With Whom Should Syndicated Investments be Made? : An Empirical Study Using Social Network Analysis

2023 Fiscal Year Final Research Report

• Project/Area Number: 21K01692
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07080:Business administration-related
• Research Institution: Seisen Jogakuin College
• Principal Investigator: NAKAJIMA Takuro 清泉女学院短期大学, その他部局等, 講師 (50813656)
• Project Period (FY): 2021-04-01 – 2024-03-31
• Keywords: シンジケート投資 / シンジケーション / ベンチャーキャピタル / スタートアップ投資 / スタートアップ・エコシステム / 投資家ネットワーク / ユニコーン

Outline of Final Research Achievements

This study elucidates the network structure (size, factions, strength of relationships and centrality) of venture capital (VC) in syndicated investments and demonstrates its impact on investment outcomes. The analysis found that the investor network in Japan consists of a large community formed mainly by bank-affiliated VCs, whose structural property is a "center-periphery" structure. It was then reconfirmed that to improve the outcome of the number of investments, it would be useful to establish the status of a hub to mediate between peers or to interact with those who already have a hub function. It was also suggested that it is not enough to belong to a single community, but that it is advantageous to take on the role of interaction between several communities.

Free Research Field

経営学

Academic Significance and Societal Importance of the Research Achievements

本研究は、経営学と社会学の両学術領域を横断する学際的な研究であり、VCの組成形態に関する今後の研究において、新しい道筋を拓く基盤になりうる点に学術的な貢献があると考える。一方で、社会的意義としては、自由競争原理が働く投資環境下において、誰とシンジケーションを組めば経済的便益がもたらされるのか、実務的な観点からその手掛かりを示すことができた点にある。以上の研究成果は、学会誌等を通じて公開されている。