以2009-2012年我国创业板的258家高科技上市公司为样本，实证检验风险投资对参股企业产生的信号传递效应。研究发现，风险投资参股对上市公司构建联盟网络具有正向影响。相对于声誉低的风险投资，声誉高的风险投资参股的上市公司具有较高网络中间中心度。进一步研究发现，从上市后的较长时期来看，声誉高的风险投资参股对提升公司网络中心度的影响具有持续性，与声誉低的风险投资差异明显。这两个检验都验证了声誉较高的风险投资机构具有经验和专业化上的优势，获得高声誉的风险投资机构参股可以向潜在合作者传递信号，从而促进联盟网络构建。%Using the 258 listed high-tech corporations in Shenzhen GEM during 2009 to 2012,the empirical test of the sig-nal transmission effect of venture capital investment on the enterprises was performed.It is found that venture capital in-vestment has a positive effect on the network construction of listing corporations.Relative to the investment of venture capital with lower reputation,the investment of venture capital with higher reputation will bring listed corporations higher degrees of network centers.Further study found that,from a longer period of time after the listing,the investment of higher reputation venture capital could continue enhance the degree of network centrality,which has a significant differ-ence with the investment of lower reputation venture capital.These two tests verify the higher reputation venture capital is with experience and professional expertise,which can transfer signals to potential partner,and promote the construction of alliance network.
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