双重网络嵌入对公司IPO后市场表现的影响研究

将社会网络嵌入理论从单一网络拓展至双重网络，分析上市公司同时嵌入风险投资网络和承销商网络对公司IPO上市后市场表现的影响。利用2004～2017年有风险投资支持的IPO公司数据，实证检验结果表明：(1)单独嵌入风险投资网络中心位置、单独嵌入承销商网络中心位置，均会提高公司IPO后市场表现；(2)同时嵌入风险投资网络中心位置和承销商网络中心位置，对公司IPO后短期市场表现的正向影响会相互替代；(3)同时嵌入风险投资网络中心位置和承销商网络中心位置，对公司IPO后长期市场表现的正向影响会互相补充。

Study on the Dual Network Embeddedness on Post-IPO Performance

The study analyses the effects of venture capital network and underwriter network on market performance of listed companies’ IPOs,which makes the theory of social network embeddness extend from single network to dual network. By using the data of 2004~2017 and building multiple regression models, the empirical results indicated that: (1)companies occupy central position only in venture capital network or occupy central position only in underwriter network will improve the post-IPO performance; (2)the promoting effects on short-term market performance of occupying central position both in venture capital network and underwriter network can substitute each other; (3)the promoting effects on long-term market performance of occupying central position both in venture capital network and underwriter network can complement each other.