中国风险投资地域集聚现象及其驱动因素分析——基于空间面板数据模型的实证研究

An Analysis of Spatial Agglomeration and Its Driving Factors of China's Venture Capital——An Empirical Case Study Based on Spatial Panel Data Model

风险投资是高新技术产业化的"催化剂"和经济增长的"发动机",呈现出显著的地域集聚现象。文章将空间因素纳入到分析框架中,应用空间计量经济学的相关方法对中国风险投资省域空间集聚的驱动因素进行了实证研究。研究表明,当前中国的风险投资具有显著的空间相关性;各省域创新资源、中介机构服务、交通运输情况、人力资本水平以及政府政策对其风险投资的地域集聚均具有驱动作用,而地域市场容量的驱动作用不显著。当前中国风险投资具有较强的空间依赖特征,各地域应该加强交流与合作,促进风险投资协调发展。

Venture investment is the'catalyst'of high-tech industrialization and the'engine'of economic growth with a trend of significant geographical agglomeration.The paper analyses the spatial agglomeration and the influencing factors of China's venture capital by using the spatial econometrics.Results turn out that spatial factors do affect China's venture capital agglomeration.Innovation resources,intermediaries,transportation,human capital and government policy are driving factors of all the provinces.However,market capacity has little influence on it.We should strengthen cooperation between provinces,and take measures to promote the development of China's venture capital.