时空压缩下的风险投资——高铁通车与风险投资区域变化  

High-speed Railway and Venture Capital Investment

作　　者：龙玉[1] 赵海龙[2] 张新德[1] 李曜[1] 

机构地区：[1]上海财经大学金融学院 [2]清华大学五道口金融学院中国财富管理研究中心

出　　处：《经济研究》2017年第4期195-208,共14页Economic Research Journal

基　　金：国家社科基金项目"并购型股权投资基金在企业重组转型中的作用机制;效应及支持制度研究"(13BJL038);上海财经大学研究生创新基金资助项目"经济地理视角下的中国风险投资特征研究"(CXJJ-2016-313)的资助

摘　　要：基于风险投资(VC)的视角,本文研究高铁通车改变地理距离的时空约束条件后,我国风险投资行为的新变化。双重差分模型(DID)分析表明,高铁通车后,与非高铁城市比较,风险投资对高铁城市的新增投资显著增加。与此同时,高铁扩展了VC中心城市的投资辐射范围。而且高铁通车后,由于投资人和创业者之间的信息不对称有所降低,造成信息敏感性较高的初创期和扩张期的风险投资明显增加。同时,市场化程度更高的非国有背景VC机构对高铁城市的新增投资较国有背景VC机构更多。本文揭示了高铁对地方经济发挥效应的一种作用机制——高铁带来的空间压缩、时间节约、可达性提高,使得高铁城市吸引了更多的风险投资,有利于地方经济转型和推动创新。同时,本文结果对于风险投资机构的投资布局亦有启迪。China＇s high-speed railway（HSR） network has experienced extensive growth since 2009. By the end of 2015, 19,000 kilometers of HSR had been constructed, accounting for over 60% of the world＇s total HSR length. An additional 38,000 kilometers of HSR are either in construction or planned for completion by 2030. Given the large scale of investment in I-ISR, it is critical to ask whether HSR is economically justifiable and what it actually provides. Given the invest-in-the-early-stage nature of venture capital, we study the effect of HSR on the venture capital industry in terms of investment in HSR cities. Venture capital investment can be a leading indicator of economic development. HSR can be critical for the venture capital industry because of the time and financial efficiency of the technology. We study HSR effects on venture capital for the following reasons. First, venture capitalists foster entrepreneurs who are likely to be innovators and key drivers of future growth. Previous studies indicate that venture capitalists support innovation, add value to their portfolio firms, and are critical for regional economic development. Thus, understanding venture capital behavior regarding HSR can provide a great deal of information about future development. Second, personal （especially face-to-face） interaction is still the best way for venture capitalists and entrepreneurs to learn about each other, and HSR reduces the costs of such communication. Geographical proximity is changed by new technology, and venture capital investment behavior changes geographically. HSR reduces travel time and the cost of interaction between venture capitalists and entrepreneurs, and it facilitates the transfer of soft information. HSR also provides an excellent opportunity for empirical identification. We apply the difference-in-differences （DID） approach with HSR＇s initial operation as an exogenous shock to local investment. Our sample includes all of the investment deals from 2006 to 2012 at the prefecture city level.

关 键 词：高铁 风险投资 软信息 信息成本 

分 类 号：F532.3[经济管理—产业经济]