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研究了风险投资机构的网络位置对IPO期限的影响作用与影响机理。运用清科数据库2000年1月1日至2010年12月31日的数据,研究发现风险投资机构的网络位置对IPO期限有显著影响——风险投资机构的网络中心性越高,IPO速度越快。为进一步揭示影响机理,以Heckman模型为基础构建了一个两步回归模型。回归结果表明:网络中心性高的风险投资机构既可以选择到高质量的风险项目,也可以为所投资的风险项目提供高质量的增值服务,因而可以实现更快的IPO。
Studied the influence and influence mechanism of the venture capital institution’s network location on the IPO deadline. Using the data from January 1, 2000 to December 31, 2010 of Zero2IPO database, we found that the network location of venture capital firms has a significant impact on the IPO deadline - the higher the network-centricity of venture capital firms, the faster IPO . To further reveal the mechanism of influence, a two-step regression model based on Heckman model was constructed. The regression results show that: VC institutions with high network centricity can choose either high-quality risk projects or high-quality value-added services for the risky projects they invest, thus achieving faster IPO.