高速铁路网络对风险投资的影响分析  

Analysis of Impact of HSR Network on Venture Capital

作　　者：焦德涵 李雪梅[1] 赵庆先[1] 毛雨濛 JIAO Dehan;LI Xuemei;ZHAO Qingxian;MAO Yumeng(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China)

机构地区：[1]北京交通大学经济管理学院,北京100044

出　　处：《铁道学报》2024年第9期21-27,共7页Journal of the China Railway Society

摘　　要：高速铁路网络的建设与发展提高城市可达性,产生时空压缩效应,给我国资本流动和配置带来影响。选取2007—2019年我国地级市风险投资与高速铁路开通的相关数据,通过双重差分法与倾向得分匹配法考察时空压缩效应对风险投资行为的影响,其中风险投资中心城市1小时经济圈及联合投资样本,旨在深入分析风险投资行为中软信息及社会网络的重要性。实证结果表明:高速铁路开通后沿线城市风险投资事件显著增加1163%,投资金额平均增加339亿元,这意味着时空压缩效应能够促进信息交流,有效缓解城市间的信息不对称问题,为创业企业获得投资创造良好的机会,风险投资中心城市1小时经济圈的风险投资事件显著增加3250%,意味着风险投资机构的投资半径扩大。同时联合投资样本的结果表明,高速铁路开通能够进一步放大联合投资机构产生的社会网络效应,降低软信息在异地间的获取难度,增强资源及信息的多样性和流动性,从而促进风险投资行为。The construction and development of China’s high-speed railway(HSR)network,resulting in the improve-ment of urban accessibility and generating of time-space compression effects,bring about an impact on capital flow and allocation in China.Using data on venture capital investment and HSR opening in prefecture-level cities in China from 2007—2019,taking the HSR opening as a quasi-natural experiment and applying difference-in-differences(DID)ap-proach and propensity score matching(PSM)technology,this paper examined the impact of the time-space compression effects on the behavior of venture capital.Among them,the selection of one-hour economic circle of venture capital cen-tral city and joint investment sample aims at deep analysis of the importance of soft information and social network in venture capital behavior.The empirical results show that after the opening of HSR,the risk investment events and invest-ment amount of cities along the line increase significantly by 1163%and 339 million yuan,which means that the spati-otemporal compression effect can promote information exchange,effectively alleviate the problem of information asymme-try between cities,and create good opportunities for enterprises to obtain investment.The venture capital events in the one-hour economic circle of venture capital central cities increase significantly by 3250%,indicating the expansion of the investment radius of venture capital institutions.At the same time,the results of the joint investment sample show that the opening of HSR can further amplify the social network effect generated by joint investment institutions,reduce the difficulty of obtaining soft information among different places,enhance the diversity and mobility of resources and in-formation,and thus promote venture capital behavior.

关 键 词：高速铁路 时空压缩 风险投资 

分 类 号：U238[交通运输工程—道路与铁道工程] F532[经济管理—产业经济]