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

Abstract

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

CLC Number:

F832.5

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.

References

[1] 洪银兴. 科技创新阶段及其创新价值链分析[J]. 经济学家,2017,(4):5-12.
[2] 荆娴,黄文军. 产权市场对高新技术产业作用机理与实证研究——基于2006—2010年省际面板数据[J]. 财贸经济,2012,(8):137-144.
[3] Faria A.P., Barbosa N. Does Venture Capital Really Foster Innovation?[J]. Economics Letters, 2014, 122(2): 129-131.
[4] Chemmanur T.J., Loutskina E., Tian X. Corporate Venture Capital, Value Creation, and Innovation[J]. Social Science Electronic Publishing, 2014, 27(8): 2434-2473.
[5] 熊家财,桂荷发. 风险投资、派驻董事与企业创新:影响与作用机理[J]. 当代财经,2018,(4):123-133.
[6] Martin R., Berndt C., Klagge B., Sunley P.Spatial Proximity Effects and Regional Equity Gaps in the Venture Capital Market: Evidence from Germany and the United Kingdom[J]. Social Science Electronic Publishing, 2005, 37(7): 1207-1231.
[7] Chen H., Gompers P., Kovner A., Lemer J.Buy Local? The Geography of Venture Capital[J]. Journal of Urban Economics, 2010, 67(1): 90-102.
[8] 汪明峰,魏也华,邱娟. 中国风险投资活动的空间集聚与城市网络[J]. 财经研究,2014,40(4):117-131.
[9] Venkataraman S.Regional Transformation through Technological Entrepreneurship[J]. Journal of Business Venturing, 2004, 19(1): 153-167.
[10] Avnimelech G., Teubal M.Creating Venture Capital Industries that Co-evolve with High Tech: Insights from an Extended Industry Life Cycle Perspective of the Israeli Experience[J]. Research Policy, 2006, 35(10):1477-1498.
[11] 茅锐. 企业创新、生产力进步与经济收敛:产业集聚的效果[J]. 金融研究,2017,(8):83-99.
[12] 张小蒂,王永齐. 企业家显现与产业集聚:金融市场的联结效应[J]. 中国工业经济,2010,(5):59-67.
[13] Cumming D., Dai N.Local Bias in Venture Capital Investments[J]. Social Science Electronic Publishing, 2010, 17(3): 362-380.
[14] 龙玉,李曜. 风险投资应该舍近求远吗——基于我国风险投资区域退出率的实证研究[J]. 财贸经济,2016,(6):129-145.
[15] Hellmann T.Venture Capitalists: The Coaches of Silicon Valley[J]. Plant Journal for Cell & Molecular Biology, 2000, 78(1): 121-33.
[16] Clercq D.D., Sapienza H. J. Effects of Relational Capital and Commitment on Venture Capitalists' Perception of Portfolio Company Performance[J]. Journal of Business Venturing, 2006, 21(3): 326-347.
[17] 龙玉,赵海龙,张新德,李曜. 时空压缩下的风险投资——高铁通车与风险投资区域变化[J]. 经济研究,2017,(4):195-208.
[18] 黄福广,彭涛,邵艳. 地理距离如何影响风险资本对新企业的投资[J]. 南开管理评论,2014,(6):83-95.
[19] Bernstein S., Giroud X., Townsend R.R. The Impact of Venture Capital Monitoring[J]. Journal of Finance, 2016, 71(4): 1591-1622.
[20] Lu H., Tan Y., Huang H.Why Do Venture Capital Firms Exist: An Institution-based Rent-seeking Perspective and Chinese Evidence[J]. Asia Pacific Journal of Management, 2013, 30(3): 921-936.
[21] Ahlstrom D., Bruton G.D., Kuang S. Y. Venture Capilal in China: Past, Present, and Future[J]. Aisa Pacific Journal of Management, 2007, 24(3): 247-268.
[22] 罗炜,余琰,周晓松. 处置效应与风险投资机构:来自IPO公司的证据[J]. 经济研究,2017,(4):181-194.
[23] 黄永明,姜泽林. 金融结构、产业集聚与经济高质量发展[J]. 科学学研究,2019,(10):1775-1785.
[24] 宋歌,林子欣. 制造业新建企业区位选择——来自284个地级市的微观数据[J]. 中国科技论坛,2019,(4):93-102.
[25] 戴一鑫,李杏,晁先锋. 产业集聚协同效度如何影响企业创新——“地理、技术、组织”共生演化的视角[J]. 当代财经,2019,(4):96-109.
[26] 刘康兵,申朴,陆立惠. 我国服务业空间集聚影响因素的研究——基于市场潜力方程的理论与实证分析[J]. 世界经济文汇,2019,(2):1-12.
[27] 张辉,刘鹏,于涛,安虎森,戚安邦. 金融空间分布、异质性与产业布局[J]. 中国工业经济,2016,(12):40-57.
[28] 袁志刚,饶璨. 全球化与中国生产服务业发展——基于全球投入产出模型的研究[J]. 管理世界,2014,(3):10-30.
[29] 高正平,张兴巍. 财税政策与风险投资发展关系研究——基于中国各地区的经验证据[J]. 证券市场导报,2014,(2):26-32.
[30] 杨仁发. 产业集聚与地区工资差距——基于我国269个城市的实证研究[J]. 管理世界,2013,(8):41-52.
[31] Shorrocks A.F. Decomposition Procedures for Distributional Analysis: A Unified Framework Based on the Shapley Value[J]. Journal of Economic Inequality, 2013, 11(1): 99-126.
[32] 胡彬,万道侠. 产业集聚如何影响制造业企业的技术创新模式——兼论企业“创新惰性”的形成原因[J]. 财经研究,2017,(11):30-43.
[33] 孙晶,李涵硕. 金融集聚与产业结构升级——来自2003—2007年省际经济数据的实证分析[J]. 经济学家,2012,(3):80-86.
[34] 蔡宁,何星. 社会网络能够促进风险投资的“增值”作用吗?——基于风险投资网络与上市公司投资效率的研究[J]. 金融研究,2015,(12):178-193.
[35] Babcock-Lumish T.L. Financing Clusters of Innovation: The Geography of Venture Capital Investment, US and UK[J]. Social Science Electronic Publishing, 2009, 9(4): 329-356.