Whom You Know Matters: Venture Capital Networks and Investment Performance
研究发现，风险投资公司建立的联合投资网络越广，其基金绩效越好，表现为更多投资通过IPO或出售成功退出，且被投公司更易存活到后续融资和退出。
ABSTRACT Many financial markets are characterized by strong relationships and networks, rather than arm's‐length, spot market transactions. We examine the performance consequences of this organizational structure in the context of relationships established when VCs syndicate portfolio company investments. We find that better‐networked VC firms experience significantly better fund performance, as measured by the proportion of investments that are successfully exited through an IPO or a sale to another company. Similarly, the portfolio companies of better‐networked VCs are significantly more likely to survive to subsequent financing and eventual exit. We also provide initial evidence on the evolution of VC networks.