- I - 摘要 创新是一个民族进步的灵魂，是一个国家兴旺发达的不竭动力。创业被认 为是国家创新和经济成长的重要源泉。风险投资被誉为是经济增长的发动机， 推动高科技产业快速发展，促进创新经济不断向前，驱动产业重构与技术创新， 助力金融供给侧结构性改革，同时对建设现代化经济的产业体系，推动高质量 发展都具有的重要作用。 近年来风险投资呈现出网络化发展态势，出于分散投资风险、实现价值创 造的动因，越来越多的风险投资机构选择通过合作构建联合风险投资网络的方 式进行投资。联合风险投资网络也成为学者们关注的重点，虽然学者们大多认 同联合风险投资网络能够增加风险投资项目成功的概率，但对于联合风险投资 网络动态演化的特征，网络内投资机构扮演的角色，联合风险投资网络对创业 企业价值创造的内在作用及影响机理，仍有待于进一步研究。 鉴于此，本文基于联合风险投资网络的构成以及联合风险投资网络动态演 化的特征；将联合风险投资网络和创业企业价值创造统一于系统的研究框架下， 丰富并拓展联合风险投资及创业企业价值创造的研究思路，利用超循环理论解 释联合风险投资网络下创业企业价值创造的过程，分析联合风险投资网络对创 业企业价值创造的影响机理；基于实际数据构建实证模型检验联合风险投资网 络对创业企业价值创造的影响。为我国在新常态下调整经济结构，推进联合风 险投资网络的良性发展，实现投资机构与创业企业的合作共赢提供理论和实证 依据。主要研究内容包括以下几个方面： 首先，明确联合风险投资网络构成及动态演化过程，构建理论研究框架。 论文在对现有文献进行系统性梳理和总结的基础上，将社会网络理论引入到联 合风险投资网络的研究中，从联合风险投资网络的参与主体着手，挖掘参与主 体间的相互联系，研究联合风险投资网络的构成；运用社会网络的分析方法对 联合风险投资网络的演化过程进行刻画，总结其演化规律，挖掘联合风险投资 网络的属性特征，构建联合风险投资网络影响创业企业价值创造的理论研究框 架，为后续研究奠定理论分析基础。 其次，基于超循环理论研究联合风险投资网络对创业企业价值创造的影响 机理。从理论上解释了联合风险投资网络为什么能够促进创业企业的价值创造， 又是如何影响创业企业价值创造等问题。基于联合风险投资网络的基本要素， 分析联合风险投资网络下创业企业价值创造的三个阶段，探讨价值创造的内在 驱动力；基于超循环理论，阐述从最基础的单一反应循环到高等级的、耦合多 哈尔滨工业大学管理学博士学位论文 - II - 个反应循环的催化超循环机理，将超循环理论应用于联合风险投资网络下创业 企业价值创造的的研究中，研究价值创造过程中存在的转化反应循环、催化反 应循环、催化超循环，并以此为基础构建联合风险投资网络下创业企业价值创 造的超循环模型分析创业企业价值创造的实现过程；基于联合风险投资网络的 功能和作用及创业企业价值创造的超循环过程，从创业企业财务绩效、创业企 业技术创新、创业企业价值三个维度揭示联合风险投资网络对创业企业价值创 造的影响机理。 然后，从实证角度检验联合风险投资网络对创业企业价值创造的影响。分 为三个方面，第一，选择社会网络分析方法测算联合风险投资网络属性，构建 倾向得分匹配模型，分析联合风险投资网络对创业企业财务绩效的影响。第二， 用创新效率和创新产出两个角度分别构建多元回归模型，运用DEA方法测算创 业企业创新效率，专利数量作为创新产出，检验联合风险投资网络对创业企业 技术创新的影响。第三，运用社会网络分析方法测算联合风险投资网络属性， 运用波纳西茨权力指数测算风险投资机构的网络地位，从联合风险投资网络关 系、网络结构、网络位置三个维度构建多元回归模型，实证检验联合风险投资 网络对创业企业价值的影响，为创业企业拓展和深化与风险投资机构间的良好 合作关系，实现价值创造提供实证依据。 最后，根据理论和实证分析结论，从联合风险投资网络组织创新的视角， 提出建议对策。基于不同投资机构的利益诉求，投资偏好，信息资源特征所构 成的投资网络，优化风险投资的制度环境，满足创业企业和投资机构的多元投 融资需求，并竭力促成投资机构的资源整合，推进合作创新，以联合风险投资 网络为载体，共同扶持创业企业通过技术创新、改善经营来实现价值增值，促 进多层次资本市场发展，发挥风险投资对实体经济价值创造作用。 关键词：联合风险投资网络；价值创造；社会网络分析；倾向得分匹配；波纳 西茨权力指数 Abstract - III - Abstract Innovation is the soul of a nation's progress and also an inexhaustible motive force for national prosperity. Starting a business is considered to be an important source of national innovation and economic growth. And venture capital is regarded as the engine of economic growth. It can not only promote the rapid development of high-tech industries, but also facilitate the continuous progress of innovative economy, so as to drive industrial restructuring and technological innovation, as well as contribute to the capital market development and the financial manufacturing reform. At the same time, venture capital also plays an important role in the implementation of high-quality national strategies, such as quality revolution, efficiency revolution, and dynamic revolution. In recent years, venture capital has shown a network development trend. Due to diversifying investment risk and realizing value creation, more and more venture capital institutions choose to invest by cooperating and building a joint venture capital network. The joint venture capital network has also become scholars’ focus. Although most scholars agree that the joint venture capital network can increase the success probability of venture capital projects, there are still some problems remaining to be further studied, such as the characteristics of the dynamic evolution of the joint venture capital network and the role of nodes in the network, as well as how the venture capital network realizes start-up enterprises’ value creation and so on. In view of this, this paper explores the composition of the joint venture capital network and the dynamic evolution characteristic of the joint venture capital network. It puts the joint venture capital network and start-up enterprises’ value creation under an integrated, logical and coherent research framework, so as to enrich and expand the research ideas of venture capital and start-up enterprises’ value creation. And this paper uses hypercycle theory to explain the mechanism of action of the start-up enterprises’ value creation of the joint venture capital network and to analyze the influential effect of joint venture capital network on the value creation of start-up enterprises. Aiming at mining the functions and effects of the joint venture capital network, this paper tries to verify the impact of joint venture capital network on start-up enterprises and investment institutions through empirical test. Based on these studies, this paper provides a theoretical and empirical basis for China to adjust its economic structure under the new normal, promotes the healthy growth of the joint venture investment network, and achieves a win-win cooperation between investment institutions and start-up enterprises. The main research contents 哈尔滨工业大学管理学博士学位论文 - IV - include the following aspects. Firstly, the composition and dynamic evolution process of the joint venture capital network should be explicit and the theoretical research framework should be built. On the basis of systematically combing and summarizing the existing literature, the social network theory is introduced into the joint venture capital network in this paper. It tries to explore the relationship of the participants from the perspective of the participants of the joint investment network, so as to study the composition of the joint venture capital network. This paper describes the characteristics of joint venture capital network through social network analysis and also analyzes the characteristics and laws of its dynamic evolution. And the theoretical research framework of joint venture capital network to start-up enterprises’ value creation is constructed to provide theoretical analysis basis for further research. Secondly, based on the hypercycle theory, this paper studies the start-up enterprises’ value creation mechanism of joint venture capital network. It theoretically explains why the joint venture capital network can achieve start-up enterprises’ value creation, and how it achieves hypercycle and so on. Based on the capital elements of the joint venture capital network, this paper analyzes three stages of the start-up enterprises’ value creation and explores its inner driving force. On the basis of the hypercycle theory, according to the evolution path from a single reaction cycl