北京市风险投资的空间分布与合作网络研究

The geography and syndication investment networks of venture capital in Beijing

国内外有关风险投资(VC)空间集聚的研究大多基于国家层面,本文基于北京市VC机构的位置和联合投资信息,运用本文空间分析与社会网络分析技术,研究VC机构的空间集聚和合作网络。空间分析发现,VC机构主要集聚在CBD、金融街、中关村三大核心区;在时间尺度上呈现分散—集聚—再分散的趋势。其中,国资机构主要集聚于金融街,外资机构主要落户于CBD,且以私募基金(PE)类机构为主;中关村则依托高新技术成为创新型企业的融资区。叠加合作网络后进一步发现,城市尺度下的VC机构合作并不受地理区位限制,并且各个VC集聚区之间关系颇为紧密。按"中心度"到"边缘—核心"的递推分析表明,外资机构在北京市风险投资合作网络中具有突出地位,其对联合投资的偏好主导了网络的形态。国资虽占据了部分网络节点但核心地位不够突出,而本土民营机构虽然数量较大但在网络中多处于半边缘位置。

Existing research on the agglomeration of venture capital（VC） has mainly focused on the national level. This study explores VC＇s distribution and network at the city level in China. Based on the data of VC in Beijing, we conducted a spatial and social network analysis on the geography of the sector. The results show that VC is mainly concentrated in the Central Business District（CBD）, Financial Street, and Zhongguancun areas,which presents a decentralized-centralized-decentralized tendency over time. The CBD and Financial Street are home to many institutions, with the former being a major settlement for foreign institutions, especially private equity（PE） firms while the latter mostly for state-owned institutions. Relying on its high-tech industry and high quality research institutions, Zhongguancun developed into a dynamic area with a large number of VC focusing on start-ups. The network analysis shows that VC collaborate with each other beyond the distance limitation. The major VC clusters have intense connections in syndication investments. The core and periphery analysis indicates that foreign institutions hold a prominent position in the syndication investment networks of VC in Beijing. The state-owned institutions occupy some key nodes in the network with less influence. Although there is a growing number of local privately-owned institutions, most of them are at the periphery in the network.