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Structure and Evolution of Venture Capital Network in China
JIN Yonghong, WANG Wei, XI Yuqin
2021, 30 (1):
40-53.
doi: 10.3969/j.issn.1005-2542.2021.01.004
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.
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