Based on the investment event data in key core technology fields from 2017 to 2022,the impact of the government investment funds participation in venture capital(VC)funds in cooperation with chain owners on the structure and efficiency of the VC network is empirically examined with the help of an exponential random graph model.It is found that the structure of the VC network shows trends such as weakening expansion.Secondly,more robust post-investment management capabilities of lead investors,who are often linked to central government investment funds and occupy structural holes in venture capital networks.Finally,the knowledge potential gap and experience of being co-funded by the same industry chain owner are essential factors driving the partnership between lead and follow-on investors.The findings enrich the understanding of the strong collaboration between government investment funds and chain owners in the layout of key core technology areas.At the same time,it has a significant reference value for actively promoting the efficient investment behavior of VCs.
关键词
政府投资基金/链主/风险投资网络/指数随机图模型/投资效率
Key words
government investment funds/chain owners/venture capital network/ERGM/investment efficiency
万方数据