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Venture Capital’s Network Structure and Financial Return

Author: ZhouLing
Tutor: ZhangYuLi
School: Nankai University
Course: Business management
Keywords: Syndicate Social Network Analysis Venture Capital Investment Performance
CLC: F832.48;F224
Type: Master's thesis
Year: 2010
Downloads: 318
Quote: 0
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Abstract


Syndicate is a venture capital companies in order to reduce the risk of investment projects and access to investment income, the form of a corporate alliance formed through a joint investment. As an effective means to reduce risk, the Syndicate is widely used in commercial areas, especially in the field of venture capital. However, in sharp contrast with the widespread of the syndicate, the syndicate of how to influence the risk of return on invested enterprises is very inadequate. Venture capital enterprises generally being embedded in a network, affecting the performance of seniority factors not only from the economic aspects, and more from the social aspects. The widespread existence of syndicates how research Syndicate network of venture capital investment performance provides an opportunity. In this study, concerned about this topic ignored by most scholars. In this context, we propose two core issues: first, the syndicates help venture capital enterprises to reduce the risk of investment; Second, a syndication network of venture capital firms is how it affects the investment performance of the enterprise. According to the requirements of the social network analysis method, this paper proposed a conceptual model based syndication network mechanisms. That there are two different mechanisms: coupling mechanism and structural mechanisms in the formation of the Syndicate network of venture capital enterprises. Syndication network in different mechanisms for risk return on investment performance also varies. Institutional mechanisms, degrees of center and close to the center of the degree of the risks associated with investment enterprise project access qualifications directly related to coupling mechanism, the intermediary degrees and the risks associated with structural holes invested enterprises be enterprises impact on financial returns; to enterprise financial return can be achieved. The paper examines the impact of network structure variables on the financial return of the individual venture capital enterprises in syndication network. This thesis investment between 1987 to 2008, 108 new enterprises involved 1080 investment events (including 336 venture capital firms) based database and use social networking tools syndication network relevant indicators. Syndication network indicators of these venture capital firms, multiple regression analysis, the study found that the syndication network in the presence of coupling mechanism and structural mechanisms impact financial returns of venture capital firms.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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