Based on the data of China's venture capital market,this paper constructs a dataset of pairs of venture capital institu-tions,and studies the impact of past partnerships between venture capital firms on the formation and successful exit of venture capital institutions.The study found that the deeper the cooperative relationship in the past,the closer the partnership between the two venture capital institutions,and the less likely it is that the joint investment will be successfully exited.Through the mecha-nism test,it is found that the reason for this result is that venture capital institutions have a tendency to homogeneous.Further analysis of the joint venture capital network using Pajek software shows that the network location has a significant impact on the venture capital institution's partnership and successful exit.The conclusions of this paper have certain practical significance for venture capital practice,that is,when the successful exit performance of co-investment declines,venture capital institutions should try to break through the existing partnership.
NETL
NSTL
万方数据
