空间邻近特征对风险投资创新机制的影响研究

The Influence of Spatial Proximity on Innovation Mechanism of Venture Capital

基于委托代理理论,以接受风险投资支持的上市企业为样本,从位置一致性和空间地理距离两个维度刻画空间邻近特征,研究空间邻近特征对风险投资创新机制的影响路径和作用效果。研究结果表明:第一,风险投资事件的空间邻近特征分别通过影响风险投资的筛选效应以及监督治理作用对被投企业的技术创新产生显著影响;第二,位置一致性能够显著提高被投企业的渐进式创新,而空间地理距离的增大则会显著降低被投企业的突破式创新;第三,门槛效应检验发现突破式创新对空间地理距离的变化更为敏感。鉴于以往文献较少以风险投资机构为经济行为主体来分析风险投资事件的空间邻近特征对风险投资创新机制的影响,研究结论丰富了相关文献,为从空间维度理解风险投资的创新机制提供了理论依据。

The research takes the listed firms invested by venture capital as samples,measures the spatial proximity from the two dimensions of location consistency and geographic distance,analyzes the influence mechanism and effect of spatial proximity on innovation mechanism of venture capital based on principal-agent theory.The results show that:First,the spatial proximity of venture capital events has a significant impact on the technological innovation of invested firms through influencing the screening effect and monitoring effect of venture capital.Second,location consistency can significantly improve the progressive innovation of the invested firms,whereas the increase of geographical distance will significantly reduce the breakthrough innovation of the invested firms.Third,threshold effect test shows that breakthrough innovation is more sensitive to the change of geographical distance.Since there are few previous literatures that use venture capital institutions as economic actors to analyze the impact of the spatial proximity characteristics of innovation mechanism of venture capital,the research’s conclusions enrich the relevant literature and provide a theoretical basis for understanding the innovation mechanism of venture capital from a spatial dimension.