This study examines how venture capital (VC) networks form when financing hospitality and tourism start-ups. We propose that networks form as a result of exogenous attributes along with endogenous dependencies, which have been largely under-studied in the hospitality and tourism finance literature. Using a purposefully developed dataset of 644 VC investment deals, this study employed exponential random graph models (ERGMs) to examine how homophily in VC investor-specific attributes influences the tie formation, and to model the likelihood of future tie formation in VC networks in terms of endogenous dependencies. Results reveal that homophily among VC investors increases the likelihood of tie formation, while the establishment of future ties shows a significant tendency of multiple triangulation and connectivity in VC networks. The study provides insights into entrepreneurial equity financing from the VC perspective. It advances the network research and methodology by revealing the underlying structural processes of network formation through ERGMs.

这项研究探讨了在为酒店和旅游业初创公司融资时如何形成风险资本（VC）网络。我们建议，网络是由于外在属性和内在依赖性的结果而形成的，在酒店和旅游金融文献中对此进行了相当少的研究。使用针对644个风险投资交易的有针对性的数据集，本研究采用指数随机图模型（ERGM）来检查特定于风险投资人的属性中的同形性如何影响平局，并以风险价值来建模未来平局网络中平局的可能性。内生依赖性。结果表明，风险投资人之间的同质性增加了建立关系的可能性，而未来关系的建立则显示了风险投资网络中多重三角剖分和连通性的显着趋势。该研究从风险投资的角度提供了对企业股权融资的见解。它揭示了通过ERGM形成网络的潜在结构过程，从而推动了网络研究和方法论的发展。