벤처캐피털 네트워크 중심성과 스타트업 가격 성과: 중국의 이중 제도 환경에 대한 실증적 증거

This study examines how venture capital syndication network structures shape pricing outcomes and value capture in startup investments within China's dual institutional ecosystem. Using a comprehensive data-set of VC syndication transactions from 2010 to 2023, we construct a dynamic co-investment network and analyze how network centrality and relational embeddedness influence post-investment outcomes. Rather than claiming to measure valuation accuracy or proximity to fair value at the time of investment, this study interprets exit-based multiples as reflecting investment pricing outcomes, capturing the combined effects of entry pricing conditions and post-investment governance and operational support. Empirical results show that startups backed by VCs with higher network centrality and stronger repeated co-investment ties achieve significantly superior pricing outcomes. These effects are consistent with the view that central network positions facilitate access to non-redundant information, enhance screening quality, and improve post-investment coordination. However, this relationship is driven primarily by private venture capitalists. For government-affiliated venture capitalists, network centrality does not exhibit a comparable effect, suggesting state-led networks tend to transmit policy alignment and administrative signals rather than market-based financial information. Findings support a dual information-channel perspective, where VC networks function either as financial information infrastructures or as policy-coordination mechanisms, depending on investor identity. By shifting the focus from valuation accuracy to pricing outcomes and value capture, this study extends VC network theory to large-scale transition economies characterized by dual institutional structures, using China as a representative case and highlights an inherent trade-off between industrial policy objectives and market-oriented investment discipline in hybrid venture capital systems.