1.Glorious Sun School of Business and Management,Donghua University,Shanghai 200051,China; 2.Innovation and Venture Capital Research Institute,Donghua University,Shanghai 200051,China
Abstract：On the basis of the joint investment data of venture capital institutions form 2005 to 2016 in China,we use the social network analysis software Ucinet6.0 to measure the network location of venture capital institutions in China from four network centrality indicators:degree centrality,betweenness centrality,closeness centrality and eigenvector centrality.On this basis,we discuss the impact of venture investment institutions' network location on their investment performance,and further analyze the moderating effect of venture capital institutions' existing time.The results of the paper are as follows.First,not all network centrality indicators can improve the investment performance of venture capital institutions.The degree centrality,the closeness centrality and the eigenvector centrality of the venture capital institutions have significant positive impact on their investment performance.But the betweenness centrality of the venture capital institutions has a significant negative impact on its investment performance.Second,the adjustment effect of the existing time of the venture capital institutions is different.The existing time of the venture capital institutions helps to reduce the impact of its degree centrality and eigenvector centrality on investment performance,and can rehance the impact of its betweenness centrality on investment performance at the same time,but it is no regulatory effect on the impact of its closeness centrality on investment performance.
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