高铁开通对城市在位者创投机构网络位置的影响研究

The Impact of High Speed Rail on Incumbent VC Firms’Network Position:Empirical Evidence from China’s Prefecture Cities

基于双重差分模型,研究高铁开通对城市在位者创投机构网络位置的影响。研究结论表明:(1)与未开通高铁城市相比,高铁开通城市在位者创投机构的网络位置显著提升;在位者创投机构的声誉越高,在位者创投机构之间的网络联结越紧密,或者高铁开通城市是沿线中心城市时,上述效应更加明显。(2)与未开通高铁城市相比,高铁开通三年后,高铁开通城市在位者创投机构在域外网的网络位置显著提升;高铁开通城市在位者创投机构与新进者创投机构的联合投资越成功,这一效应越明显。研究结论意味着高铁开通带来的时空压缩会影响创投网络演化。

The impact of high speed rail(HSR)on venture capital(VC)firms’network position is investigated from the China’s prefecture city level with the difference-in-differences model.Main results are summed up as follows:(1)The network position of the incumbent VC firms in HSR cities is significantly improved after HSR opening compared with non-HSR cities;furthermore,this effect is more evident if the incumbent VC firms in HSR cities are of high reputation,if the networking among the incumbent VC firms in HSR cities are close,or if HSR cities are central cities along the high speed rail.(2)The extraterritorial network position of the incumbent VC firms in HSR cities is significantly improved three years after HSR opening compared with non-HSR cities;furthermore,this effect is more evident if the co-investment between the incumbent VC firms and the new entrant VC firms in HSR cities gets successful.The outlined results suggest that the time-space compression induced by HSR affect the evolution of VC network.