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| Research on Venture Capitalists Investor’s Social Network Centrality and Innovative Performance of Listed Companies from New Three-Plate Market |
| YAN Zichun，LIU Gang，LIANG Han |
| 1. Civil Aviation University of China, Tianjin, China; 2. Renmin University of China, Beijing, China |
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Abstract Based on social embedded theory, this paper constructs the theoretical model of the relationship between venture capitalists’ social network centrality and enterprises’ innovative performance, using relevant data of 1170 listed companies from new three-plate market before March 1st, 2017 and their venture capitalists. The research shows that venture capitalists’ social network centrality significantly improves the enterprises’ innovative performance, which is moderated by industry structural uncertainty and enterprise life circle. The positive relationship between venture capitalists’ social network centrality and enterprises’ innovative performance is enhanced in the case of high industry structural uncertainty; meanwhile, the positive relationship is stronger when the enterprise is in the early stage of enterprise life circle.
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Received: 01 July 2017
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