有限合伙人网络位置与风险投资绩效

刘宁悦¹　李杨林²

（1. 北京理工大学管理与经济学院；2. 中国建设银行北京市分行）

　　内容提要：风险投资机构在中国股权投资市场中扮演了重要角色，风险投资行业逐渐呈现网络化发展趋势。本文研究有限合伙人网络位置与风险投资绩效的关系，在此基础上分析有限合伙人的政府引导基金背景、风险投资声誉以及外部市场化程度对这种关系的调节作用。研究结果显示：（1）有限合伙人网络中心度越高，对风险投资绩效的正向影响越显著；（2）政府引导基金背景、风险投资声誉及外部市场化程度均反向调节有限合伙人网络位置对风险投资绩效的正向影响；（3）风险投资机构里若有限合伙人数量多或风险投资注册地与被投资企业注册地为同一省份时，有限合伙人网络中心度高能够显著提高风险投资绩效。有限合伙人应注重自身的社会网络联结；监管机构在政策制定过程中需促进风险投资机构的长期健康发展，进一步提升风险投资机构退出绩效。

　　

　　关键词：风险投资；有限合伙人；社会网络；投资绩效；政府引导基金；声誉

　　作者简介：刘宁悦，北京理工大学管理与经济学院副教授，北京，100081；李杨林，中国建设银行北京市分行职员，北京，100053。

　　

　　基金项目：国家社会科学基金一般项目“机构投资者投资偏好与企业ESG绩效提升研究”（22BGL088）；教育部人文社会科学研究规划基金项目“风险投资社会网络对科创板企业创新的影响效果和作用机制研究”（21YJA630059）；科技部国家外国专家项目“风险投资社会网络对科创板企业创新的影响效果和作用机制研究”（G2022178001）

　　

　　引用格式：刘宁悦,李杨林.有限合伙人网络位置与风险投资绩效[J].经济与管理研究,2023,44(2):37-56.DOI:10.13502/j.cnki.issn1000-7636.2023.02.003.

　　

　　

Limited Partner Network Position and Venture Capital Performance

LIU Ningyue¹, LI Yanglin²

(1. Beijing Institute of Technology, Beijing 100081;

2. China Construction Bank of Beijing, Beijing 100053)

　　

　　Abstract: Venture capital funds play a significant role in the equity investment market and the development of high-tech start-ups in China. As regulators focus on cultivating institutional investors to actively participate in equity investments, limited partners present a new pattern, and venture capital develops a networking trend. Venture capital is embedded horizontally in the network of venture capital institutions and vertically in the network of limited partners formed by its investors. Most venture capital institutions in China exist in the form of limited partnerships, and the investment returns of limited partners are linked to the fund’s profits. Therefore, limited partners provide financial support for enterprises and indirectly participate in the operations of venture capital institutions, affecting investment decisions. This paper selects investment events conducted by venture capital funds in China from 2010 to 2020 as the research object from the CVSource database. Then, it investigates the relationship between the network position of limited partners and the performance of venture capital through the multiple regression model. In addition, this paper studies the moderating effect of the government-guided fund background of limited partners, the reputation of the venture capital firms, and the degree of external marketization on this relationship. The findings reveal that there is a positive relationship between the network position and the performance. Specifically, the government-guided fund background, the reputation of venture capital, and the degree of external marketization negatively moderate the positive impact of the network position on the performance. Moreover, the high centrality of the network can significantly improve the performance when venture capital institutions contain numerous limited partners, and when the venture capital institution and the investee enterprise are registered in the same province. This paper may have theoretical and practical implications. Theoretically, this paper focuses on the data of limited partners of venture capital, different from previous literature using the data of venture capital institutions. Additionally, it applies the social network theory and methodology to the field of limited partners of venture capital, providing a more comprehensive picture of the moderating effect of the government-guided fund background of the limited partner, the reputation of the venture capital, and the degree of external marketization. Practically, this paper provides valuable references for how venture capital improves investment performance and how entrepreneurs select venture capital.

　　

　　Keywords: venture capital; limited partner; social network; investment performance; government-guided fund; reputation