中国高新技术风险投资空间布局与网络分析  

Spatial Distribution and Network Analysis of the High-tech Venture Capital in China

作　　者：曾婧婧[1] 温永林 Zeng Jingjing;Wen Yonglin(School of Public Administration, Zhongnan University of Finance and Economics, Wuhan 430073, China;School of Public Affairs, Xiamen University, Xiamen 361005, China)

机构地区：[1]中南财经政法大学公共管理学院,湖北武汉430073 [2]厦门大学公共事务学院,福建厦门361005

出　　处：《科技进步与对策》2022年第1期1-9,共9页Science & Technology Progress and Policy

基　　金：国家自然科学基金面上项目(71974203);中央高校基本科研业务经费项目(2722021BX021)。

摘　　要：空间集聚是高新技术风险投资活动的重要特征。基于Thomson one数据库中1996-2018年中国高新技术风险投资交易数据,以风险投资交易双方公司均位于中国大陆城市的每一笔风险投资交易事件为例,分别从纵向历史演变和横向空间布局视角对中国高新技术风险投资发展特征进行深入分析。结果发现:近20年来,中国高新技术风险投资经历了孕育起步、快速发展、稳步调整和理性规范4个发展阶段;互联网、新能源、计算机软件与服务等高新技术行业是风险投资热点领域;中国高新技术风险投资存在明显的城市集聚特征,且相较于风险资本接受城市,投出城市的风险资本资源更为集中;城市之间的高新技术风险投资交易联系并不紧密,风险投资网络呈现出明显的“中心-外围”结构;北京、上海、深圳为典型的资本密集型风投城市,杭州、广州、武汉等则为典型的技术密集型风投城市。该结论可为中国高新技术风险投资事业发展及风险资本资源在行业和空间中的合理配置提供参考。Venture capital is considered to be a form of capital that is most compatible with technological innovation.As a new equity financing method,it can not only provide amounts of capitals for enterpreneurs,but also provide non-capital value-added services,such as technology,management,guidance and certification for startups.From this perspective,VC plays an important role in promoting scientific and technological innovation and the transformation of scientific and technological achievements,as well as supporting the development of high-tech enterprises.The development of venture capital started in 1980s in China.In 1985,the"Decision on the Reform of the Science and Technology System"first proposed the concept of"venture investment".Subsequently,China's first venture capital institution(China New Technology Venture Capital Corporation)was established driven by government.In comparison,China's high-tech venture capital started late,but development rapidly,and it has become an important driving force for the rapid development of China's high-tech industry in recent years.The existing studies have shown that in order to reduce information asymmetry and transaction costs,venture capital has spatial agglomeration characteristics.For example,in the United Kingdom,venture capital is highly concentrated in London and the developed cities in southeastern England.In the United States,venture capital activities are mostly concentrated in large cities such as New York,San Francisco and Boston.In China,venture capital activities are concentrated in three central cities Beijing,Shanghai,and Guangzhou.The spatial agglomeration of venture capital will not only affect the development of a country or region's venture capital industry,but also affect the technological innovation of high-tech enterprises which is closely related to it.In this context,clarifying the historical evolution and spatial distribution of China's high-tech venture capital in the past 20 years is of great significance to the steady development of venture capital

关 键 词：高新技术 风险投资 空间集聚 “中心-外围”结构 

分 类 号：F832.48[经济管理—金融学]