中国公司创业投资时空分异特征及驱动因素研究  

Spatial-Temporal Difference Characteristics and Driving Factors of Corporate Venture Capital in China

作　　者：张娆 张玥 郭晓旭 ZHANG Rao;ZHANG Yue;GUO Xiao-xu(College of Finance,Nanjing Agricultural University,Nanjing 210095,China)

机构地区：[1]南京农业大学金融学院,江苏南京210095

出　　处：《经济问题》2024年第9期68-77,共10页On Economic Problems

基　　金：国家社会科学基金项目“混合所有制改革的双向混合与提升企业风险承担能力”(18BGL085);江苏高校“青蓝工程”(2022—2025);江苏省研究生科研创新计划“多维视角下企业风险投资的创新效应研究”(KYCX23_0832)。

摘　　要：基于2000—2020年中国的公司创业投资(CVC)大样本数据,运用基尼系数、核密度函数、趋势面分析和地理探测器方法,融合指标分析和可视化方案探究CVC的时空分异特征与驱动因素。研究结果显示,CVC投资存量总体呈上升趋势,行业分布日趋多元化,涵盖不同领域的创新创业项目;CVC发展存在空间不平衡,投资存量的分布态势从随机分布转变为部分区域的集聚分布;融合资金和技术的CVC投资网络初现并趋于复杂,覆盖广度明显提升。地理探测器模型结果显示,经济发展水平、政府科技支持、创新创业氛围是影响CVC时空分异的主导因子。据此,为了扩大CVC投资规模并优化投资格局,提出加强创业政策引导、发挥区域投资联动性、有机衔接CVC与区域产业布局等政策建议。Based on the data of Chinese corporate venture capital(CVC)from 2000 to 2020,this study uses Gini coefficient,kernel density estimation,trend surface analysis and Geodetector to explore Chinese spatial-tem-poral patterns and regional differences of CVC.The findings indicate a rising trend in the stock of CVC,accompa-nied by an increasingly diverse industry distribution that encompasses innovation and entrepreneurship projects across various fields.However,the result shows a spatial imbalance in CVC development,with investment stock shifting from a random distribution to a concentrated distribution in certain regions.Moreover,a complex CVC net-work has emerged,facilitating the exchange of capital and technology and exhibiting notable expansion in cover-age.The results of the Geodetector model show that the level of economic development,governmental support for science and technology,and innovation and entrepreneurship atmosphere are the dominant factors affecting the spatio-temporal divergence of CVC.To promote the expansion of CVC and optimize investment patterns,this study proposes some policy suggestions,including enhancing policy guidance for entrepreneurship,leveraging regional investment linkages,and effectively connecting CVC with the regional industrial layout.

关 键 词：公司创业投资 时空分异 网络演化 驱动因素 

分 类 号：F832[经济管理—金融学]