抄録
The information network among investors plays a vital role in identifying and nurturing companies with potential growth. Hence, it is crucial to investigate and understand the connections among investors. One of the clues for capturing these connections among investors is syndication. However, there has not been enough research on the formation process of syndicates in Japan. Therefore, the purpose of this study is to clarify the structural characteristics of investor networks through syndication, i.e., changes over time in the “size,” “density,” and “centrality” of investor networks, using investment statement data from 2000 to 2019. The results suggest that the domestic investor network is formed by one massive group with little factionalism. In particular, it was revealed that the network was formed based on SMBC Venture Capital, Mizuho Capital, and Mitsubishi UFJ Capital. However, since this investor network is sparse, it can be considered that positioning within the network, or betweenness centrality, is more important than the number of relationships established with investors. The analysis revealed that the information circulating on the investor network has most likely been mediated mainly by Mizuho Capital and Mitsubishi UFJ Capital.
