在私人资本市场对有限合伙人匹配应用一个小组网络形成模型
Yuanyuan Shang1, Philip Leifeld2
1Preqin Ltd., 10 Bressenden Pl, London, SW1E 5DH UK.
概括
由于市场效率低下,很难找到投资伙伴. 本研究使用网络分析来揭示有限合伙人 (LPs) 和普通合伙人 (GP) 如何形成联系,为私人资本市场更好的匹配提供了见解.
科学领域:
- 经济学 经济学 经济学
- 网络科学 网络科学
- 金融市场 金融市场
背景情况:
- 有限合伙人 (LPs) 和普通合伙人 (GPs) 面临着由于信息稀缺和市场效率低下而在确定合适的投资伙伴方面面临的挑战.
- 私人资本网络的结构和演变是复杂的,并未完全理解.
- 有效匹配对于私营市场的有效资本配置至关重要.
研究的目的:
- 研究推动私人资本网络形成的微层机制.
- 分析影响有限合伙人和普通合伙人关系的因素.
- 为改善私人资本投资中的匹配过程提供实际见解.
主要方法:
- 利用时间指数随机图模型 (TERGMs) 来分析网络动态.
- 检查了跨不同资产类别和混合网络的网络形成过程.
- 确定了影响合作伙伴偏好和网络演变的关键属性.
主要成果:
- 在网络形成中发现了重要的活动和人气效应.
- 发现了持续机制的证据,这些机制随着时间的推移塑造了网络联系.
- 在基于地区,战略和行业的合作伙伴偏好中发现了同类性.
结论:
- 该研究揭示了跨不同资产类别的共享网络形成过程.
- 活动,人气,持久性和同类性是私人资本网络结构的关键驱动因素.
- 这些发现为解决私人资本市场的匹配问题提供了实际意义.
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