高铁开通与外资风险投资流入:基于中国城市面板数据  

High-speed Rail and Foreign Venture Capital Inflow:Evidence from China’s Urban Panel Data

作　　者：同世隆 赵守国[1] 王晗[1] TONG Shilong;ZHAO Shouguo;WANG Han(School of Economics and Management,Northwest University,Xi'an 710127,China)

机构地区：[1]西北大学经济管理学院,陕西西安710127

出　　处：《中国软科学》2021年第1期32-43,共12页China Soft Science

基　　金：国家自然科学基金项目(71962033);国家社会科学基金项目(16CGL008);全国统计科学研究项目(2018LY48);西安市软科学项目(201805072RK3SF6(12))。

摘　　要：本文基于风险投资机构投资后管理的交通成本视角,研究中国城市高铁开通对外资风险投资流入的影响。以中国281个城市2003—2016年的面板数据为样本,使用双重差分模型,研究表明:相比于未开通高铁城市而言,高铁开通后,高铁开通城市外资风险投资机构投资的总企业数、单独投资的企业数、投资的早中期企业数显著增多,但外资风险投资机构与中国本土风险投资机构联合投资的企业数、外资风险投资机构投资的后期企业数没有显著变化。研究还表明,北美风险投资机构对中国城市高铁开通的反应最强烈,亚洲风险投资机构次之,欧洲风险投资机构没有明显反应。The impact of high-speed rail(HSR) on foreign venture capital inflow is investigated in this paper from the perspective of transportation costs of venture capital post-investment management. Taking the panel data of 281 cities in China from 2003 to 2016 as samples and using the difference-in-differences model, it is found that, compared with non-HSR cities, the total number of foreign venture capital invested firms, the number of foreign venture capital solo-invested firms, and the number of foreign venture capital invested early and mid-stage firms in HSR cities increase significantly after HSR opening, but the number of foreign venture capital co-invested firms with Chinese local venture capital and that of foreign venture capital invested later-stage firms remain unchanged. In addition, the conclusions also indicate that North-American venture capital reacts most strongly to the opening of HSR in Chinese cities, followed by Asian venture capital, and European venture capital does not respond significantly.

关 键 词：高铁 外资风险投资 城市 双重差分模型 

分 类 号：F830.59[经济管理—金融学]