Abstract: This paper builds a five-year mobile time window joint venture investment network based on China’s venture capital events from 1999 to 2018, and studies the structure and dynamic evolution of China’s venture capital network from a complex network perspective. It is found that in the nature of network relationships, the scale of China’s venture capital network is constantly increasing, and the network capabilities among institutions differ greatly, which is not conducive to the balanced development of the network. There is local compactness, and as the scale increases, the proportion of the largest connected component in the network also increases accordingly, and the institutions are mostly distributed in low-k kernel regions with low cohesion and high cohesion regions being few, which is not conducive to the construction of a tight venture capital network. In terms of network characteristics, from the perspective of two-step accessibility, the proportion of direct joint investment activities between institutions is small, and most institutions conduct joint investment activities through intermediary venture capital institutions. From the perspective of overall efficiency, the ability of China’s venture capital network to transfer information between institutions has not decreased with the increase of the network size, but has remained at a relatively stable level, instead. Finally, when the network is faced with random shocks, the scale of the network increases, the robustness and effectiveness of the network increases, too. When faced with deliberate shocks, the robustness is weakened, and there is a crisis of network function failure. This paper is a supplement to the existing literature, which also provides some suggestions for optimizing China’s venture capital network.

Key words: venture capital, complex network, network evolution, characteristic of network

摘要： 根据1999~2018年中国风险投资事件，构建了5年移动时间窗的联合风险投资网络，从复杂网络角度研究中国风险投资网络结构、特性及其动态演化规律。研究发现：在网络关系属性方面，中国风险投资网络规模在不断增大，机构之间网络能力差异性大，不利于网络的均衡发展；在网络结构层次方面，中国风险投资网络存在局部紧密性，并且，随着规模增大，网络中的最大连通成分占比也相应地增大，且机构多分布在凝聚性低的低 值核区域中，高凝聚区域少，不利于高紧密风险投资网络的构建；在网络特性方面，从两步内可达性看，机构之间进行直接联合投资活动占比小，机构之间多通过具有中介作用的风险投资机构来进行联合投资活动；从全局效率看，中国风险投资网络中机构之间传递信息的能力并没有随着网络规模的增大而减小，相反地保持在一个相对稳定的水平；在面对随机冲击时，网络规模越大，鲁棒性和有效性越强；在面对蓄意冲击时，鲁棒性在减弱，同时存在网络功能失效的危机。本文是对现有文献的补充，同时也给优化中国风险投资网络提出了一些参考意见。

关键词: 风险投资, 复杂网络, 网络演化, 网络特性