创投机构战略选择与投资绩效
|
摘要
近二十年来,我国创投市场日益繁荣的同时呈现投资阶段不断后移的显著特征,这一现象已严重影响了产业的健康发展,弱化创业投资对技术创新和区域经济发展应有的促进作用。另一方面,创投机构之间绩效分化明显,多数创投机构难以获得高绩效,即使是以往有着良好表现的创投机构,也面临保持持久竞争优势的巨大压力。目前,国外学界就创投机构战略选择和投资绩效提升形成了广泛探讨,但相关结论存在诸多争议；而国内学界仍将研究重点停留在产业经济外部性等宏观问题的论述上。结合我国创投产业发展的现实背景,相关研究亟待进一步深入。
为此,本研究聚焦于创业机构阶段战略选择与投资绩效的探讨,并结合高阶理论和网络理论,引入创投机构运作主体——创业投资家团队和创投机构运作环境——联合投资网络两大因素,就该主题开展多维度的理论拓展。在相关文献梳理和实地访谈的基础上,本文围绕以下几方面问题提出了相应的理论假设：(1)在未考虑运作主体和运作环境差异情况下,早期投资和后期投资如何作用于投资绩效?区别于以往研究,本文将投资绩效区分为投资效率和效益两个维度,讨论战略选择的影响。(2)创业投资家团队作为战略的决策者,在战略选择中的作用如何?同时,创业投资家团队是否会影响战略实施的结果?什么样的创业投资家团队能够从早期投资中获益?在借鉴高阶理论的基础上,本文区分了创业投资家团队背景和团队异质性两个特征维度进行机理假设。(3)联合投资网络作为战略实施的外部环境,其非均等性如何影响战略选择与投资绩效的关联,什么样网络位置下的创投机构能够从早期投资中获益?基于网络理论,本研究选取了网络中心性和结构洞两种位置进行理论建构。
在实证分析中,本研究通过由第三方数据库获得的69家创投机构2004-2007年相关数据,对理论框架以及23条假设进行验证,在微观研究普遍缺乏系统性实证研究的背景下,本研究具有一定的开拓性。
通过理论探讨和实证分析,本文主要得到以下四个方面的结论：(1)在未考虑运作主体和运作环境差异情况下,后期战略在投资效率和效益两方面都优于早期战略；(2)技术类背景团队和异质性团队会选择早期战略。而且技术类背景团队能够缓解早期战略对投资效率负面影响的同时,产生优于后期战略的投资效益。异质性团队仅能缓解早期战略对投资效率的负面影响,但对早期战略和投资效益的影响并不显著；(3)金融类背景团队和创业类背景团队在战略选择上并没有明显倾向,但金融类背景团队采取早期战略能够带来更好投资效率,并且产生优于后期战略的投资效益。团队创业类经历对于早期战略的投资收益存在负向影响；(4)网络中心地位能够大幅提高早期战略的投资效益,并超过后期战略,网络结构洞位置会进一步强化早期战略对投资效率的负面影响。
上述研究结论深化了创投机构战略选择与投资绩效的理解,使得本研究具有一定的探索意义。较其他相关研究而言,本文的创新之处体现在以下三个方面：(1)拓展了现有关于创业投资家团队投资决策的研究,同时证实了创业投资家团队对战略选择绩效影响的权变作用,丰富了高阶理论的研究思路。(2)明晰了联合投资网络对于战略选择与投资绩效关联的权变影响,证实了不同网络位置的差异化作用路径,并为网络理论中网络两面性的论述提供了借鉴。(3)对于战略选择与投资绩效的关联分析中发现,早期投资与两种创业投资家团队背景因素(技术类经历和金融类经历)以及网络中心性的耦合能够产生优于后期战略的投资效益。该研究所得为创投机构和政府的实践提供了良好参考。
当然,囿于研究者本身的学术素养,研究工作仍然存在诸多不足之处。对此,论文最后部分提出了本研究的局限性以及在未来还需要深入研究的若干问题。
In the past two decades, while the venture capital in China has been booming, it also has experienced the prominent phenomenon of retro-displacement in the investment stage, which has much at deteriorated the industry development and weakened the expected facilitation that investment should bring to the technological innovation and regional economic development. Meanwhile, the performance of venture capital firms differed from each other. It is difficult for most of venture capital firms to gain high performance; even those organizations with excellent investment records are facing tremendous pressure to maintain competitive advantage. Currently, there exist extensive discussions on the selection of venture capital strategy and investment performance improvement by foreign scholars, and many disputing conclusions have been achieved. At the time, domestic academic still focus their research on such macro problems as externalities of industry. Considering the practical background of venture capital industry of China, we believe that the relevant research should be started as soon as possible.
Therefore, this study focuses on the selection of investment stage strategy and the improvement of investment performance for venture capital firms, also it extends the theoretical research in multiple dimensions by combining Upper Echelons and Network theory, introducing the two factors, the venture capitalist team and syndication network. Based on the literature and field interviews, this thesis proposes the following assumptions. First, how do the early-stage investment and the late-stage investment impact on the investment performance, while the difference of initiatives and environment of venture capital firms are not taken into consideration? Differed from past research, this study discusses the impact of strategy selection in the two dimensions of investment performance:efficiency and effectiveness. Second, what is the function of venture capitalist team in the strategic decision making? Will the venture capitalist team affect the results of strategy implementation? Which kind of venture capitalist team will benefit from the early-stage investment? Referring to the Upper Echelons theory, this paper proposes assumptions by differentiating the two dimensions of the backgrounds and the heterogeneity of venture capitalist team. Third, how does the inequality of syndication network, being the external environment for strategy implementation, affect the relationship between strategic decision making and investment performance? Which kind of network location will enable venture capital firms benefit from the early-stage investment? Referring to the Network theory, this study built its theoretical framework based on the centrality as well as structure holes of network position.
In the empirical analysis, this study validated its theoretical framework and 23 hypotheses based on the data of 69 venture capital firms from 2004 to 2007 obtained through third-party database. The conclusion is pioneering to some extent considering the lack of systematic empirical analysis in the micro research.
Through theoretical discussion and empirical analysis, we've achieved 4 conclusions. First, both investment efficiency and effectiveness of late-stage investment are better than those of early-stage investment when the difference of initiatives and network environment of venture capital firms are not taken into consideration. Second, venture capitalist teams with technical background and heterogeneity prefer to early-stage investment. Teams with technical background can both alleviate the negative effect of early-stage investment on the investment efficiency and gain better investment effectiveness in the early-stage investment, while the teams with heterogeneity can only achieve the former. Third, teams with financial background and entrepreneurship have no obvious preference in investment stage. However, the former teams can achieve better investment efficiency and effectiveness in the early-stage investment, while the entrepreneurship experience will cause negative impact on the investment effectiveness in the early-stage investment. Fourth, network centralization can greatly improve the investment effectiveness in the early-stage investment, while the structure hole will strengthen the negative effects of early-stage investment on investment efficiency.
Conclusions listed above facilitated the understanding of relationship between strategic-decision making of venture capital firms and their investment performance. Differed from other research, the innovations of this paper are demonstrated as below: (1) This paper extended the research on the decision making process of venture capitalist teams, proved that the teams have contingent influence on the results of strategies, as well as enriched Upper Echelons theory; (2) This paper clarified the contingent effect of syndication network on the relationship between strategic-decision making and investment performance, and confirmed the differentiation of network location. Both provided reference to the discussion of the duel characteristics of network; (3) Based on the analysis of the relationship between strategic-decision making and investment performance, this paper found that the coupling of early-stage investment, the technical and financial backgrounds of venture capitalist teams as well as the network centralization will generate better investment effectiveness than that of later-stage investment, which provided positive reference to venture capital firms as well as governments.
Of course, regardless of the academic attainments, there are still a lot to be improved. In the last part of this paper, the author presents the limitations of this study and several issues that need to be studied in the future.
为此,本研究聚焦于创业机构阶段战略选择与投资绩效的探讨,并结合高阶理论和网络理论,引入创投机构运作主体——创业投资家团队和创投机构运作环境——联合投资网络两大因素,就该主题开展多维度的理论拓展。在相关文献梳理和实地访谈的基础上,本文围绕以下几方面问题提出了相应的理论假设：(1)在未考虑运作主体和运作环境差异情况下,早期投资和后期投资如何作用于投资绩效?区别于以往研究,本文将投资绩效区分为投资效率和效益两个维度,讨论战略选择的影响。(2)创业投资家团队作为战略的决策者,在战略选择中的作用如何?同时,创业投资家团队是否会影响战略实施的结果?什么样的创业投资家团队能够从早期投资中获益?在借鉴高阶理论的基础上,本文区分了创业投资家团队背景和团队异质性两个特征维度进行机理假设。(3)联合投资网络作为战略实施的外部环境,其非均等性如何影响战略选择与投资绩效的关联,什么样网络位置下的创投机构能够从早期投资中获益?基于网络理论,本研究选取了网络中心性和结构洞两种位置进行理论建构。
在实证分析中,本研究通过由第三方数据库获得的69家创投机构2004-2007年相关数据,对理论框架以及23条假设进行验证,在微观研究普遍缺乏系统性实证研究的背景下,本研究具有一定的开拓性。
通过理论探讨和实证分析,本文主要得到以下四个方面的结论：(1)在未考虑运作主体和运作环境差异情况下,后期战略在投资效率和效益两方面都优于早期战略；(2)技术类背景团队和异质性团队会选择早期战略。而且技术类背景团队能够缓解早期战略对投资效率负面影响的同时,产生优于后期战略的投资效益。异质性团队仅能缓解早期战略对投资效率的负面影响,但对早期战略和投资效益的影响并不显著；(3)金融类背景团队和创业类背景团队在战略选择上并没有明显倾向,但金融类背景团队采取早期战略能够带来更好投资效率,并且产生优于后期战略的投资效益。团队创业类经历对于早期战略的投资收益存在负向影响；(4)网络中心地位能够大幅提高早期战略的投资效益,并超过后期战略,网络结构洞位置会进一步强化早期战略对投资效率的负面影响。
上述研究结论深化了创投机构战略选择与投资绩效的理解,使得本研究具有一定的探索意义。较其他相关研究而言,本文的创新之处体现在以下三个方面：(1)拓展了现有关于创业投资家团队投资决策的研究,同时证实了创业投资家团队对战略选择绩效影响的权变作用,丰富了高阶理论的研究思路。(2)明晰了联合投资网络对于战略选择与投资绩效关联的权变影响,证实了不同网络位置的差异化作用路径,并为网络理论中网络两面性的论述提供了借鉴。(3)对于战略选择与投资绩效的关联分析中发现,早期投资与两种创业投资家团队背景因素(技术类经历和金融类经历)以及网络中心性的耦合能够产生优于后期战略的投资效益。该研究所得为创投机构和政府的实践提供了良好参考。
当然,囿于研究者本身的学术素养,研究工作仍然存在诸多不足之处。对此,论文最后部分提出了本研究的局限性以及在未来还需要深入研究的若干问题。
In the past two decades, while the venture capital in China has been booming, it also has experienced the prominent phenomenon of retro-displacement in the investment stage, which has much at deteriorated the industry development and weakened the expected facilitation that investment should bring to the technological innovation and regional economic development. Meanwhile, the performance of venture capital firms differed from each other. It is difficult for most of venture capital firms to gain high performance; even those organizations with excellent investment records are facing tremendous pressure to maintain competitive advantage. Currently, there exist extensive discussions on the selection of venture capital strategy and investment performance improvement by foreign scholars, and many disputing conclusions have been achieved. At the time, domestic academic still focus their research on such macro problems as externalities of industry. Considering the practical background of venture capital industry of China, we believe that the relevant research should be started as soon as possible.
Therefore, this study focuses on the selection of investment stage strategy and the improvement of investment performance for venture capital firms, also it extends the theoretical research in multiple dimensions by combining Upper Echelons and Network theory, introducing the two factors, the venture capitalist team and syndication network. Based on the literature and field interviews, this thesis proposes the following assumptions. First, how do the early-stage investment and the late-stage investment impact on the investment performance, while the difference of initiatives and environment of venture capital firms are not taken into consideration? Differed from past research, this study discusses the impact of strategy selection in the two dimensions of investment performance:efficiency and effectiveness. Second, what is the function of venture capitalist team in the strategic decision making? Will the venture capitalist team affect the results of strategy implementation? Which kind of venture capitalist team will benefit from the early-stage investment? Referring to the Upper Echelons theory, this paper proposes assumptions by differentiating the two dimensions of the backgrounds and the heterogeneity of venture capitalist team. Third, how does the inequality of syndication network, being the external environment for strategy implementation, affect the relationship between strategic decision making and investment performance? Which kind of network location will enable venture capital firms benefit from the early-stage investment? Referring to the Network theory, this study built its theoretical framework based on the centrality as well as structure holes of network position.
In the empirical analysis, this study validated its theoretical framework and 23 hypotheses based on the data of 69 venture capital firms from 2004 to 2007 obtained through third-party database. The conclusion is pioneering to some extent considering the lack of systematic empirical analysis in the micro research.
Through theoretical discussion and empirical analysis, we've achieved 4 conclusions. First, both investment efficiency and effectiveness of late-stage investment are better than those of early-stage investment when the difference of initiatives and network environment of venture capital firms are not taken into consideration. Second, venture capitalist teams with technical background and heterogeneity prefer to early-stage investment. Teams with technical background can both alleviate the negative effect of early-stage investment on the investment efficiency and gain better investment effectiveness in the early-stage investment, while the teams with heterogeneity can only achieve the former. Third, teams with financial background and entrepreneurship have no obvious preference in investment stage. However, the former teams can achieve better investment efficiency and effectiveness in the early-stage investment, while the entrepreneurship experience will cause negative impact on the investment effectiveness in the early-stage investment. Fourth, network centralization can greatly improve the investment effectiveness in the early-stage investment, while the structure hole will strengthen the negative effects of early-stage investment on investment efficiency.
Conclusions listed above facilitated the understanding of relationship between strategic-decision making of venture capital firms and their investment performance. Differed from other research, the innovations of this paper are demonstrated as below: (1) This paper extended the research on the decision making process of venture capitalist teams, proved that the teams have contingent influence on the results of strategies, as well as enriched Upper Echelons theory; (2) This paper clarified the contingent effect of syndication network on the relationship between strategic-decision making and investment performance, and confirmed the differentiation of network location. Both provided reference to the discussion of the duel characteristics of network; (3) Based on the analysis of the relationship between strategic-decision making and investment performance, this paper found that the coupling of early-stage investment, the technical and financial backgrounds of venture capitalist teams as well as the network centralization will generate better investment effectiveness than that of later-stage investment, which provided positive reference to venture capital firms as well as governments.
Of course, regardless of the academic attainments, there are still a lot to be improved. In the last part of this paper, the author presents the limitations of this study and several issues that need to be studied in the future.
引文
5 资料来源：China Venture《2007年中国创业投资市场研究报告》。
6 资料来源：引自http://www.zero2ipo.com.cn/n/2009-12-24/20091224100458.shtml。
7 资料来源：清科研究中心。该公司是目前国内一家有影响力的创业投资咨询机构,每年对全国创投机构进行评比并对外公布。
[1]A. Cherin and M. Hergert, Do venture capitalists create value? In:A test from the computer industry. B.A. Kirchhoff, W.A. Long, W.E. McMullan, K.H. Vesper and W.E. Wetzel, Jr., Editors, Frontiers of Entrepreneurship Research.Babson College, Wellesley, MA,1988:341-344.
[2]A. Zaheer and G. Soda, Network Evolution:The Origins of Structural Holes [J]. Administrative Science Quarterly.200954(1):1-31.
[3]Ahlstrom D, Bruton G D. Venture Capital in Emerging Economies:Networks and Institutional Change [J]. Entrepreneurship Theory and Practice.2006,30 (2) 299-320.
[4]Ahlstrom, D., Bruton G. D., and Chan, E. S., Venture capital in China: Ground-level challenges for high technology investing [J]. Journal of Private Equity..2000 (2):1-10.
[5]Ahlstrom, D., Yeh, K. S., and Bruton, G. D. Venture capital in China:High technology investing in an emerging economy. In Li, Haiyang (Ed.), Growth of new technology ventures in China's emerging marA:.Northampton, MA: Edward Elgar Publishing, Ltd.2006.
[6]Ahlstrom, Yeh and Bruton. Venture capital in China:Past, present, and future [J] Asia Pacific Journal of Management.2007,24 (3),247-268.
[7]Ahuja,G.Collaboration Networks,Structural Holes,and Innovation:A Longitudinal Study [J] Administrative Science Quarterly.2000 (45):425-455
[8]Aldrich, H. E.,& Fiol, C. M. Fools rush in? The institutional context of industry creation [J]. Academy of Management Review.1994 (19):645-670.
[9]Ammer, C. and D.S. Ammer, Dictionary of business& economics.The Free Press, 1984:406.
[10]Anderson, J.C.,&Narus,J.A. A Model of Distributor Firm and Manufacturing Firm Working Relationships [J].Journail of Marketing.1990,54(1):42-58.
[11]Annaleena Parhankangas; Tomas Hellstrom How experience and perceptions shape risky behaviour:Evidence from the venture capital industry[J]. Venture Capital.2007,9 (3):183-205.
[12]Anthony Aylward. Trends in Venture Capital Finance in Developing Countries, working paper,1999.
[13]Astrid Romain and Bruno Van Pottelsberghe, The economic impact of venture capital, Working Papers CEB 04-014.RS,2004.
[14]BA Jain,O Kini. Venture capitalist participation and the post-issue operating performance of IPO firms [J]. Managerial and decision economics.1995 (16): 593-606.
[15]Barney, J. B., Firm resources and sustained competitive advantage [J]. Journal of Management.1991(17):99-120.
[16]Barry, Christopher, Chris Muscarella, John Peavy, and Michael Vetsuypens., The role of venture capital in the creation of public companies:Evidence from the going-public process [J]. Journal of Financial Economics.1990(27):447-472.
[17]Bat Batjargal. Network triads:transitivity, referral and venture capital decisions in China and Russia [J]. Journal of International Business Studies.2007,38 (6): 998-1012.
[18]Batjargal.,Social Capital and Entrepreneurial Performance in Russia:A Longitudinal Study[J].Organization,Siudy.2003(5):423-441.
[19]Baum, Joel and Oliver, Christine Institutional Linkages and Organizational Mortality [J] Administrative Science Quarterly.1991 (36):187-218.
[20]Beck T., Demirguc-Kunt A. Levine R., Maksimovic V, Financial and Legal Constraints to Growth:Does Firm Size Matter? [J]. Journal of Finance.2005(60):137-177.
[21]Benjamin, B. and J. Podolny.Status, Quality and Social Order in the California Wine. Industry[J].A dministrative Science Quarlterly.1999 (44):563-589.
[22]Birmingham, C, Busenitz, L.W.,& Arthurs, J.D. The escalation of commitment by venture capitalists in reinvestment decisions [J]. Venture Capital.2003,5 (3):218-230.
[23]Birmingham, C, Effects of venture capital social advice networks on escalation of commitment [D].University of Oklahoma,2006.
[24]Bjorn Berggrenl, Christer Olofsson, Lars Silver., Syndication in the venture capital industry during different stages of the business cycle, working paper, 2002.
[25]Black BS, Gilson RJ. Does venture capital require an active stock market? [J]. Bank of America Journal of Applied Corporate Finance.1999(11):36-48.
[26]Brander, J. A., Amit, R. and Antweiler, W. Venture capital syndication:Improved venture selection versus the value-added hypothesis [J]. Journal of Economics and Management Strategy.2002,11(3):423-452.
[27]Brass, D. J. and M. E. Burkhardt.Centrality and Power in Organizations [M]. N. Nohria and R. Eccles (Eds.), Networks and Organizations:Structure, Form, and Action, Boston:Harvard Business School Press,1992.
[28]Bruton, G. D., Ahlstrom, D.,& Yeh, K., Understanding venture capital in East Asia:The impact of institutions on the industry today and tomorrow [J]. Journal of World Business.2004(29):72-88.
[29]Bruton, G. D., Dattani, M., Fung, M., Chow, C, and Ahlstrom, D. Private equity in China:Differences and similarities with the western model [J]. Journal of Private Equity.1999(1):7-13.
[30]Bruton, G. D., Fried, V.,& Manigart, S., Institutional influences on the worldwide expansion of venture capital [J]. Entrepreneurship Theory and Practice.2005(29):737-760.
[31]Bruton, Garry D.and David Ahlstrom. An institutional view of China's venture capital industry, explaining the difference between China and the West [J]. Journal of Business Venturing.2003(18):233-259.
[32]Bunderson, J.S & Sutcliffe, K.M. Comparing alternative conceptualizations of functional diversity in management teams:process and performance effects [J]. Academy of Management Journal.2002(45):875-893.
[33]Burgel, O.,UK Venture Capital and Private Equity as an Asset Class for Institutional Investors [M].London Business School Press, London,2000.
[34]Burt, R. S.The Network Structure of Social Capital [M].Harvard University Press,1992.
[35]Busenitz, Lowell W., James O.Fiet, and Douglas D.Moesel.Reconsidering the venture capitalists" value added" proposition:An interogranizational learning perspective [J]. Journal of Business Venturing.2004(19):787-807.
[36]Bygrave, W. D. Syndicated investments by venture capital firms:A networking perspective [J]. Journal of Business Venturing.1987(2):139-154.
[37]Bygrave, W. D. The structure of the investment networks of venture capital firms [J]. Journal of Business Venturing.1988,3 (2):137-157.
[38]Bygrave, W. D., and Timmons, J. A. Venture capital at the crossroads [M]. Boston, MA:Harvard University Press,1992.
[39]Carter, R.B., Van Auken, H.E. Venture capital firms' preferences for projects in particular stages of development [J]. Journal of Small Business Management. 1994 (32):60-73.
[40]Casamatta, C. and Haritchabalet, C. Experience, screening and syndication in venture capital investments, working paper,2007.
[41]Casamatta, C. and Haritchabalet, C. Learning and syndication in venture capital investments, working paper,2003.
[42]Cestone, G, and White, L. Anticompetitive financial contracting:The design of financial claims [J]. Journal of Finance.2003,58 (5):2109-2142.
[43]Cheng Hsiao. Benefits and limitations of panel data [J]. Econometric Reviews, Taylor and Francis Journals,19854(1):121-174.
[44]Christian Hopp and Finn Rieder.What Drives Venture Capital Syndication? Working Paper,2006.
[45]Claessens and Laeven. Financial development, property rights and growth [J]. Journal of Finance.2003 (58):2401-2436.
[46]Cochrane, John H.The risk and return of venture capital [J]. Journal of Financial Economics.2005,75(1):3-52.
[47]Coleman, J. Foundations of Social Theory [M]. Cambridge, MA:Belknap Press, 1990.
[48]Cooper, A., Woo, C, Dunkelberg, W. Entrepreneurs Perceived Changes for Success [J].Journal of Business Venturing.1988 (3):97-108.
[49]Covin, J.G., Slevin, D.P. A conceptual model of entrepreneurship as firm behavior [J] Entrepreneurship Theory& Practice.1991,16 (1):7-25.
[50]Cumming, D.J., Walz, U., Private equity returns and disclosure around the world. Working Paper,2004.
[51]Darrow, A.L., Kahl, D. R. A Comparison of Moderated Regression Techniques Considering Strength of Effect [J]. Journal of Management.1982(8):35-47.
[52]David J. Brophy and Mark W. Guthner., Publicly traded venture capital funds: implications for institutional "fund of funds" investors [J]. Journal of Business Venturing.1988(3):187-206.
[53]David Large a; Steven Muegge. Venture capitalists'non-financial value-added:an evaluation of the evidence and implications for research [J]. Venture Capital. 2008,10(1):21-53.
[54]David Large and Steven Muegge. Venture capitalists'non-financial value-added: an evaluation of the evidence and implications for research [J]. Venture Capital. 2008,10 (1):21-53.
[55]David T. Robinson and Toby Stuart, Financial Contracting in Biotech Strategic Alliances, working paper,2001.
[56]De Clercq, D. and Sapienza, H.J., Effects of Relational Capital and Commitment on Venture Capitalists'Perception of Portfolio Company Performance [J]. Journal of Business Venturing.2006(21):326-347.
[57]De Clercq, Dirk; Dimov, Dimo. Internal Knowledge Development and External Knowledge Access in Venture Capital Investment Performance [J]. Journal of Management Studies.2008,45 (3):585-612.
[58]De Clercq, Goulet P. K.; Kumpulainen M.; Makela M. Portfolio investment strategies in the Finnish venture capital industry:a longitudinal study [J]. Venture Capital.2001,3(1):41-62.
[59]Dewar, Robert and Jane Dutton.1986. The Adoption of Radical and Incremental Innovations:An Empirical Analysis [J]. Management Science.32(11): 1422-1433.
[60]Dimo Dimov and Dean A. Shepherd. Human capital theory and venture capital firms:exploring:"home runs" and "strike outs"[J]. Journal of Business Venturing.2005(20):1-21.
[61]Dimo Dimov and Dirk De Clercq., Venture Capital Investment Strategy and Portfolio Failure Rate:A Longitudinal Study [J]. Entrepreneurship Theory and Practice.2006(30):207-223.
[62]Dimo Dimov, DA Shepherd, KM Sutcliffe. Requisite expertise, firm reputation, and status in venture capital investment allocation decisions [J]. Journal of Business Venturing.2007,22 (4):481-502.
[63]Dorsch,M.J.,Swanson,S.R.,& Kelley,S.W.The Role of Relationship Quality in the Stratification of Vendors as Perceived by Customers [J]. Jo urnal of the Academy of Marketing Science.1998,26(2):128-142.
[64]DR Williams, WJ Duncan, PM Ginter. Structuring deals and governance after the IPO:Entrepreneurs and venture capitalists in high tech start-ups [J].Business Horizons.2006,49 (4):303-311.
[65]Dushnitsky, G. and M. J. Lenox.When Does Corporate Venture. Capital Investment Create Firm Value[J]. Journal of Business Venturing.2006(21):9-27.
[66]Dyer, J.H.,& Singh, H. The Relational View:Cooperative Strategy and Sources of Interorganizational Competitive Advantage [J]. Academy of Management Review.1998 (23):660-679.
[67]Echols, A. and Tsai, W. Niche and performance:The moderating role of network embeddedness [J].StrategicManagement Journal.2005(26):2\9-23S.
[68]Edward C. Prescott& Michael Visscher. Sequential Location among Firms with Foresight [J] Bell Journal of Economic.1977,8(2):378-393.
[69]Ehrlich, S.B. et al. After the Cash Arrives:A Comparative Study of Venture Capital and Private Investor Involvement in Entrepreneurial Firms [J]. Journal of Business Venturing.1994(9):67-82.
[70]Elango B., Vance H.Fried, Robert D.Hisrich, and Amy Polonchek., How venture capital differ [J]. Journal of Business Venturing.1995(10):157-179.
[71]Emilio J. Castilla, Hokyu Hwang. Mark Granovetter and Ellen Granovetter.2000. Social Networks in Silicon Valley. Chapter 11 in The Silicon Valley Edge:A Habitat for Innovation and Entrepreneurship [M]. edited by Chong-Moon Lee, William F. Miller, Henry Rowen, and Marguerite Hancock. Stanford:Stanford University Press.
[72]Emilio J. Castilla. Networks of Venture Capital Firms in Silicon Valley [J]. International Journal of Technology Management.2003,25 (1/2):136-150.
[73]Ferrier WJ.Navigating the competitive landscape:the drivers and consequences of competitive aggressiveness [J]. Academy of Management Jouranl.2001 (44):858-877.
[74]Fiet, J.O. Risk avoidance strategies in venture capital markets [J].Journal of Management.1995,2 (4):551-74.
[75]Finkelstein S, Hambrick DC. Top-management-team tenure and organizational outcomes:the moderating role of managerial discretion [J]. Administrative Science Quarterly.1990(35):484-503.
[76]Fiske, S.T., and S.E. Taylor. Social Cognition [M]. New York, NY:Random House,1984.
[77]Foss,N.J. Knowledge-based Approach to the Theory of the Firm:Some Critical Comments[J]. Organization Science.1996(7):470-476.
[78]Franke, M Gruber, D Harhoff, J Henkel. What you are is what you like--imilarity biases in venture capitalists'evaluations of start-up teams [J]. Journal of Business Venturing.2006,21(6):802-826.
[79]Fried, Vance H.and Robert D.Hisrich.Toward a model of venture capital investment decision making[J].Financial Management.1994,23 (3):28-37.
[80]Fund, B.R., Pollock, T.G., Baker, T.& Wowak, A. Who's the new kid? The process of becoming central in venture capitalist deal networks. In J.A.C. Baum & T.J. Rowley (Eds.) Advances in Strategic Management,25. London, UK: Emerald Publishing:2008:563-593.
[81]G. R. Salancik, J. Pfeffer, and J.P. Kelly. A contingent model of organizational influence [J].PacificSociological Review.19781):239-256.
[82]Gomes-Casseres,B. Groups Versrs Groups:How Alliance Network Compete[J]. Harvard Business Review.1994,72(4):62-74
[83]Gompers PA and Lerner J. The Venture Capital Cycle [M].MIT Press:Cambridge, MA,1999.
[84]Gompers PA. The rise and fall of venture capital [J]. Business and Economic History.1994(23):1-26.
[85]Gompers, Grandstanding in the venture capital industry [J]. Journal of Financial Economics.1996(42):133-156.
[86]Gonene. Rauf. Venture Capital:Key ingredient in high-tech startsups. DECD Observer, Nov.1984:11-15.
[87]Gorman, M., and Sahlman, W. What do venture capitalists do? [J].Journal of Business Venturing.1989(4):231-248.
[88]Granovetter, M., Economic action and social structure:the problem of embeddedness [J]. American Journal of Sociology.1985(91):481-510.
[89]Gulati, R., Alliance and networks [J].Strategic Management Journal.1998,19 (4):293-317.
[90]Gulati, R., Does familiarity breed trust? The implications of repeated ties for contractual choice in alliances [J]. Academy of Management Journal.1995(38): 85-112.
[91]Gulati, R., Lawrence, P. R. and Puranam, P. Adaptation in vertical relationships: beyond incentive conflict [J]. Strategic Management Journal.2005(26):415-40.
[92]Gupta, Anil K.and Harry J.Sapienza., Determinants of venture capital firms 'preferences regarding the industry diversity and geographic scope of their investments [J]. Journal of Business Venturing.1992(7):347-362.
[93]Haleblian, J. and S. Finkelstein.Top management team size, CEO dominance, and firm performance [J]. Academy of Management Journal.1993 (36):844-863.
[94]Hall, John. Venture capitalist decision making and the entrepreneur:An exploratory investigation [D].University of Georgia, Athens,1989.
[95]Hambrick, DC& Mason, PA, Upper echelons:The organization as a reflection of its top managers [J]. Academy of Management Review.1984 (9):193-206.
[96]Hanneman, Robert A. and Mark Riddle. Introduction to social network methods [M]. Riverside, CA:University of California, Riverside,2005.
[97]Heath, Chip and Amos Tversky, Preference and Belief:Ambiguity and Competence in Choice under Uncertainty [J]. Journal of Risk and Uncertainty.1991(4):5-28.
[98]Hellman, Thomas, and Manju Puri., The interaction between product and financing strategy:The role of venture capital [J].Review of Financial Studies. 2000(13):959-984.
[99]Higashide, H., and Birley, S., The consequences of conflict between the venture capitalist and the entrepreneurial team in the United Kingdom from the perspective of the venture capitalist [J]. Journal of Business Venturing.2002, 17(1):59-81.
[100]Hochberg, Yael, Alexander Ljungqvist, and Yang Lu., Whom you know matters: venture capital networks and investment performance [J]. Journal of Finance.2007(62):251-302.
[101]Holger Patzelt, Dodo zu Knyphausen-AufseBb. and Heiko T. Fischerc. Upper echelons and portfolio strategies of venture capital firms [J] Journal of Business Venturing, doi:10.1016/j jbusvent.2008.05.006.
[102]Hovland C I,Janis I L,and Kelley H. Communication and persuasion[M]. New Haven, CT:Yale University Press,1953.
[103]Huntsman, Blaine and James PP. Hoban, Jr. Investment in New Enterprise: Some Empirical Observations on Risk, Return and Market Structure [J]. Financial Management.1980(9):44-51.
[104]Isin Guler.A study of decision making, capabilities and performance in the venture capital industry [D].University of Pennsylvania,2003.
[105]Isin Guler.Throwing Good Money after Bad? Political and Institutional Influences on Sequential Decision Making in the Venture Capital Industry [J].Administrative Science Quarterly.2007 (52):248-285.
[106]J.M Podolny.Networks as the pipes and prisms of the market [J].American Journal of Sociology.2001(107):33-60.
[107]J.M Podolny, K.L Page.Network forms of organization [J] Annual Review of Sociology.1998(24):101-116.
[108]JA Timmons, WD Bygrave. Venture capital's role in financing innovation for economic growth [J]. Journal of Business Venturing.1986,1(2):161-176.
[109]Jaaskelainen venture capital sydination:synthesis and future directions, working paper.
[110]James R.Batkus. The determinants of success in venture capital finance [D].University of New Orleans,2004.
[111]Jesper L Christensen. The Development of Geographic Specialization of Venture Capital [J]. European Planning Studies.2007,15 (6):818-833.
[112]JesseReyes, State of The Market Private Equity and M&A[M].Thomson VentUre Eeonomjes,2003.
[113]Julie H, Soames J. Optimism bias about enveromental degradation:the role of the range of impact of precautions [M]. Journal of environmental Psychology.2001(21):17-30.
[114]Kalwani, M.U.,&Narayandas,N. Long-term Manufacturer-supplier Relationships:Do they Pay off for Supplier Firms?[J]. Journal of Marketing.1995,59(1):1-16.
[115]Kambil, A., Long, V. W., and Kwan, C. The seven disciplines for venturing in China [J]. Sloan Management Review.2006,47 (2):85-89.
[116]Karen A. Bantel and Susan E. Jackson, Top Management and Innovations in Banking:Does the Composition of the Top Team Make a Difference?[J]. Strategic Management Journal.1989 (10):107-124.
[117]Katila,R.. Technology Strategies for Growth and Innovation:a Study of Biotechnology Ventures[A]. In:Reynold, P.D.,et.al(Eds), Frontiers of Entrepreneurship Research [C].1997:405-418.
[118]Kirzner, Competition and Entrepreneurship [M] Chicago:University of Chicago Press,1973.
[119]Kogut, B., P. Urso and G.Walker, Emergent properties of a new financial market: American venture capital syndication,1965-2005 [J].Management Science.2007(53):1181-1198.
[120]Kogut,B.,& Zander, U. Knowledge of the Fiem,Combinative Capabilities, and the Replication of Technology[J].Organizaiton Sience.1992(3):383-397.
[121]Krueger, N., Dickson, P.R. How believing in ourselves increases risk taking: perceived self-efficacy and opportunity recognition [J]. Decision Sciences. 1994,25(3):385-400.
[122]L. Bottazzi. M. Da Rin. Venture capital in Europe and the financing of innovative companies [J]. Economic Policy.2002,17 (34):229-270.
[123]L.Bottazzi. M. Da Rin and T. Hellmann. Who are the active investors? Evidence from Venture Capital [J]. Journal of Financial Economics.2008,89 (3):488-512.
[124]Lerner, J. The Syndication of Venture Capital Investments [J].Journal of Financial Economics.1994(35):293-316.
[125]Li, Stan Xiao; Shipilov. Can You Have Your Cake and Eat It Too? Structural Holes Influence on Status Accumulation and Market Performance in Collaborative Networks [J] Administrative Science Quarterly.2008, 51(3):78-108.
[126]Lilien, G. and E.Yoon. The timing of competitive market entry:An exploratory study of new industrial products [J]. Management Science.1990(360:568-585.
[127]Lin, N. Social Resources and Strength of Ties:Structural Factors in Occupational Status Attainment [J]. Academy of management review.1981 (46):393-405.
[128]Lindsay, Noel J. Do business angels have an entrepreneurial orientation? [J]. International Journal of Entrepreneurial Finance.,2004,6 (2/3):223-242.
[129]Lockett, A and Wright, M. The Syndication of Venture Capital Investments [J]. Omega.2001 (29):375-390.
[130]Lulfesmann, C. Start-Up Firms Venture Capital Financing and Renegotiation [J]. Journal of Financial Management& Analysis.2000,13(1):1-15.
[131]M. Blau.Inequality and Heterogeneity:A Primitive Theory of Social Structure [M], Free Press, New York,1977.
[132]Macmillan IC and David M. Kulow and Roubina Khoylian., Venture Capitalists' Involvement in their Investments:Extent and Performance [J].Journal of Business Venturing.1988(4):27-47.
[133]MacMillan, I. C, Siegel, R.,& SubbaNarasimha, P. N. Criteria used by venture capitalist to evaluate new venture proposals [J]. Journal of Business Venturing.1985(1):119-128.
[134]Makadok, Richard Can first-mover and early-mover advantages be sustained in an industry with low barriers to entry/imitation? [J] Strategic Management Journal.1998(19):683-700.
[135]Manigart, S., Lockett, A., Meuleman, M., Wright, M., Landstrom, H. Braining, H., Desbrieres P, Hommel U.,Venture capitalists'decision to syndicate [J].Entrepreneurship Theory and Practice.2006(30):131-153.
[136]Manigart,S.,DeWaele,K.,Wright,M.,Robbie,K.,Desbrieres,P.,Sapienza,H.,Beekm an,A.,Determinants of required return in venture capital investments:a five-country study[J]. Journal of Business Venturing.2002(17):291-312.
[137]March, James G.& Shapira, Zur Managerial Perspectives on Risk and risk taking [J] Management Science.1987,33(11):1404-1418.
[138]Mason, C M and Harrison, R T.Closing the regional equity gap? A critique of the department of trade and industry's regional venture capital funds initiative [J]. Regional Studies.2003(37):855-868.
[139]Mayer, K Schoors, Y Yafeh. Sources of funds and investment activities of venture capital funds:evidence from Germany, Israel, Japan and the United Kingdom [J]. Journal of Corporate Finance.2005,11 (3):586-608.
[140]McDonald, M. L. and J. D. Westphal.Getting by with the Advice of Their Friends:CEOs' Advice Networks and Firms' Strategic Responses to Poor Performance [J] Administrative Science Quarterly.200348(1):1-32.
[141]McEvily and Zaheer. Bridging ties:A source of firm heterogeneity in competitive capabilities [J]. Strategic Management Journal.1999 (20):1133-1156.
[142]McNaughton, R.B. and Green, M.B. Patterns of Venture Capital Investment in the US, working paper,1989.
[143]Megginson, William, and Kathleen Weiss., Venture capitalist certification in initial public offerings [J]. Journal of Finance. 1991(46):879-903.
[144]Mehra, A., Dixon, A.L., Brass, D. J.,& Robertson, B. The social network ties of group leaders:Implications for group performance and leader reputation [J]. Organization Science.2006,17(1):64-79.
[145]Merrifield, D. B. New Business Incubators [J]. Journal of Business Venturing. 1987 (2):277-284.
[146]Mintzberg. Managers not MBAs:A hard look at the soft practice of managing and management development [M]. San Francisco:Berrett-Koehler,2004.
[147]Murray, A. I., Top Management Group Heterogeneity and Firm Performance [J] Strategic Management. Journal.1989,10(3):125-141.
[148]Nahata, R. Venture capital reputation and investment performance [J]. Journal of Financial Economics.2008,90(2):127-151.
[149]Naqi S and Hettihewa S., Venture Capital or Private Equity? The Asian Experience [J].Business Horizons.2001,50(4):335-344.
[150]Naqi, S. A resource exchange perspective of value added in venture capital firm/portfolio company network dyads[D] University of Wollongong, Australia,2002
[151]Norton, Edgar and Bernard H.Tenenbaum., Specialization versus diversification as a venture capital investment strategy [J].Journal of Business venturing.1993(8):431-442.
[152]P. Richard and H. Katayama, More capital, less venture [J].Forbes.1988,142 (11):94.
[153]Parkhe, A., Strategic alliance structuring:a game theoretic and transaction cost [J]. Academy of Management Journal.1993,36(4):794-830.
[154]Paul Gompers, Anna Kovner, Josh Lemer, and David Scharfstein. Specialization and Success:Evidence from Venture Capital, Working paper.
[155]Paul J. DiMaggio; Walter W. Powell.The Iron Cage Revisited:Institutional Isomorphism and Collective Rationality in Organizational Fields [J]American Sociological Review.1983 (48):147-160.
[156]Penrose.The Theory of the Growth of the Firm [M]. Oxford University Press, USA,1959.
[157]Peter Abell, Tahir M. Nisar.Performance Effects of Venture Capital Networks [J]. Management Decision.2007,45 (5):923-936.
[158]Piskorski, Mikolaj Jan. Positions of Power and Status:Reciprocity in the Venture Capital Industry, working paper,2007.
[159]Podolny, Joel M. Market Uncertainty and the Social Character of Economic Exchange[J].Administrative Science Quarterly.1994,39 (3):458-483.
[160]Portes A, Sensenbrenner J.1993. Embeddedness and immigration:notes on the social determinants of economic action[J].American Journal of Sociology. 98(6):1320-50.
[161]R da Silva Rosa, G Velayuthen, T Walter. The share market performance of Australian venture capital-backed and non-venture capital-backed IPOs [J]. Pacific-Basin Finance Journalr.2003,11 (2):197-218.
[162]R.E. Reagans, E.W. Zuckerman.Networks, diversity and performance:The social capital of R&D units [T].Organization Science.2001(12):502-517.
[163]Ray, Dennis M and Dominique V. Turpin., Venture capital in Japan [J].International Small Business Journal.1993,11 (4):39-56.
[164]Reagans, R., Zuckerman, E., McEvily, B. How to make the team:Social networks vs. demography as criteria for designing effective teams [J]. Administrative Science Quarterly.2004 (49):101-133.
[165]Rebecca Zarutskie. The role of top management team human capital in venture capital markets:Evidence from first-time funds [J]. Journal of Business Venturing, doi:10.1016/j.jbusvent.2008.05.008.
[166]Rhee, Mooweon. Network updating and exploratory learning environment. Journal of Management Studies [J].2004 (41):933-949.
[167]Riquelme, H. and T. Rickards. Hybrid conjoint analysis:An estimation probe [J]. Management Science.1992,45(5):621-632.
[168]Rosenstein J., Y. Bruno, D. Bygrave, and T. Taylor., the CEO, Venture Capitalists, and the Board [J]. Journal of Business Venturing.1993(8):99-113.
[169]Ruhnka, John C.Young, John E. A venture capital model of the development process for new ventures [J]. Journal of Business Venturing.1987,2 (2):167-184.
[170]Sapienza, Harry J and AK Gupta., Impact of agency risks and task uncertainty on venture capitalist-CEO interaction [J]. Academy of Management Journal.1994,37 (6):1618-1632.
[171]Sapienza, Harry J., Sophie Manigart, and Wim Vermeir., Venture capitalist governance and value added in four countries [J]. Journal of Business Venturing.1996,11:439-469.
[172]Schilit, W.K. Dream Makers and Deal Breakers-Inside the Venture Capital Industry [M]. Prentice-Hall, Inc.,1991.
[173]Shan,W., Walker, G.,&Kogut,B. Inerfirm Cooperation and Startup Innovation in the Biotechnology Industry[J]. Strategic Management Journal.1994(15): 387-394.
[174]Shane, S., Cable, D. Network Ties, Reputation, and the Financing of New Ventures [J].Management Science.2002,48(3):364-381.
[175]Shane, S., Prior Knowledge and the Discovery of Entrepreneurial Opportunities [J].Organizational Science.2000,11(4):448-469.
[176]Shepherd D. A. Learning from Business Failure:Proposition of Grief Recovery for the Self-Employed [J]. Academy of Management Review.2003,28 (2):318-328.
[177]Shepherd, D. A., and Andrew Zacharkis. A New Venture's Cognitive Legitimacy: A assessment by Customer [J]. Journal of Small Business Management. 2003,41(2):148-167.
[178]Sorensen O. Commercialization of Patents and External Financing during the R&D Phase [J]. Research Policy.2007,36(6):1052-1069.
[179]Sorensen, O. and T. Stuart, Syndication networks and the spatial distribution of venture capital investments [J]. American Journal of Sociology. 2001(106):1546-1588.
[180]Sorenson, O. and T. Stuart, Bringing the context back in:Settings and the search for syndicate partners in venture capital investing [J]. Administrative Science Quarterly.2008(53):266-294
[181]Stam, W.,& Elfring, T. Entrepreneurial orientation and new venture performance:the moderating role of intra-and extraindustry social capital [J]. Academy of Management Journal.2008(51):97-111.
[182]Steier, L., Greenwood, R.Entrepreneurship and the Evolution of Angel Financial Networks [J].Organization Studies.2000,21(1):163-192.
[183]Steven Klepper& Elizabeth Graddy, The Evolution of New Industries and the Determinants of Market Structure [J]. RAND Journal of Economics.2001 (1).
[184]Steven N. Kaplan and Per Stromberg. Characteristics, contracts, and actions: Evidence from venture capitalist analyses [J]. Journal of Finance.2004,59: 2177-2210.
[185]Steven N. Kaplan and Per Stromberg. How Do Venture Capitalists Choose Investments,2000, working paper.
[186]SW Lee, DJ Mullineaux. Monitoring, financial distress, and the structure of commercial lending syndicates [J]. Financial management.2004,33 (3) 107-130.
[187]Tihanyi, L., A. E. Ellstrand, C. M. Daily, and D. R. Dalton.Composition of the top management team and firm international diversification[J]. Journal of Management.2000,26(6):1157-1177.
[188]Trapido, Denis. Binding Conflict:Competitive Embeddedness in the Venture Capital Industry,working paper
[189]Tyebjee, T. T.,& Bruno, A. V., A model of venture capitalist investment activity [J]. Management Science.1984(30):1051-1066.
[190]Ueda& Hirukawa, Venture Capital and Industrial "Innovation", working paper,2002.
[191]Uzzi, B., Social Structure and Competition in Interfirm Networks:the Paradox of Embeddedness [J] Administrative Science Quarterly.1997,42 (1):35-67.
[192]Van de Ven, A. H. Central problem in the management of innovation [J]. Management Science.1986(32):590-607.
[193]Vermeulen, F. and Barkema, H., Learning through acquisitions [J]. Academy of Management JournaL2001,44(3):457-476.
[194]W.R. Scott.Introduction:Institutional theory and organizations[M], in W.R. Scott, S. Christensen (Eds),Sage Publications, Thousand Oaks, CA,1995
[195]Wellman, Barry Structure analysis inBarry Wellman and S.D.Berkowitz (eds.), Social structures [M].Cambridge:Cambridge Univeristy 1988:19-61.
[196]Wellman,B. The Community Question:The Intimate Networks of East Yorkers [J]. American Journal of Sociology.1979(84):1201-1031.
[197]William Sahlman. The structure and governance of venture capital organizations [J]. Journal of Financial Economics,1990,27:473-521.
[198]Wilson, Jack, The New-Venturers:Inside the High-Stakes World of Venture Capital [M]. Reading, Mass. Addison Wesley,1985.
[199]Wooldridge, J.M., Introductory Econometrics:A Modern Approach [M].Cincinnati, South-Western College Publishing.2006,
[200]Wright, M., K.Robbie and M., Albrington. Venture Capital in Europen [M].Stationary Office, London,1998.
[201]Wright, M., Lockett, A., The structure and Management of alliances:syndication in the venture capital industry [J]. Journal of management studies.2003,40 (8):2073-2102.
[202]Wright, M.Venture capital in China:A view from Europe [J]. Asia Pacific Journal of Management.2001,24 (3):269-281.
[203]Xi Han. The specialization choices and performance of venture capital funds [D].University of Washington,2007.
[204]Yael Hochberg, Alexander Ljungqvist, Yang Lu. Networking as a Barrier to Entry and the Competitive Supply of Venture Capital, working paper,2008.
[205]Yael V. Hochberg and Mark Westerfield. The Size and Specialization of Direct investment portfolios,working paper,2009.
[206]Zacharakis AL, GD Meyer. The potential of actuarial decision models Can they improve the venture capital investment decision? [J]. Journal of Business Venturing.2000,15 (4):323-346.
[207]Zacharakis, A.L., Shepherd, D.A., The nature of information and overconfidence on venture capitalists'decision making [J]. Journal of Business Venturing. 2001(16):311-332.
[208]Zhao,L.,&Aram,J D. Networking and Growth of Young Technology-intensive Ventures in China[J]. Journal of Business Venturing.1995(10):349-370.
[209]鲍承沛,风险投资行业绩效分析[D].浙江大学硕士论文,2003.
[210]彼得·德鲁克,巨变时代的管理[M].北京：机械工业出版社,2006.
[211]比格利夫、蒂蒙斯著,处于十字路口的风险投资——美国风险投资的回顾与展望[M].刘剑波等译.美国经济山西人民出版社,2001(9)
[212]蔡宁、徐梦周,我国创投机构投资阶段选择及其绩效影响的实证研究[J].中国工业经济.2009(10)：86-96.
[213]蔡幸娟,台湾地区创业投资事业专业经理人之投资评估准则研究[D].台湾国立台湾大学,1998.
[214]曾蔚、游达明、刘爱东和鲁小东,联合风险投资的价值溢出机理与案例分析[J].研究与发展管理.2008(4)：101-105.
[215]陈传明,孙俊华,企业家人口背景特征与多元化战略选择[J].管理世界.2008(5)：124-133.
[216]陈晓萍等,组织与管理研究的实证方法[M].北京大学出版社,2008.
[217]陈玉罡、王苏生、孙晓辉,创业投资退出方式的选择及影响因素研究综述[J]；技术经济.2007(3)：45-48.
[218]陈忠卫、常极,高层管理团队异质性理论的研究视角及其比较[J].统计与决策.2009(3)：173-176.
[219]戴志敏,国际风险资本运作、退出与多层次资本市场体系研究[D].浙江大学,2004
[220]邓行智,风险投资中的联合投资研究[D].西安理工大学,2006.
[221]丁云龙,风险投资的整全性及其网络化运行-以硅谷为例[J].科学学研究.2004(8)：411-418.
[222]范伯乃,现代创业投资运行与管理.上海：同济大学出版社,2002
[223]付玉秀,创业投资的风险管理机制研究[D].浙江大学博士论文,2003.
[224]冈珀斯、勒纳,风险投资周期[M].经济科学出版社,2002.
[225]高建、汪剑飞、魏平,企业技术创新绩效指标：现状、问题和新概念模型[J].科研管理.2004(25)：14-21.
[226]高展军、李垣,战略网络结构对企业技术创新的影响研究[J].科学学研究.2006,24(3)：474-479.
[227]古家军、胡蓓,企业高层管理团队特征异质性对战略决策的影响--基于中国民营企业的实证研究[J].管理工程学报.2008(3)：3-10.
[228]贺远琼、田志龙、陈昀,环境不确定性、企业高层管理者社会资本与企业绩效关系的实证研究[J].管理学报.2008,5(3)：423-429.
[229]贾生华、王敏、潘岳奇、邬爱其,创业投资对企业成长促进作用研究综述[J].江西社会科学.2009(6)：92-97.
[230]姜翰、杨鑫、金占明,战略模式选择对企业关系治理行为影响的实证研究-从关系强度角度出发[J].管理世界.2008(3)：115-125.
[231]李林艳,社会空间的另一种想象-社会网络分析的结构视野[J].社会学研究.2004(3)：64-75.
[232]李艺、刘文海,《中国风险投资战略与制度》[M].中国财政经济出版社,2003.
[233]李永周、马军伟,美国风险投资阶段后移的原因及影响李永周[J].科学管理研究.2005(2)：112-116.
[234]林融、葛四友,效率、效益及其关系的分析与思考[J].浙江大学学报(人文
社会科学版).1998(1)：20-26.
[235]刘曼红,风险投资：创新与金融[M].北京：中国人民大学出版社,1998.
[236]刘志阳、葛倩倩,创业投资网络研究综述[J].经济社会体制比较.2009(3)：180-185.
[237]罗国锋、谈毅、黄卫来,2007年国际风险投资研究特征及前沿动态综述[J].公共管理学报.2007(2)：112-121.
[238]吕斌、李国秋,从文献分析看近年我国的创业投资研究[J].商业研究.2005(23)：10-13.
[239]倪正东、孙力强,中国创业投资退出回报及其影响因素研究[J].中国软科学.2008(4)：48-56.
[240]欧阳慧、曾德明、张运生,国际化竞争环境中TMT的异质性对公司绩效的影响[J].数量经济技术经济研究.2003(12)：125-129.
[241]潘安娥,创业投资家素质培育研究[D].武汉理工大学博士论文,2007
[242]潘松挺,网络关系强度与技术创新模式的耦合及其协同演化[D].浙江大学博士论文,2009。
[243]彭华涛、谢冰,联合风险投资的网络特性与价值溢出机理分析[J].管理工程学报.2005(4)：48-51.
[244]彭新敏,企业网络对技术创新绩效的作用机制研究[D].浙江大学博士论文,2009.
[245]奇达夫、蔡文彬,社会网络与组织[M].中国人民大学出版社,2007.
[246]钱苹、张帏,我国创业投资的回报率及其影响因素[J].经济研究.2007(5)：78-90.
[247]青木昌彦,硅谷模式的信息与治理结构[J]；经济社会体制比较.2000(1)：19-28.
[248]沈仰斌、夏侯欣荣,台湾创投公司投资绩效之实证研究,2002年台湾财务学会年会.
[249]孙海法、伍晓奕,企业高层管理团队研究的进展[J].管理科学学报.2003,6(4)：82-89.
[250]汪少华、佳蕾,新创企业及浙江新创企业的创业基础与成长特征[J].南开管理评论.2003(6)：18-21.
[251]王松奇、王国刚,中国创业投资发展报告[M].中国财政经济出版社,2002.
[252]王晓娟,知识网络与集群企业竞争优势研究[D].浙江大学博士论文,2007.
[253]王宇,现代风险资本——催生知识经济的创新动力[M].中国金融出版社,2000.
[254]威廉米勒,硅谷优势--创新与创业精神的栖息地[M].人民出版社,2002.
[255]魏立群、王智慧,我国上市公司高管特征与企业绩效的实证研究[J].南开管理评论.2002(4)：16-22.
[256]温伟祥,网络视角下集群企业创业导向与绩效的关系研究[D].浙江大学博士论文,2007.
[257]温忠麟,调节效应与中介效应的比较和应用[J].心理学报.2005,37(2)：268-274.
[258]邬爱其,集群企业网络化成长机制：理论分析与浙江经验[M].中国社会科学出版社,2007.
[259]吴结兵,基于企业网络结构与动态能力的产业集群竞争优势研究[D].浙江大学博士论文,2006
[260]肖世明,中国基金高管团队与基金绩效关系研究[D].复旦大学博士论文,2008.
[261]徐宝林,风险资本家的风险理论[D]厦门大学博士论文,2009.
[262]杨瑞龙、杨其静,专用性、专有性与企业制度[J].经济研究.2001(3)：3-11.
[263]姚佐文、陈晓剑,风险资本家与企业家合作的博奕分析[J].预测.2001(5)：21-26.
[264]殷林森、胡文伟、李湛,创业投资双边道德风险研究前沿与思路探讨[J]。外国经济与管理.2007(6)：34-41
[265]张丰、张健,风险投资家背景与创业企业经营绩效关系分析——基于沪深A股的实证研究[J].价值工程.2009(4)：146-149.
[266]张建君、李宏伟,私营企业的企业家背景、多元化战略与企业业绩[J].南开 管理评论.2007,10(5)：12-25.
[267]张文慧、张志学、刘雪峰,决策者的认知特征对决策过程及企业战略选择的影响[J].心理学报.2005,37(3)：373-381.
[268]张玉利、杜国臣,创业的合法化悖论[J].中国软科学.2007(10)：47-58.
[269]张玉利、杨俊、任兵,社会资本、先前经验与创业机会-一个交互效应模型及其启示[J].管理世界.2008(7)：91-10.
[270]朱振坤、金占明,嵌入网络对新生者不利条件的影响-创业企业和风险投资网络的实证研究[J].清华大学学报(哲学社会科学版).2009,1(24)：61-72
[271]于谨凯、张婕,我国风险投资阶段选择的博弈分析[J].云南财经大学学报.2007(2)：40-45.
6 资料来源：引自http://www.zero2ipo.com.cn/n/2009-12-24/20091224100458.shtml。
7 资料来源：清科研究中心。该公司是目前国内一家有影响力的创业投资咨询机构,每年对全国创投机构进行评比并对外公布。
[1]A. Cherin and M. Hergert, Do venture capitalists create value? In:A test from the computer industry. B.A. Kirchhoff, W.A. Long, W.E. McMullan, K.H. Vesper and W.E. Wetzel, Jr., Editors, Frontiers of Entrepreneurship Research.Babson College, Wellesley, MA,1988:341-344.
[2]A. Zaheer and G. Soda, Network Evolution:The Origins of Structural Holes [J]. Administrative Science Quarterly.200954(1):1-31.
[3]Ahlstrom D, Bruton G D. Venture Capital in Emerging Economies:Networks and Institutional Change [J]. Entrepreneurship Theory and Practice.2006,30 (2) 299-320.
[4]Ahlstrom, D., Bruton G. D., and Chan, E. S., Venture capital in China: Ground-level challenges for high technology investing [J]. Journal of Private Equity..2000 (2):1-10.
[5]Ahlstrom, D., Yeh, K. S., and Bruton, G. D. Venture capital in China:High technology investing in an emerging economy. In Li, Haiyang (Ed.), Growth of new technology ventures in China's emerging marA:.Northampton, MA: Edward Elgar Publishing, Ltd.2006.
[6]Ahlstrom, Yeh and Bruton. Venture capital in China:Past, present, and future [J] Asia Pacific Journal of Management.2007,24 (3),247-268.
[7]Ahuja,G.Collaboration Networks,Structural Holes,and Innovation:A Longitudinal Study [J] Administrative Science Quarterly.2000 (45):425-455
[8]Aldrich, H. E.,& Fiol, C. M. Fools rush in? The institutional context of industry creation [J]. Academy of Management Review.1994 (19):645-670.
[9]Ammer, C. and D.S. Ammer, Dictionary of business& economics.The Free Press, 1984:406.
[10]Anderson, J.C.,&Narus,J.A. A Model of Distributor Firm and Manufacturing Firm Working Relationships [J].Journail of Marketing.1990,54(1):42-58.
[11]Annaleena Parhankangas; Tomas Hellstrom How experience and perceptions shape risky behaviour:Evidence from the venture capital industry[J]. Venture Capital.2007,9 (3):183-205.
[12]Anthony Aylward. Trends in Venture Capital Finance in Developing Countries, working paper,1999.
[13]Astrid Romain and Bruno Van Pottelsberghe, The economic impact of venture capital, Working Papers CEB 04-014.RS,2004.
[14]BA Jain,O Kini. Venture capitalist participation and the post-issue operating performance of IPO firms [J]. Managerial and decision economics.1995 (16): 593-606.
[15]Barney, J. B., Firm resources and sustained competitive advantage [J]. Journal of Management.1991(17):99-120.
[16]Barry, Christopher, Chris Muscarella, John Peavy, and Michael Vetsuypens., The role of venture capital in the creation of public companies:Evidence from the going-public process [J]. Journal of Financial Economics.1990(27):447-472.
[17]Bat Batjargal. Network triads:transitivity, referral and venture capital decisions in China and Russia [J]. Journal of International Business Studies.2007,38 (6): 998-1012.
[18]Batjargal.,Social Capital and Entrepreneurial Performance in Russia:A Longitudinal Study[J].Organization,Siudy.2003(5):423-441.
[19]Baum, Joel and Oliver, Christine Institutional Linkages and Organizational Mortality [J] Administrative Science Quarterly.1991 (36):187-218.
[20]Beck T., Demirguc-Kunt A. Levine R., Maksimovic V, Financial and Legal Constraints to Growth:Does Firm Size Matter? [J]. Journal of Finance.2005(60):137-177.
[21]Benjamin, B. and J. Podolny.Status, Quality and Social Order in the California Wine. Industry[J].A dministrative Science Quarlterly.1999 (44):563-589.
[22]Birmingham, C, Busenitz, L.W.,& Arthurs, J.D. The escalation of commitment by venture capitalists in reinvestment decisions [J]. Venture Capital.2003,5 (3):218-230.
[23]Birmingham, C, Effects of venture capital social advice networks on escalation of commitment [D].University of Oklahoma,2006.
[24]Bjorn Berggrenl, Christer Olofsson, Lars Silver., Syndication in the venture capital industry during different stages of the business cycle, working paper, 2002.
[25]Black BS, Gilson RJ. Does venture capital require an active stock market? [J]. Bank of America Journal of Applied Corporate Finance.1999(11):36-48.
[26]Brander, J. A., Amit, R. and Antweiler, W. Venture capital syndication:Improved venture selection versus the value-added hypothesis [J]. Journal of Economics and Management Strategy.2002,11(3):423-452.
[27]Brass, D. J. and M. E. Burkhardt.Centrality and Power in Organizations [M]. N. Nohria and R. Eccles (Eds.), Networks and Organizations:Structure, Form, and Action, Boston:Harvard Business School Press,1992.
[28]Bruton, G. D., Ahlstrom, D.,& Yeh, K., Understanding venture capital in East Asia:The impact of institutions on the industry today and tomorrow [J]. Journal of World Business.2004(29):72-88.
[29]Bruton, G. D., Dattani, M., Fung, M., Chow, C, and Ahlstrom, D. Private equity in China:Differences and similarities with the western model [J]. Journal of Private Equity.1999(1):7-13.
[30]Bruton, G. D., Fried, V.,& Manigart, S., Institutional influences on the worldwide expansion of venture capital [J]. Entrepreneurship Theory and Practice.2005(29):737-760.
[31]Bruton, Garry D.and David Ahlstrom. An institutional view of China's venture capital industry, explaining the difference between China and the West [J]. Journal of Business Venturing.2003(18):233-259.
[32]Bunderson, J.S & Sutcliffe, K.M. Comparing alternative conceptualizations of functional diversity in management teams:process and performance effects [J]. Academy of Management Journal.2002(45):875-893.
[33]Burgel, O.,UK Venture Capital and Private Equity as an Asset Class for Institutional Investors [M].London Business School Press, London,2000.
[34]Burt, R. S.The Network Structure of Social Capital [M].Harvard University Press,1992.
[35]Busenitz, Lowell W., James O.Fiet, and Douglas D.Moesel.Reconsidering the venture capitalists" value added" proposition:An interogranizational learning perspective [J]. Journal of Business Venturing.2004(19):787-807.
[36]Bygrave, W. D. Syndicated investments by venture capital firms:A networking perspective [J]. Journal of Business Venturing.1987(2):139-154.
[37]Bygrave, W. D. The structure of the investment networks of venture capital firms [J]. Journal of Business Venturing.1988,3 (2):137-157.
[38]Bygrave, W. D., and Timmons, J. A. Venture capital at the crossroads [M]. Boston, MA:Harvard University Press,1992.
[39]Carter, R.B., Van Auken, H.E. Venture capital firms' preferences for projects in particular stages of development [J]. Journal of Small Business Management. 1994 (32):60-73.
[40]Casamatta, C. and Haritchabalet, C. Experience, screening and syndication in venture capital investments, working paper,2007.
[41]Casamatta, C. and Haritchabalet, C. Learning and syndication in venture capital investments, working paper,2003.
[42]Cestone, G, and White, L. Anticompetitive financial contracting:The design of financial claims [J]. Journal of Finance.2003,58 (5):2109-2142.
[43]Cheng Hsiao. Benefits and limitations of panel data [J]. Econometric Reviews, Taylor and Francis Journals,19854(1):121-174.
[44]Christian Hopp and Finn Rieder.What Drives Venture Capital Syndication? Working Paper,2006.
[45]Claessens and Laeven. Financial development, property rights and growth [J]. Journal of Finance.2003 (58):2401-2436.
[46]Cochrane, John H.The risk and return of venture capital [J]. Journal of Financial Economics.2005,75(1):3-52.
[47]Coleman, J. Foundations of Social Theory [M]. Cambridge, MA:Belknap Press, 1990.
[48]Cooper, A., Woo, C, Dunkelberg, W. Entrepreneurs Perceived Changes for Success [J].Journal of Business Venturing.1988 (3):97-108.
[49]Covin, J.G., Slevin, D.P. A conceptual model of entrepreneurship as firm behavior [J] Entrepreneurship Theory& Practice.1991,16 (1):7-25.
[50]Cumming, D.J., Walz, U., Private equity returns and disclosure around the world. Working Paper,2004.
[51]Darrow, A.L., Kahl, D. R. A Comparison of Moderated Regression Techniques Considering Strength of Effect [J]. Journal of Management.1982(8):35-47.
[52]David J. Brophy and Mark W. Guthner., Publicly traded venture capital funds: implications for institutional "fund of funds" investors [J]. Journal of Business Venturing.1988(3):187-206.
[53]David Large a; Steven Muegge. Venture capitalists'non-financial value-added:an evaluation of the evidence and implications for research [J]. Venture Capital. 2008,10(1):21-53.
[54]David Large and Steven Muegge. Venture capitalists'non-financial value-added: an evaluation of the evidence and implications for research [J]. Venture Capital. 2008,10 (1):21-53.
[55]David T. Robinson and Toby Stuart, Financial Contracting in Biotech Strategic Alliances, working paper,2001.
[56]De Clercq, D. and Sapienza, H.J., Effects of Relational Capital and Commitment on Venture Capitalists'Perception of Portfolio Company Performance [J]. Journal of Business Venturing.2006(21):326-347.
[57]De Clercq, Dirk; Dimov, Dimo. Internal Knowledge Development and External Knowledge Access in Venture Capital Investment Performance [J]. Journal of Management Studies.2008,45 (3):585-612.
[58]De Clercq, Goulet P. K.; Kumpulainen M.; Makela M. Portfolio investment strategies in the Finnish venture capital industry:a longitudinal study [J]. Venture Capital.2001,3(1):41-62.
[59]Dewar, Robert and Jane Dutton.1986. The Adoption of Radical and Incremental Innovations:An Empirical Analysis [J]. Management Science.32(11): 1422-1433.
[60]Dimo Dimov and Dean A. Shepherd. Human capital theory and venture capital firms:exploring:"home runs" and "strike outs"[J]. Journal of Business Venturing.2005(20):1-21.
[61]Dimo Dimov and Dirk De Clercq., Venture Capital Investment Strategy and Portfolio Failure Rate:A Longitudinal Study [J]. Entrepreneurship Theory and Practice.2006(30):207-223.
[62]Dimo Dimov, DA Shepherd, KM Sutcliffe. Requisite expertise, firm reputation, and status in venture capital investment allocation decisions [J]. Journal of Business Venturing.2007,22 (4):481-502.
[63]Dorsch,M.J.,Swanson,S.R.,& Kelley,S.W.The Role of Relationship Quality in the Stratification of Vendors as Perceived by Customers [J]. Jo urnal of the Academy of Marketing Science.1998,26(2):128-142.
[64]DR Williams, WJ Duncan, PM Ginter. Structuring deals and governance after the IPO:Entrepreneurs and venture capitalists in high tech start-ups [J].Business Horizons.2006,49 (4):303-311.
[65]Dushnitsky, G. and M. J. Lenox.When Does Corporate Venture. Capital Investment Create Firm Value[J]. Journal of Business Venturing.2006(21):9-27.
[66]Dyer, J.H.,& Singh, H. The Relational View:Cooperative Strategy and Sources of Interorganizational Competitive Advantage [J]. Academy of Management Review.1998 (23):660-679.
[67]Echols, A. and Tsai, W. Niche and performance:The moderating role of network embeddedness [J].StrategicManagement Journal.2005(26):2\9-23S.
[68]Edward C. Prescott& Michael Visscher. Sequential Location among Firms with Foresight [J] Bell Journal of Economic.1977,8(2):378-393.
[69]Ehrlich, S.B. et al. After the Cash Arrives:A Comparative Study of Venture Capital and Private Investor Involvement in Entrepreneurial Firms [J]. Journal of Business Venturing.1994(9):67-82.
[70]Elango B., Vance H.Fried, Robert D.Hisrich, and Amy Polonchek., How venture capital differ [J]. Journal of Business Venturing.1995(10):157-179.
[71]Emilio J. Castilla, Hokyu Hwang. Mark Granovetter and Ellen Granovetter.2000. Social Networks in Silicon Valley. Chapter 11 in The Silicon Valley Edge:A Habitat for Innovation and Entrepreneurship [M]. edited by Chong-Moon Lee, William F. Miller, Henry Rowen, and Marguerite Hancock. Stanford:Stanford University Press.
[72]Emilio J. Castilla. Networks of Venture Capital Firms in Silicon Valley [J]. International Journal of Technology Management.2003,25 (1/2):136-150.
[73]Ferrier WJ.Navigating the competitive landscape:the drivers and consequences of competitive aggressiveness [J]. Academy of Management Jouranl.2001 (44):858-877.
[74]Fiet, J.O. Risk avoidance strategies in venture capital markets [J].Journal of Management.1995,2 (4):551-74.
[75]Finkelstein S, Hambrick DC. Top-management-team tenure and organizational outcomes:the moderating role of managerial discretion [J]. Administrative Science Quarterly.1990(35):484-503.
[76]Fiske, S.T., and S.E. Taylor. Social Cognition [M]. New York, NY:Random House,1984.
[77]Foss,N.J. Knowledge-based Approach to the Theory of the Firm:Some Critical Comments[J]. Organization Science.1996(7):470-476.
[78]Franke, M Gruber, D Harhoff, J Henkel. What you are is what you like--imilarity biases in venture capitalists'evaluations of start-up teams [J]. Journal of Business Venturing.2006,21(6):802-826.
[79]Fried, Vance H.and Robert D.Hisrich.Toward a model of venture capital investment decision making[J].Financial Management.1994,23 (3):28-37.
[80]Fund, B.R., Pollock, T.G., Baker, T.& Wowak, A. Who's the new kid? The process of becoming central in venture capitalist deal networks. In J.A.C. Baum & T.J. Rowley (Eds.) Advances in Strategic Management,25. London, UK: Emerald Publishing:2008:563-593.
[81]G. R. Salancik, J. Pfeffer, and J.P. Kelly. A contingent model of organizational influence [J].PacificSociological Review.19781):239-256.
[82]Gomes-Casseres,B. Groups Versrs Groups:How Alliance Network Compete[J]. Harvard Business Review.1994,72(4):62-74
[83]Gompers PA and Lerner J. The Venture Capital Cycle [M].MIT Press:Cambridge, MA,1999.
[84]Gompers PA. The rise and fall of venture capital [J]. Business and Economic History.1994(23):1-26.
[85]Gompers, Grandstanding in the venture capital industry [J]. Journal of Financial Economics.1996(42):133-156.
[86]Gonene. Rauf. Venture Capital:Key ingredient in high-tech startsups. DECD Observer, Nov.1984:11-15.
[87]Gorman, M., and Sahlman, W. What do venture capitalists do? [J].Journal of Business Venturing.1989(4):231-248.
[88]Granovetter, M., Economic action and social structure:the problem of embeddedness [J]. American Journal of Sociology.1985(91):481-510.
[89]Gulati, R., Alliance and networks [J].Strategic Management Journal.1998,19 (4):293-317.
[90]Gulati, R., Does familiarity breed trust? The implications of repeated ties for contractual choice in alliances [J]. Academy of Management Journal.1995(38): 85-112.
[91]Gulati, R., Lawrence, P. R. and Puranam, P. Adaptation in vertical relationships: beyond incentive conflict [J]. Strategic Management Journal.2005(26):415-40.
[92]Gupta, Anil K.and Harry J.Sapienza., Determinants of venture capital firms 'preferences regarding the industry diversity and geographic scope of their investments [J]. Journal of Business Venturing.1992(7):347-362.
[93]Haleblian, J. and S. Finkelstein.Top management team size, CEO dominance, and firm performance [J]. Academy of Management Journal.1993 (36):844-863.
[94]Hall, John. Venture capitalist decision making and the entrepreneur:An exploratory investigation [D].University of Georgia, Athens,1989.
[95]Hambrick, DC& Mason, PA, Upper echelons:The organization as a reflection of its top managers [J]. Academy of Management Review.1984 (9):193-206.
[96]Hanneman, Robert A. and Mark Riddle. Introduction to social network methods [M]. Riverside, CA:University of California, Riverside,2005.
[97]Heath, Chip and Amos Tversky, Preference and Belief:Ambiguity and Competence in Choice under Uncertainty [J]. Journal of Risk and Uncertainty.1991(4):5-28.
[98]Hellman, Thomas, and Manju Puri., The interaction between product and financing strategy:The role of venture capital [J].Review of Financial Studies. 2000(13):959-984.
[99]Higashide, H., and Birley, S., The consequences of conflict between the venture capitalist and the entrepreneurial team in the United Kingdom from the perspective of the venture capitalist [J]. Journal of Business Venturing.2002, 17(1):59-81.
[100]Hochberg, Yael, Alexander Ljungqvist, and Yang Lu., Whom you know matters: venture capital networks and investment performance [J]. Journal of Finance.2007(62):251-302.
[101]Holger Patzelt, Dodo zu Knyphausen-AufseBb. and Heiko T. Fischerc. Upper echelons and portfolio strategies of venture capital firms [J] Journal of Business Venturing, doi:10.1016/j jbusvent.2008.05.006.
[102]Hovland C I,Janis I L,and Kelley H. Communication and persuasion[M]. New Haven, CT:Yale University Press,1953.
[103]Huntsman, Blaine and James PP. Hoban, Jr. Investment in New Enterprise: Some Empirical Observations on Risk, Return and Market Structure [J]. Financial Management.1980(9):44-51.
[104]Isin Guler.A study of decision making, capabilities and performance in the venture capital industry [D].University of Pennsylvania,2003.
[105]Isin Guler.Throwing Good Money after Bad? Political and Institutional Influences on Sequential Decision Making in the Venture Capital Industry [J].Administrative Science Quarterly.2007 (52):248-285.
[106]J.M Podolny.Networks as the pipes and prisms of the market [J].American Journal of Sociology.2001(107):33-60.
[107]J.M Podolny, K.L Page.Network forms of organization [J] Annual Review of Sociology.1998(24):101-116.
[108]JA Timmons, WD Bygrave. Venture capital's role in financing innovation for economic growth [J]. Journal of Business Venturing.1986,1(2):161-176.
[109]Jaaskelainen venture capital sydination:synthesis and future directions, working paper.
[110]James R.Batkus. The determinants of success in venture capital finance [D].University of New Orleans,2004.
[111]Jesper L Christensen. The Development of Geographic Specialization of Venture Capital [J]. European Planning Studies.2007,15 (6):818-833.
[112]JesseReyes, State of The Market Private Equity and M&A[M].Thomson VentUre Eeonomjes,2003.
[113]Julie H, Soames J. Optimism bias about enveromental degradation:the role of the range of impact of precautions [M]. Journal of environmental Psychology.2001(21):17-30.
[114]Kalwani, M.U.,&Narayandas,N. Long-term Manufacturer-supplier Relationships:Do they Pay off for Supplier Firms?[J]. Journal of Marketing.1995,59(1):1-16.
[115]Kambil, A., Long, V. W., and Kwan, C. The seven disciplines for venturing in China [J]. Sloan Management Review.2006,47 (2):85-89.
[116]Karen A. Bantel and Susan E. Jackson, Top Management and Innovations in Banking:Does the Composition of the Top Team Make a Difference?[J]. Strategic Management Journal.1989 (10):107-124.
[117]Katila,R.. Technology Strategies for Growth and Innovation:a Study of Biotechnology Ventures[A]. In:Reynold, P.D.,et.al(Eds), Frontiers of Entrepreneurship Research [C].1997:405-418.
[118]Kirzner, Competition and Entrepreneurship [M] Chicago:University of Chicago Press,1973.
[119]Kogut, B., P. Urso and G.Walker, Emergent properties of a new financial market: American venture capital syndication,1965-2005 [J].Management Science.2007(53):1181-1198.
[120]Kogut,B.,& Zander, U. Knowledge of the Fiem,Combinative Capabilities, and the Replication of Technology[J].Organizaiton Sience.1992(3):383-397.
[121]Krueger, N., Dickson, P.R. How believing in ourselves increases risk taking: perceived self-efficacy and opportunity recognition [J]. Decision Sciences. 1994,25(3):385-400.
[122]L. Bottazzi. M. Da Rin. Venture capital in Europe and the financing of innovative companies [J]. Economic Policy.2002,17 (34):229-270.
[123]L.Bottazzi. M. Da Rin and T. Hellmann. Who are the active investors? Evidence from Venture Capital [J]. Journal of Financial Economics.2008,89 (3):488-512.
[124]Lerner, J. The Syndication of Venture Capital Investments [J].Journal of Financial Economics.1994(35):293-316.
[125]Li, Stan Xiao; Shipilov. Can You Have Your Cake and Eat It Too? Structural Holes Influence on Status Accumulation and Market Performance in Collaborative Networks [J] Administrative Science Quarterly.2008, 51(3):78-108.
[126]Lilien, G. and E.Yoon. The timing of competitive market entry:An exploratory study of new industrial products [J]. Management Science.1990(360:568-585.
[127]Lin, N. Social Resources and Strength of Ties:Structural Factors in Occupational Status Attainment [J]. Academy of management review.1981 (46):393-405.
[128]Lindsay, Noel J. Do business angels have an entrepreneurial orientation? [J]. International Journal of Entrepreneurial Finance.,2004,6 (2/3):223-242.
[129]Lockett, A and Wright, M. The Syndication of Venture Capital Investments [J]. Omega.2001 (29):375-390.
[130]Lulfesmann, C. Start-Up Firms Venture Capital Financing and Renegotiation [J]. Journal of Financial Management& Analysis.2000,13(1):1-15.
[131]M. Blau.Inequality and Heterogeneity:A Primitive Theory of Social Structure [M], Free Press, New York,1977.
[132]Macmillan IC and David M. Kulow and Roubina Khoylian., Venture Capitalists' Involvement in their Investments:Extent and Performance [J].Journal of Business Venturing.1988(4):27-47.
[133]MacMillan, I. C, Siegel, R.,& SubbaNarasimha, P. N. Criteria used by venture capitalist to evaluate new venture proposals [J]. Journal of Business Venturing.1985(1):119-128.
[134]Makadok, Richard Can first-mover and early-mover advantages be sustained in an industry with low barriers to entry/imitation? [J] Strategic Management Journal.1998(19):683-700.
[135]Manigart, S., Lockett, A., Meuleman, M., Wright, M., Landstrom, H. Braining, H., Desbrieres P, Hommel U.,Venture capitalists'decision to syndicate [J].Entrepreneurship Theory and Practice.2006(30):131-153.
[136]Manigart,S.,DeWaele,K.,Wright,M.,Robbie,K.,Desbrieres,P.,Sapienza,H.,Beekm an,A.,Determinants of required return in venture capital investments:a five-country study[J]. Journal of Business Venturing.2002(17):291-312.
[137]March, James G.& Shapira, Zur Managerial Perspectives on Risk and risk taking [J] Management Science.1987,33(11):1404-1418.
[138]Mason, C M and Harrison, R T.Closing the regional equity gap? A critique of the department of trade and industry's regional venture capital funds initiative [J]. Regional Studies.2003(37):855-868.
[139]Mayer, K Schoors, Y Yafeh. Sources of funds and investment activities of venture capital funds:evidence from Germany, Israel, Japan and the United Kingdom [J]. Journal of Corporate Finance.2005,11 (3):586-608.
[140]McDonald, M. L. and J. D. Westphal.Getting by with the Advice of Their Friends:CEOs' Advice Networks and Firms' Strategic Responses to Poor Performance [J] Administrative Science Quarterly.200348(1):1-32.
[141]McEvily and Zaheer. Bridging ties:A source of firm heterogeneity in competitive capabilities [J]. Strategic Management Journal.1999 (20):1133-1156.
[142]McNaughton, R.B. and Green, M.B. Patterns of Venture Capital Investment in the US, working paper,1989.
[143]Megginson, William, and Kathleen Weiss., Venture capitalist certification in initial public offerings [J]. Journal of Finance. 1991(46):879-903.
[144]Mehra, A., Dixon, A.L., Brass, D. J.,& Robertson, B. The social network ties of group leaders:Implications for group performance and leader reputation [J]. Organization Science.2006,17(1):64-79.
[145]Merrifield, D. B. New Business Incubators [J]. Journal of Business Venturing. 1987 (2):277-284.
[146]Mintzberg. Managers not MBAs:A hard look at the soft practice of managing and management development [M]. San Francisco:Berrett-Koehler,2004.
[147]Murray, A. I., Top Management Group Heterogeneity and Firm Performance [J] Strategic Management. Journal.1989,10(3):125-141.
[148]Nahata, R. Venture capital reputation and investment performance [J]. Journal of Financial Economics.2008,90(2):127-151.
[149]Naqi S and Hettihewa S., Venture Capital or Private Equity? The Asian Experience [J].Business Horizons.2001,50(4):335-344.
[150]Naqi, S. A resource exchange perspective of value added in venture capital firm/portfolio company network dyads[D] University of Wollongong, Australia,2002
[151]Norton, Edgar and Bernard H.Tenenbaum., Specialization versus diversification as a venture capital investment strategy [J].Journal of Business venturing.1993(8):431-442.
[152]P. Richard and H. Katayama, More capital, less venture [J].Forbes.1988,142 (11):94.
[153]Parkhe, A., Strategic alliance structuring:a game theoretic and transaction cost [J]. Academy of Management Journal.1993,36(4):794-830.
[154]Paul Gompers, Anna Kovner, Josh Lemer, and David Scharfstein. Specialization and Success:Evidence from Venture Capital, Working paper.
[155]Paul J. DiMaggio; Walter W. Powell.The Iron Cage Revisited:Institutional Isomorphism and Collective Rationality in Organizational Fields [J]American Sociological Review.1983 (48):147-160.
[156]Penrose.The Theory of the Growth of the Firm [M]. Oxford University Press, USA,1959.
[157]Peter Abell, Tahir M. Nisar.Performance Effects of Venture Capital Networks [J]. Management Decision.2007,45 (5):923-936.
[158]Piskorski, Mikolaj Jan. Positions of Power and Status:Reciprocity in the Venture Capital Industry, working paper,2007.
[159]Podolny, Joel M. Market Uncertainty and the Social Character of Economic Exchange[J].Administrative Science Quarterly.1994,39 (3):458-483.
[160]Portes A, Sensenbrenner J.1993. Embeddedness and immigration:notes on the social determinants of economic action[J].American Journal of Sociology. 98(6):1320-50.
[161]R da Silva Rosa, G Velayuthen, T Walter. The share market performance of Australian venture capital-backed and non-venture capital-backed IPOs [J]. Pacific-Basin Finance Journalr.2003,11 (2):197-218.
[162]R.E. Reagans, E.W. Zuckerman.Networks, diversity and performance:The social capital of R&D units [T].Organization Science.2001(12):502-517.
[163]Ray, Dennis M and Dominique V. Turpin., Venture capital in Japan [J].International Small Business Journal.1993,11 (4):39-56.
[164]Reagans, R., Zuckerman, E., McEvily, B. How to make the team:Social networks vs. demography as criteria for designing effective teams [J]. Administrative Science Quarterly.2004 (49):101-133.
[165]Rebecca Zarutskie. The role of top management team human capital in venture capital markets:Evidence from first-time funds [J]. Journal of Business Venturing, doi:10.1016/j.jbusvent.2008.05.008.
[166]Rhee, Mooweon. Network updating and exploratory learning environment. Journal of Management Studies [J].2004 (41):933-949.
[167]Riquelme, H. and T. Rickards. Hybrid conjoint analysis:An estimation probe [J]. Management Science.1992,45(5):621-632.
[168]Rosenstein J., Y. Bruno, D. Bygrave, and T. Taylor., the CEO, Venture Capitalists, and the Board [J]. Journal of Business Venturing.1993(8):99-113.
[169]Ruhnka, John C.Young, John E. A venture capital model of the development process for new ventures [J]. Journal of Business Venturing.1987,2 (2):167-184.
[170]Sapienza, Harry J and AK Gupta., Impact of agency risks and task uncertainty on venture capitalist-CEO interaction [J]. Academy of Management Journal.1994,37 (6):1618-1632.
[171]Sapienza, Harry J., Sophie Manigart, and Wim Vermeir., Venture capitalist governance and value added in four countries [J]. Journal of Business Venturing.1996,11:439-469.
[172]Schilit, W.K. Dream Makers and Deal Breakers-Inside the Venture Capital Industry [M]. Prentice-Hall, Inc.,1991.
[173]Shan,W., Walker, G.,&Kogut,B. Inerfirm Cooperation and Startup Innovation in the Biotechnology Industry[J]. Strategic Management Journal.1994(15): 387-394.
[174]Shane, S., Cable, D. Network Ties, Reputation, and the Financing of New Ventures [J].Management Science.2002,48(3):364-381.
[175]Shane, S., Prior Knowledge and the Discovery of Entrepreneurial Opportunities [J].Organizational Science.2000,11(4):448-469.
[176]Shepherd D. A. Learning from Business Failure:Proposition of Grief Recovery for the Self-Employed [J]. Academy of Management Review.2003,28 (2):318-328.
[177]Shepherd, D. A., and Andrew Zacharkis. A New Venture's Cognitive Legitimacy: A assessment by Customer [J]. Journal of Small Business Management. 2003,41(2):148-167.
[178]Sorensen O. Commercialization of Patents and External Financing during the R&D Phase [J]. Research Policy.2007,36(6):1052-1069.
[179]Sorensen, O. and T. Stuart, Syndication networks and the spatial distribution of venture capital investments [J]. American Journal of Sociology. 2001(106):1546-1588.
[180]Sorenson, O. and T. Stuart, Bringing the context back in:Settings and the search for syndicate partners in venture capital investing [J]. Administrative Science Quarterly.2008(53):266-294
[181]Stam, W.,& Elfring, T. Entrepreneurial orientation and new venture performance:the moderating role of intra-and extraindustry social capital [J]. Academy of Management Journal.2008(51):97-111.
[182]Steier, L., Greenwood, R.Entrepreneurship and the Evolution of Angel Financial Networks [J].Organization Studies.2000,21(1):163-192.
[183]Steven Klepper& Elizabeth Graddy, The Evolution of New Industries and the Determinants of Market Structure [J]. RAND Journal of Economics.2001 (1).
[184]Steven N. Kaplan and Per Stromberg. Characteristics, contracts, and actions: Evidence from venture capitalist analyses [J]. Journal of Finance.2004,59: 2177-2210.
[185]Steven N. Kaplan and Per Stromberg. How Do Venture Capitalists Choose Investments,2000, working paper.
[186]SW Lee, DJ Mullineaux. Monitoring, financial distress, and the structure of commercial lending syndicates [J]. Financial management.2004,33 (3) 107-130.
[187]Tihanyi, L., A. E. Ellstrand, C. M. Daily, and D. R. Dalton.Composition of the top management team and firm international diversification[J]. Journal of Management.2000,26(6):1157-1177.
[188]Trapido, Denis. Binding Conflict:Competitive Embeddedness in the Venture Capital Industry,working paper
[189]Tyebjee, T. T.,& Bruno, A. V., A model of venture capitalist investment activity [J]. Management Science.1984(30):1051-1066.
[190]Ueda& Hirukawa, Venture Capital and Industrial "Innovation", working paper,2002.
[191]Uzzi, B., Social Structure and Competition in Interfirm Networks:the Paradox of Embeddedness [J] Administrative Science Quarterly.1997,42 (1):35-67.
[192]Van de Ven, A. H. Central problem in the management of innovation [J]. Management Science.1986(32):590-607.
[193]Vermeulen, F. and Barkema, H., Learning through acquisitions [J]. Academy of Management JournaL2001,44(3):457-476.
[194]W.R. Scott.Introduction:Institutional theory and organizations[M], in W.R. Scott, S. Christensen (Eds),Sage Publications, Thousand Oaks, CA,1995
[195]Wellman, Barry Structure analysis inBarry Wellman and S.D.Berkowitz (eds.), Social structures [M].Cambridge:Cambridge Univeristy 1988:19-61.
[196]Wellman,B. The Community Question:The Intimate Networks of East Yorkers [J]. American Journal of Sociology.1979(84):1201-1031.
[197]William Sahlman. The structure and governance of venture capital organizations [J]. Journal of Financial Economics,1990,27:473-521.
[198]Wilson, Jack, The New-Venturers:Inside the High-Stakes World of Venture Capital [M]. Reading, Mass. Addison Wesley,1985.
[199]Wooldridge, J.M., Introductory Econometrics:A Modern Approach [M].Cincinnati, South-Western College Publishing.2006,
[200]Wright, M., K.Robbie and M., Albrington. Venture Capital in Europen [M].Stationary Office, London,1998.
[201]Wright, M., Lockett, A., The structure and Management of alliances:syndication in the venture capital industry [J]. Journal of management studies.2003,40 (8):2073-2102.
[202]Wright, M.Venture capital in China:A view from Europe [J]. Asia Pacific Journal of Management.2001,24 (3):269-281.
[203]Xi Han. The specialization choices and performance of venture capital funds [D].University of Washington,2007.
[204]Yael Hochberg, Alexander Ljungqvist, Yang Lu. Networking as a Barrier to Entry and the Competitive Supply of Venture Capital, working paper,2008.
[205]Yael V. Hochberg and Mark Westerfield. The Size and Specialization of Direct investment portfolios,working paper,2009.
[206]Zacharakis AL, GD Meyer. The potential of actuarial decision models Can they improve the venture capital investment decision? [J]. Journal of Business Venturing.2000,15 (4):323-346.
[207]Zacharakis, A.L., Shepherd, D.A., The nature of information and overconfidence on venture capitalists'decision making [J]. Journal of Business Venturing. 2001(16):311-332.
[208]Zhao,L.,&Aram,J D. Networking and Growth of Young Technology-intensive Ventures in China[J]. Journal of Business Venturing.1995(10):349-370.
[209]鲍承沛,风险投资行业绩效分析[D].浙江大学硕士论文,2003.
[210]彼得·德鲁克,巨变时代的管理[M].北京：机械工业出版社,2006.
[211]比格利夫、蒂蒙斯著,处于十字路口的风险投资——美国风险投资的回顾与展望[M].刘剑波等译.美国经济山西人民出版社,2001(9)
[212]蔡宁、徐梦周,我国创投机构投资阶段选择及其绩效影响的实证研究[J].中国工业经济.2009(10)：86-96.
[213]蔡幸娟,台湾地区创业投资事业专业经理人之投资评估准则研究[D].台湾国立台湾大学,1998.
[214]曾蔚、游达明、刘爱东和鲁小东,联合风险投资的价值溢出机理与案例分析[J].研究与发展管理.2008(4)：101-105.
[215]陈传明,孙俊华,企业家人口背景特征与多元化战略选择[J].管理世界.2008(5)：124-133.
[216]陈晓萍等,组织与管理研究的实证方法[M].北京大学出版社,2008.
[217]陈玉罡、王苏生、孙晓辉,创业投资退出方式的选择及影响因素研究综述[J]；技术经济.2007(3)：45-48.
[218]陈忠卫、常极,高层管理团队异质性理论的研究视角及其比较[J].统计与决策.2009(3)：173-176.
[219]戴志敏,国际风险资本运作、退出与多层次资本市场体系研究[D].浙江大学,2004
[220]邓行智,风险投资中的联合投资研究[D].西安理工大学,2006.
[221]丁云龙,风险投资的整全性及其网络化运行-以硅谷为例[J].科学学研究.2004(8)：411-418.
[222]范伯乃,现代创业投资运行与管理.上海：同济大学出版社,2002
[223]付玉秀,创业投资的风险管理机制研究[D].浙江大学博士论文,2003.
[224]冈珀斯、勒纳,风险投资周期[M].经济科学出版社,2002.
[225]高建、汪剑飞、魏平,企业技术创新绩效指标：现状、问题和新概念模型[J].科研管理.2004(25)：14-21.
[226]高展军、李垣,战略网络结构对企业技术创新的影响研究[J].科学学研究.2006,24(3)：474-479.
[227]古家军、胡蓓,企业高层管理团队特征异质性对战略决策的影响--基于中国民营企业的实证研究[J].管理工程学报.2008(3)：3-10.
[228]贺远琼、田志龙、陈昀,环境不确定性、企业高层管理者社会资本与企业绩效关系的实证研究[J].管理学报.2008,5(3)：423-429.
[229]贾生华、王敏、潘岳奇、邬爱其,创业投资对企业成长促进作用研究综述[J].江西社会科学.2009(6)：92-97.
[230]姜翰、杨鑫、金占明,战略模式选择对企业关系治理行为影响的实证研究-从关系强度角度出发[J].管理世界.2008(3)：115-125.
[231]李林艳,社会空间的另一种想象-社会网络分析的结构视野[J].社会学研究.2004(3)：64-75.
[232]李艺、刘文海,《中国风险投资战略与制度》[M].中国财政经济出版社,2003.
[233]李永周、马军伟,美国风险投资阶段后移的原因及影响李永周[J].科学管理研究.2005(2)：112-116.
[234]林融、葛四友,效率、效益及其关系的分析与思考[J].浙江大学学报(人文
社会科学版).1998(1)：20-26.
[235]刘曼红,风险投资：创新与金融[M].北京：中国人民大学出版社,1998.
[236]刘志阳、葛倩倩,创业投资网络研究综述[J].经济社会体制比较.2009(3)：180-185.
[237]罗国锋、谈毅、黄卫来,2007年国际风险投资研究特征及前沿动态综述[J].公共管理学报.2007(2)：112-121.
[238]吕斌、李国秋,从文献分析看近年我国的创业投资研究[J].商业研究.2005(23)：10-13.
[239]倪正东、孙力强,中国创业投资退出回报及其影响因素研究[J].中国软科学.2008(4)：48-56.
[240]欧阳慧、曾德明、张运生,国际化竞争环境中TMT的异质性对公司绩效的影响[J].数量经济技术经济研究.2003(12)：125-129.
[241]潘安娥,创业投资家素质培育研究[D].武汉理工大学博士论文,2007
[242]潘松挺,网络关系强度与技术创新模式的耦合及其协同演化[D].浙江大学博士论文,2009。
[243]彭华涛、谢冰,联合风险投资的网络特性与价值溢出机理分析[J].管理工程学报.2005(4)：48-51.
[244]彭新敏,企业网络对技术创新绩效的作用机制研究[D].浙江大学博士论文,2009.
[245]奇达夫、蔡文彬,社会网络与组织[M].中国人民大学出版社,2007.
[246]钱苹、张帏,我国创业投资的回报率及其影响因素[J].经济研究.2007(5)：78-90.
[247]青木昌彦,硅谷模式的信息与治理结构[J]；经济社会体制比较.2000(1)：19-28.
[248]沈仰斌、夏侯欣荣,台湾创投公司投资绩效之实证研究,2002年台湾财务学会年会.
[249]孙海法、伍晓奕,企业高层管理团队研究的进展[J].管理科学学报.2003,6(4)：82-89.
[250]汪少华、佳蕾,新创企业及浙江新创企业的创业基础与成长特征[J].南开管理评论.2003(6)：18-21.
[251]王松奇、王国刚,中国创业投资发展报告[M].中国财政经济出版社,2002.
[252]王晓娟,知识网络与集群企业竞争优势研究[D].浙江大学博士论文,2007.
[253]王宇,现代风险资本——催生知识经济的创新动力[M].中国金融出版社,2000.
[254]威廉米勒,硅谷优势--创新与创业精神的栖息地[M].人民出版社,2002.
[255]魏立群、王智慧,我国上市公司高管特征与企业绩效的实证研究[J].南开管理评论.2002(4)：16-22.
[256]温伟祥,网络视角下集群企业创业导向与绩效的关系研究[D].浙江大学博士论文,2007.
[257]温忠麟,调节效应与中介效应的比较和应用[J].心理学报.2005,37(2)：268-274.
[258]邬爱其,集群企业网络化成长机制：理论分析与浙江经验[M].中国社会科学出版社,2007.
[259]吴结兵,基于企业网络结构与动态能力的产业集群竞争优势研究[D].浙江大学博士论文,2006
[260]肖世明,中国基金高管团队与基金绩效关系研究[D].复旦大学博士论文,2008.
[261]徐宝林,风险资本家的风险理论[D]厦门大学博士论文,2009.
[262]杨瑞龙、杨其静,专用性、专有性与企业制度[J].经济研究.2001(3)：3-11.
[263]姚佐文、陈晓剑,风险资本家与企业家合作的博奕分析[J].预测.2001(5)：21-26.
[264]殷林森、胡文伟、李湛,创业投资双边道德风险研究前沿与思路探讨[J]。外国经济与管理.2007(6)：34-41
[265]张丰、张健,风险投资家背景与创业企业经营绩效关系分析——基于沪深A股的实证研究[J].价值工程.2009(4)：146-149.
[266]张建君、李宏伟,私营企业的企业家背景、多元化战略与企业业绩[J].南开 管理评论.2007,10(5)：12-25.
[267]张文慧、张志学、刘雪峰,决策者的认知特征对决策过程及企业战略选择的影响[J].心理学报.2005,37(3)：373-381.
[268]张玉利、杜国臣,创业的合法化悖论[J].中国软科学.2007(10)：47-58.
[269]张玉利、杨俊、任兵,社会资本、先前经验与创业机会-一个交互效应模型及其启示[J].管理世界.2008(7)：91-10.
[270]朱振坤、金占明,嵌入网络对新生者不利条件的影响-创业企业和风险投资网络的实证研究[J].清华大学学报(哲学社会科学版).2009,1(24)：61-72
[271]于谨凯、张婕,我国风险投资阶段选择的博弈分析[J].云南财经大学学报.2007(2)：40-45.