多维邻近性对中国创业投资城市网络的影响:基于四大投资阶段的实证分析

THE IMPACTS OF MULTI-DIMENSIONAL PROXIMITY ON CHINA'S VENTURE CAPITAL CITY NETWORK:AN EMPIRICAL ANALYSIS OF THE FOUR INVESTMENT STAGES

本文基于2016—2020年的创业投资事件数据,分析中国种子期、初创期、扩张期和成熟期的创业投资城市网络特征,并探究多维邻近性(地理邻近性、制度邻近性、文化邻近性和社会邻近性)对各阶段创业投资城市网络的影响。研究发现:(1)中国创业投资城市网络具有投资阶段后倾的特征,创业投资在早期阶段高度集中于高行政等级城市(直辖市、副省级城市或省会城市);后期阶段虽有更多地级市参与,但仍主要围绕北京、上海和深圳产生联系,网络的中心性更强。(2)地理邻近性、制度邻近性和社会邻近性对各阶段创业投资城市网络均有显著作用且影响大小存在阶段性差异,而文化邻近性影响不显著。(3)制度邻近性和社会邻近性分别在早期和后期阶段对地理邻近性产生替代效应。

Given the important roles of innovation and entrepreneurship in promoting national economic com-petitiveness,venture capital network has become the key subject in geography and urban studies.In this em-pirical study,we aim to reveal how relational data(e.g.,multi-dimensional proximity)between cities,in addi-tion to the attribute data of cities,impact the venture capital city network,using China as a case study.And we expect that the city network and impacts of multi-dimensional proximity vary among the four stages.Based on a collection of data on venture capital investment events across cities during the period of 2016—2020 in China,this study empirically tests the aforementioned assumptions.We find that the number of ven-ture capital investments is much lower at the early stage(i.e.,seed stage and start-up stage)than at the latter stage(i.e.,development stage and mature stage).Venture capital investments are more concentrated in cities with higher political levels at the early stage and spread to prefecture-level cities at the latter stage.Despite the involvement of more prefecture-level cities at the latter stage,venture capital investments are still highly revolved around the three key cities,i.e.,Beijing,Shanghai and Shenzhen.Thus,the network is rather more centered at the latter stage than at the early stage.Geographical proximity,institutional proximity,and social proximity all play significant roles in influencing venture capital investment,although with different magni-tudes across stages.