Yao Li, Singleton Alex, Sun Pingjun, Dong Guanpeng
College of Economics and Management, Southwest University, Chongqing 400700, China.
Department of Geography and Planning, University of Liverpool, Liverpool L69 7ZT, UK.
Int J Environ Res Public Health. 2021 Mar 14;18(6):2974. doi: 10.3390/ijerph18062974.
As an emerging financial entity, venture capital has a significant impact on regional development. However, the research on venture capital mainly focuses on the fields of finance, management, and economics, and fewer researchers study venture capital from the perspective of geography and space. This research explored the evolution characteristics and influence mechanism of Chinese venture capital spatial agglomeration. The innovation of this paper lies in including the spatial effect and conducting a spatial econometric analysis of the spatial agglomeration of venture capital in China after the exploratory analysis of the factors affecting the spatial agglomeration of venture capital. Firstly, based on the data of study area, this paper found that the spatial distribution of venture capital in China had an obvious agglomeration characteristic by using multiple measurement methods. Secondly, by constructing the spatial econometric model based on three different spatial weight matrices, we found that the science and technology environment, financial environment, social environment, and entrepreneurial environment levels were the main factors to affect the agglomeration of venture capital. Thirdly, due to the degree of spatial agglomeration of venture capital being divided into three stages in terms of time dimension, after the regression analysis of different periods, we found that the factors which affected spatial agglomeration of venture capital changed significantly with the passage of time. In addition, from the regression results of eastern, central, and western region samples, we can see that the degree of spillover effect was the lowest in the central region, the highest in the western region, and the middle in the eastern region. At last, this paper provided useful policy enlightenment for enterprise innovation, industrial upgrading, and regional economic management.
作为一种新兴金融实体，风险投资对区域发展具有重大影响。然而，对风险投资的研究主要集中在金融、管理和经济领域，从地理和空间角度研究风险投资的学者较少。本研究探讨了中国风险投资空间集聚的演变特征及影响机制。本文的创新之处在于，在对影响风险投资空间集聚的因素进行探索性分析之后，纳入空间效应并对中国风险投资的空间集聚进行空间计量分析。首先，基于研究区域的数据，本文运用多种测度方法发现中国风险投资的空间分布具有明显的集聚特征。其次，通过构建基于三种不同空间权重矩阵的空间计量模型，发现科技环境、金融环境、社会环境和创业环境水平是影响风险投资集聚的主要因素。第三，由于风险投资的空间集聚程度在时间维度上分为三个阶段，在对不同时期进行回归分析后，发现影响风险投资空间集聚的因素随时间推移发生了显著变化。此外，从东部、中部和西部区域样本的回归结果来看，溢出效应程度在中部地区最低，在西部地区最高，在东部地区处于中间水平。最后，本文为企业创新、产业升级和区域经济管理提供了有益的政策启示。
