Venture capital,as an important source of financing for new energy start-ups,plays a significant role in the development of the new energy industry.Existing research lacks a multi-level discussion of the driving factors affecting venture capital in the new energy industry and has not deeply explored the formation mechanism of the new energy industry co-investment network.Therefore,taking China's new energy industry venture capital events from 2018 to 2023 as samples,a co-investment network is constructed.Based on the exponential random graph model,the formation mechanism of the new energy industry co-investment network is explored from three levels:individual,dyadic,and endogenous structure.The results show that venture capital institutions with state-owned backgrounds provide funds and policy support,high-reputation venture capital institutions attract high-quality project resources,and venture capital institutions with rich industry experience provide professional advice,all of which promote the formation of the co-investment network.Background homophily and regional homophily promote network formation,while experience homophily inhibits network formation.State-owned background homophily prompts venture capital institutions to form a joint force in terms of goals and strategies.Regional homophily promotes integration within industrial clusters.Experience homophily leads to strategy convergence and thinking limitations.Location embedding has a negative impact on network formation.The results provide a theoretical basis for venture capital institutions to select co-investment partners in the new energy industry and have reference value for the formulation of new energy industry venture capital policies.
New EnergyJoint Investment NetworkFormation MechanismExponential Random Graph Model
NETL
NSTL
万方数据
