"Success" of firms in venture capital markets is hard to define, and its determinants are still poorly understood. We build a bipartite network of investors and firms in the healthcare sector, describing its structure and its communities. Then, we characterize "success" introducing progressively more refined definitions, and we find a positive association between such definitions and the centrality of a company. In particular, we are able to cluster funding trajectories of firms into two groups capturing different "success" regimes and to link the probability of belonging to one or the other to their network features (in particular their centrality and the one of their investors). We further investigate this positive association by introducing scalar as well as functional "success" outcomes, confirming our findings and their robustness.
翻译：风险资本市场企业的“成功”很难定义,其决定因素仍然不为人所知。 我们建立了一个由医疗保健部门投资者和公司组成的双方网络,描述其结构及其社区。 然后,我们描述“成功”引入了更精细的定义,发现这些定义与公司的核心地位之间有着积极的联系。 特别是,我们能够将企业的融资轨迹分为两个组,捕捉不同的“成功”制度,并将属于其中一方或另一方的概率与其网络特征(特别是其核心地位和投资者之一)联系起来。 我们进一步调查这一积极关联,引入了“成功”和功能性“成功”结果,证实了我们的调查结果及其稳健性。
相关内容
微信扫码咨询专知VIP会员