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本文将网络嵌入性理论的结构嵌入性观点与关系嵌入性观点纳入到统一的研究框架内,基于我国2000-2013年联合风险投资数据,对联盟领导者投资比例与联盟成员网络嵌入性的关系进行量化研究,以探索网络嵌入性对联合风险投资信息优势的影响。研究表明:在我国经济转型背景下风险投资市场发展的初始阶段,联合风险投资中的领导者可通过网络位置获取较好的信息搜索能力,以增强联合投资的信息优势,而跟从者普遍缺乏此能力,但依靠跟从者内部“领头羊”的异质性信息资源以及与投资对象之间的信息共享关系可以强化相应的信息搜索优势;此外,联合投资规模的增加也有助于弥补投资信息缺口。
Based on the data of China’s joint venture investment from 2000 to 2013, the paper analyzes the relationship between the proportion of investment in alliance leaders and the embeddedness of alliance members in the network. Quantitative research to explore the impact of network embedded information on the advantages of joint venture capital. The research shows that in the initial stage of the development of venture capital market under the background of economic restructuring in our country, leaders in joint venture capital can obtain better information search ability through network location to enhance the information superiority of joint investment, while followers generally lack this Ability, but depending on follower “leader ” heterogeneous information resources and information sharing relationship with the investment object can strengthen the corresponding information search advantage; In addition, the increase in the size of the joint investment can also help to make up for investment information gap.