组群层次下风险投资多边联盟的形成

基于中国风险投资行业中的多边联合投资实践，以"组群"为单位探讨组群成员间的关系密度在不同情境下对组群成员组建多边联盟这一行为的影响。主要研究结论如下:第一，潜在合作伙伴之间的前期关系密度对于它们未来形成多边联盟具有重要的积极作用。第二，潜在合作伙伴之间的行业知识异质性显著增强了前期关系密度的正向效应，声誉异质性的影响并不显著。第三，关系断层显著增强了关系密度的正向作用。第四，地位断层并未显著增强关系密度的正向作用，但对多边联盟的形成却有正向的直接作用。

Formation of Venture Capital Multilateral Alliance in Group-level

On the basis of the practice of multilateral alliances in Chinese venture capital industry, this paper explored the effect of prior co-investment ties density among a group of VC firms on the formation of multilateral alliance for these VC firms with different contextual conditions on group-level. There are some conclusions:firstly, prior tie density has a positive impact on the formation of multilateral alliance; secondly, the impact will be stronger when the knowledge heterogeneity or tie fault-line among potential VC firms is larger;thirdly, reputation heterogeneity or status fault-line doesn''t positively affect the prior tie density, but it does have a positive effect on the formation of multilateral alliance, tie fault-lines have a positive impact on the formation of multilateral alliance.