风险投资空间选择：重产业还是重资本

当代财经 ›› 2020, Vol. 0 ›› Issue (12): 50-62.

风险投资空间选择：重产业还是重资本

王亮¹, 李子联², 靳振忠³

1.南京大学经济学院,江苏南京 210093;
2.江苏师范大学商学院,江苏徐州 221116;
3.南京审计大学政府审计学院,江苏南京 211800

收稿日期:2020-06-24 修回日期:2020-11-20 出版日期:2020-12-15 发布日期:2021-01-07
通讯作者: 王亮,南京大学博士研究生,主要从事资本市场与产业创新研究,联系方式wangliang@gtjas.com
作者简介:李子联,江苏师范大学教授,经济学博士,主要从事经济社会发展理论与政策研究;靳振忠,南京审计大学讲师,经济学博士,主要从事政府行为与制度经济研究
基金资助:
国家社会科学基金后期资助项目“中国高质量发展理论框架与经验问题研究”（20FJLB020）; 江苏高校哲学社会科学研究重点项目“新常态下江苏经济增长动力转换和新增长点培育研究”（2016ZDIXM036）

Spatial Distribution Measurement of the Implicit Debt Risks of China's Local Governments and the Space Choice of Venture Capital: Industry First or Capital First

WANG Liang¹, LI Zi-lian², JIN Zhen-zhong³

1. Nanjing University, Nanjing 210093;
2. Jiangsu Normal University, Xuzhou 221116;
3. Nanjing Audit University, Nanjing 211800, China

Received:2020-06-24 Revised:2020-11-20 Online:2020-12-15 Published:2021-01-07

摘要/Abstract

摘要： 基于——年风险投资微观数据发现,我国各产业风险投资均呈现显著的空间不均衡,其中服务业比制造业更加明显。通过以省份为空间单位对这一现象进行研究,重点探讨产业和资本两个关键要素对风险投资空间选取偏好的影响效应,并测算不同要素的作用程度,结果表明,产业集聚和风险资本集聚均增强了本地区相关产业获取风险投资的可能性,并且风险投资中心资本集聚的促进作用更加显著。进一步分产业研究发现,制造业风险投资空间选择对产业的偏好强于资本;服务业风险投资空间选择对资本的偏好强于产业,其中生活服务业、生产服务业和公共服务业风险投资受资本的吸引程度明显高于产业,而科技服务业风险投资受两个要素的影响差异则相对较小。因此,在鼓励创新创业的过程中,不仅要推进产业集聚发展,而且要更加注重培育风险资本等金融要素。

关键词: 风险投资, 产业集聚, 资本集聚, 空间分布

Abstract: Based on the micro data of venture capital from 2010 to 2017, it is found that the venture capital of various industries in China presents a significant spatial imbalance, among which the service industry is more obvious than the manufacturing industry. Taking the provinces as the spatial units to study the above phenomena, this paper focuses on the discussion of the influencing effect of the two key elements of industry and capital on the space selection preference of venture capital, and measures the effect degree of different factors. The findings show that both industrial agglomeration and venture capital agglomeration have enhanced the possibility of the relevant industries in the region to obtain venture capital, and the promotion effect of capital agglomeration at the venture capital center is more significant. The results of further research by industry show that the spatial choice of venture capital in manufacturing industry has a stronger preference to industry than to capital, while the spatial choice of venture capital in service industry has a stronger preference to capital than to industry. Among the service industry, the life service, production service and public service are more attracted by capital than by industry, while the venture capital in the science and technology service is relatively less affected by the two elements. Therefore, during the process of encouraging innovation and entrepreneurship, it is necessary not only to promote the development of industrial agglomeration, but also pay more attention to the cultivation of venture capital and other financial factors.

Key words: venture capital, industrial agglomeration, capital agglomeration, spatial distribution

中图分类号:

F832.5

王亮, 李子联, 靳振忠. 风险投资空间选择：重产业还是重资本[J]. 当代财经, 2020, 0(12): 50-62.

WANG Liang, LI Zi-lian, JIN Zhen-zhong. Spatial Distribution Measurement of the Implicit Debt Risks of China's Local Governments and the Space Choice of Venture Capital: Industry First or Capital First[J]. Contemporary Finance & Economics, 2020, 0(12): 50-62.

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