the value of start-up enterprises, so as to provide theoretical support and reference for the sustainable development of venture capital institutions and start-up enterprises in China
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