摘要翻译:
本文研究了社会资本对中国风险投资市场绩效的推动作用,并探讨了中国风险投资银团化的趋势。首先,我们提出了一个基于辛迪加社会网络和潜在变量模型的混合模型,该模型描述了风险投资公司的社会资本,并建立了风险投资公司的社会资本与绩效之间的关系。然后,我们构建了三个关于关系的假设,并用我们提出的模型对假设进行了检验。文中给出了一些数值模拟来支持试验结果。最后,我们发现我国风险投资公司的社会资本与财务绩效的相关性较弱,并发现我国风险投资公司缺乏成熟的社会资本环节。
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英文标题:
《Social capital at venture capital firms and their financial performance:
Evidence from China》
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作者:
Qi-lin Cao, Hua-yun Xiang, You-jia Mao, Ben-zhang Yang
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最新提交年份:
2018
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分类信息:
一级分类:Economics 经济学
二级分类:General Economics 一般经济学
分类描述:General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类:Quantitative Finance 数量金融学
二级分类:Economics 经济学
分类描述:q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学,包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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英文摘要:
This paper studies the extent to which social capital drives performance in the Chinese venture capital market and explores the trend toward VC syndication in China. First, we propose a hybrid model based on syndicated social networks and the latent-variable model, which describes the social capital at venture capital firms and builds relationships between social capital and performance at VC firms. Then, we build three hypotheses about the relationships and test the hypotheses using our proposed model. Some numerical simulations are given to support the test results. Finally, we show that the correlations between social capital and financial performance at venture capital firms are weak in China and find that China's venture capital firms lack mature social capital links.
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PDF链接:
https://arxiv.org/pdf/1810.02952