关键词: 国际创业投资, 研究热点, 知识图谱, 可视化分析

Abstract: In the context of the Chinese economy entering a new normal, the development of the venture capital industry is facing huge changes. It is necessary to learn from the advanced research results in the field of international venture capital, grasp the research hotspots and research trends, and help scholars to define the direction of venture capital research for domestic venture investment companies provide guidance and reference. This paper used a method of CiteSpace V to visualization analysis of Hotspots and Trends in international venture capital. Through literature search, we found 903 articles from 25 top international journals related to venture capital in the WOS core database. By using the above data, this paper makes a visual econometric analysis from the dimensions of "country, institution, literature co-citation clustering, emergent words, keywords" and so on. Find out the high-producing countries, institutions and authors of international venture capital research, reveal the hotspots and evolution process of international venture capital research, and explore new trends in the development of international venture capital research.In this study, firstly, we used the cooperation map function in CiteSpaceV software, from the dimensions of "country, institution and researcher", analyzes the social relations among countries, institutions and authors in the field of international venture capital research， provides a new perspective for evaluating the academic influence of countries or institutions and researchers. The research found that from the perspective of geographical distribution, the high-yielding countries studied in the field of international venture capital mainly concentrated in the United States, the United Kingdom, Canada, Germany, Italy and other developed countries. The high-yield research institutions are mainly Harvard Univ, Indiana Univ, Nottingham Univ, etc. The authors are Douglas Cumming and Mike Wright, etc. The United States consistently tops the list of productive countries, institutes and authors. Thus it can be seen that the United States, as a global power of science and technology, also leads the research in the field of venture capital. From the perspective of research innovation results, the countries with strong innovation in the field of international entrepreneurship and speculation research are the United States, the United Kingdom and Canada. The research institutions with strong innovation include Indiana Univ, Univ Minnesota, Helsinki, NBER and Lund Univ, which lead the development of the global venture capital industry. Secondly, we made a visual analysis of literature from the perspective of literature co-citation by using CiteSpaceV software, presents the main clustering of international venture capital research and the spatiotemporal evolution of research hotspots on a visual network map. The research found that (private equity return, required return, IPO firm, financial performance), (patenting inform, investing firm innovation rate), (biotech sme, entrepreneurship), (strategic investing, corporate strategy), (human capital theory) are the largest cluster, indicates that the research hotspots of scholars are mainly focused on "investment performance, innovation, entrepreneurial enterprises, investment strategies, and human resources." "The impact of human resources and education on venture capital and the impact of venture capital on corporate innovation" shows the forefront of research in the field of international venture capital.Then, we used the CiteSpaceV software to find the literature located on the key nodes, carried out one-step data mining to find out the evolutionary path of research hotspots. Research analysis shows that the research hotspots at the end of the 20th century mainly related to "allocation of control rights in venture capital, venture capital financing, venture capital companies, invested companies, IPOs, etc."; into the early 21st century, many research focuses on "entrepreneurship Investment strategy, joint investment, joint investment network, venture capitalists, senior management teams, and the impact of venture capital on startup enterprises ". In recent years, key literature studies have shown that "the impact of venture capital reputation, geographical location, foreign investors on venture capital, and the impact of venture capital on innovation" have become hot topics for scholars.Thirdly, we use the "Detect Bursts" function of CitespaceV software to detect the sudden increase in professional terms in papers published in certain years, and to comprehensively analyze the relevant academic literature and prominent word views to capture research in the field of international venture capital hot spots and development trends. The study found that the duration of the hotspots in international venture capital research shows a trend from long to short. Research hotspots include "investment strategy, investment performance, internationalization, entrepreneurship, and risk". Invested companies are the mainly focus of international venture capital research, especially in recent years, research hotspots have focused on the impact of venture capital on venture business performance, innovation, etc.Fourthly, we use the "Key Words" function of CitespaceV software to obtain a co-occurrence visualization map and a cutting-edge time zone view of international venture capital research keywords, find out the international venture capital hotspots and trends based on keyword visual analysis. The research found that there are eight research hotspots that scholars in the field of international venture capital have paid attention to: "Investment performance, venture capital institutions and investees, entrepreneurs and venture investors, venture capital markets and industries, joint investment networks, and innovation in venture companies Research, investment strategies, different types of venture capital (GVC, IVC, CVC, etc.). " Combined with the research on the key literatures above, the research hotspots can be grouped into three categories: (1) The research on the impact of venture capital on venture enterprises. (2) Research on various influencing factors of venture capital. (3) Research on venture capital networks. Research in the field of international venture capital has gone through four stages: the germination period before 1996, the growth period from 1997 to 2003, the eruption period from 2004 to 2013, and the stable growth period from 2014 to the present.Finally, in light of the current research hotspots and trends in international venture capital, according to China′s development background and the current development status of the venture capital industry, this article points out that future domestic venture capital research must pay attention to the following issues:(1) Research on venture capital investment in different locations Impact. (2) Research on the impact of venture capital in employment. (3) Research on the impact of emerging business models on venture capital. (4) Research on the impact of venture capital on the innovation ecosystem of enterprises. (5) Combine various scientific measurement tools and methods emerging in recent years to conduct empirical research in the field of venture investment.

Key words: international venture capital, research hotspots, knowledge map, visual analysis