风险投资机构的网络位置对IPO期限的影响

Abstract

Abstract: Influence of venture capital firms'network position on IPO duration and the mechanism of this influence are investigated in this paper. With the data of Zero2IPO Database from January 1,2000 to December 31,2010, by using Cox proportional hazard model,it can be found that venture capital firms'network position has a significant influence on IPO duration——the higher the venture capital firms'network centrality, the faster they exit via IPO. To further reveal the mechanism of this influence, a two-step model is then constructed based on Heckman model. The regression results show that venture capital firms with higher network centrality not only can select high-quality ventures, but also can provide high-quality value-added services to them, so they can exit faster via IPO.

Key words: venture capital firm, network position, network centrality, IPO duration

CLC Number:

F830.59

YANG Min-li, DANG Xing-hua. The Impact of Venture Capital Firms’Network Position on IPO Duration[J]. Chinese Journal of Management Science, 2014, 22(7): 140-148.

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The Impact of Venture Capital Firms’Network Position on IPO Duration

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