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《R&D Management》 2017-01
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Involvement of Venture Capital Institutions,Reputation Effects and Dynamic Evolution of Innovation Networks

TAN Yi;XU Yan;Antai College of Economics and Management,Shanghai Jiao Tong University;School of Public Economics and Administration,Shanghai University of Finance and Economics;  
Restricted by the liability of newness,more small and medium hi-tech enterprises are facing the dilemma of growth. It analysed,by using multi-case study,how the venture capital institutions affect the embedding of some small and medium hi-tech enterprises in the innovation network,and how to improve their status in this network. Conclusions are as follows. Firstly,when the small and medium hi-tech enterprise cooperate with the venture capital institutions,some features of the latter,such as industry specialization and reputation,will affect the value judgment of related organization,then bring about the reputation effects. Secondly,the reputation effects come from the cooperation with hireputation venture capital institutions will need the identification of the third-party institution,so it won't last long enough to help the enterprise get over the new entry defects. But cooperation with venture capital institutions with high industry specialization can enhance the reputation effects constantly and improve the growth of this enterprise. Thirdly,the transmission of reputation effects can attract more social capital and investments,so to affect the embeddedness of enterprises in the innovation network positively.
【Fund】: 国家自然科学基金资助项目“不确定性视角下我国早期阶段风险投资行为研究”(71573174);“制度学习、文化差异与跨境风险投资行为与绩效研究”(71573163);“我国风险投资网络效应与价值溢出关系的理论与实证研究”(71173146)
【CateGory Index】: F273.1;F279.2;F832.39
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