我国风险投资空间分布与退出绩效

Spatial Distribution and Exit Performance of Risk Investment in China

我国地域辽阔,区域发展存在差异,风险投资发展也表现出区域不平衡。风险投资的空间分布将影响投资决策。本文以2011—2014年的2077个投资事件以及2013—2018年与之对应的退出事件为样本,以风险投资聚集地北京市、广东省、上海市为风险投资中心,研究了我国风险投资空间分布与退出绩效。结果显示,我国风险投资呈现聚集性特征,偏好近距离投资和高科技行业,地理距离会显著影响风险投资退出绩效;投资人经验会增强地理距离对于风险投资退出绩效的作用;传统行业中地理距离对风险投资退出绩效的影响会因地区行业聚集程度的异质性存在差异。政府应加大对偏远地区风险投资项目的扶持,撬动社会资本参与创新;加强培训,提高投资人专业经验,提高创新效率;完善地区行业发展程度,促进区域平衡协调发展。

China has a vast territory and different levels of regional development.Venture capital also presents regional imbalances.The spatial distribution of venture capital will affect investment decisions.This paper takes 2077 investment events in 2011-2014 and the corresponding exit events in 2013-2018 as a sample,and explores the spatial distribution and exit performance of venture capital in China by using Beijing,Guangdong and Shanghai as venture capital investment centers.The results show that China's venture capital has clustering characteristics.Investors prefers closerange investment and high-tech industry;geographical distance will significantly affect the exit performance of venture capital.The investor experience will enhance the effect of geographical distance on the exit performance of venture capital;the impact of geographical distance on the exit performance of venture capital in traditional industries will be different due to the heterogeneity of regional industry aggregation.The government should increase support for venture capital projects in remote areas,derive social capital to participate in innovation,improve the professional experience of investors and strengthen professional training,improve innovation efficiency;promote the regional industries and coordinated development.