AI 中文总结
本研究从网络形成视角，利用PitchBook面板数据与logit模型、ERGM，揭示关系持续性、网络闭合和同配性共同构建美国IT领域风险投资联合网络的机制，为该领域研究提供了新视角。
AI 中文摘要
风险投资联合投资使投资者能够整合尽职调查资源、分散风险并传递创业项目质量信号，同时塑造投资网络发展所依托的关系。本研究考察了 prior relationships（先前关系）、network embeddedness（网络嵌入性）和 organizational similarity（组织相似性）如何构建美国信息技术风险融资领域的年度联合投资链接形成。我们使用1966年至2024年期间硬件、软件及混合子行业的成对完整PitchBook面板数据，采用带成对聚类标准误的全样本二元logit模型检验了七种机制。在各子行业中，先前合作是与联合投资最一致的关联因素；共享合作伙伴、地理邻近性和组织类型相似性也与链接形成呈正相关，而领域重叠、知名度和经验则随场景变化。针对2024年软件行业1100家持续活跃投资者的静态ERGM（指数随机图模型）同样得出，三元闭合和地理同配性的估计值为正，类型同配性的正估计值较小。通过将完整二元风险集与全网络设定相结合，本研究揭示了关系持续性、网络闭合和同配性如何共同构建信息技术风险投资联合网络。未来工作中，我们将扩展分析，纳入时间网络模型、市场冲击的反事实模拟以及网络感知型合作伙伴推荐的评估。
英文摘要
Venture capital syndication enables investors to pool diligence, share risk, and signal venture quality, while shaping the relationships through which investment networks develop. We examine how prior relationships, network embeddedness, and organizational similarity structure annual co-investment link formation in U.S. information technology venture finance. Using dyad-complete PitchBook panels for the hardware, software, and hybrid subsectors from 1966 to 2024, we test seven mechanisms through full-sample dyadic logit models with dyad-clustered standard errors. Across subsectors, prior collaboration is the most consistent correlate of co-investment; shared partners, geographic proximity, and organizational-type similarity are also positively associated with link formation, while domain overlap, prominence, and experience vary across settings. A static ERGM of the 2024 software network among 1,100 persistently active investors likewise produces positive estimates for triadic closure and geographic homophily and a smaller positive estimate for type homophily. By combining complete dyadic risk sets with a whole-network specification, the study shows how relational persistence, network closure, and homophily jointly structure IT venture syndication networks. In future work, we will extend the analysis with temporal network models, counterfactual simulations of market shocks, and evaluations of network-aware partner recommendations.
Comments12 pages, 1 figure, 5 tables. Submitted to the Workshop on e-Business 2026
