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| Research on the Structural Characteristics of Unicorn Enterprise-Investment Institutions Dual Mode Network in China and Its Impact on Enterprise Value and Investment Performance |
| HU Dongmei，ZHANG Meijing，CHEN Weizheng，CHEN Yuling |
| 1.Xihua University，Chengdu，China；2.Sichuan University，Chengdu，China |
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Abstract The study uses the data of unicorn enterprises and investment institutions from 2018 to 2020 in the Hurun Research Institute and Zero2IPO Private Equity Database as samples, applies Ucinet software to construct dual mode network of unicorn enterprise-investment institution and analyzes its network features. The research results show that: the centrality of unicorn enterprise nodes in the dual-mode network has a significantly positive impact on corporate value; the centrality of investment institution nodes in the dual-mode network has a significantly positive impact on investment performance; Unicorn industry type diversity has a significantly negative moderating effect on the relationship between the centrality of investment institution nodes and investment performance.
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Received: 16 January 2021
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