Network status is generally considered to be a valuable firm asset; however, its effects are not well understood in the context of cross-border VC investments, as foreign VC firms can have different statuses in their home and host countries, and prior research has considered only the effects of home-country network status. Theorizing the importance of a foreign VC firm's network status in the host country for cross-border VC investments, we hypothesize a positive performance effect for network status in the host country. Furthermore, we theorize that the performance effect of a VC firm's network status in the host country is stronger in countries with weaker host-country regulatory institutions. We test these hypotheses using a global sample of cross-border VC investments and find support for our arguments.

网络地位通常被认为是宝贵的公司资产；然而，由于跨国风险投资公司在本国和所在国的地位可能不同，因此在跨境风险投资的背景下，其影响还没有得到很好的理解，并且先前的研究仅考虑了本国网络地位的影响。理论上，外国风险投资公司在东道国的网络地位对于跨境风险投资的重要性，我们假设对东道国的网络状况有积极的绩效影响。此外，我们认为，在东道国监管机构较弱的国家，风险投资公司网络地位对东道国的绩效影响更大。我们使用跨境风险投资的全球样本来检验这些假设，并为我们的论点寻求支持。