信息技术企业与风险资本的空间共生研究

信息技术企业与风险资本的空间共存至关重要。课题以1994～2014年获得风险资本融资的IT企业为样本，运用空间滞后模型，研究距离IT企业一定空间范围内风险投资机构数量、同行数量对IT企业风险资本融资金额的影响。研究发现，IT企业周围100公里以内、100～200公里、200～300公里、300～400公里范围内的风险投资机构数量均正向影响其融资金额，边际效应最大的是200～300公里范围，最小的是300～400公里范围。IT企业周围100～200公里以内和200～300公里范围内的同行数量正向影响其融资额，100公里以内和300～400公里范围内的同行数量则反向影响其风险资本融资额，尤其是100公里范围内同行的增加使其风险资本融资额大幅减少。研究结论为政府支持本地风险投资的发展提供了证据，同时也为IT企业的选址有借鉴意义。

Research on Spatial Collocation of Information Technology Enterprise and Venture Capital

Information technology enterprise and venture capital's spatial collocation is very important . Taking IT enterprises backed by venture capital in 1994-2014 as sample , establishing the spatial lag model to test how venture capital financing amount of a specific IT enterprise was affected by the number of venture capital firms and the number of peers in certain rings . Results showed that the venture capital financing amount of a specific IT enterprise was positively affected by the number of venture capital firms in 100km , 100-200km , 200-300km , 300-400km rings . The biggest marginal effect occurred in the range of 200-300 km , the smallest in the range of 300-400km . Number of peers in 100-200km and 200-300km rings positively affected the financing amount of IT enterprise . The number of peers in 100km and 300 -400km rings negatively affected the financing amount of IT enterprise , especially the number of peers within 100km ring dramatically lowers the financing amount . The research conclusion provides evidence for the government to support the develop-ment of local venture capital , and also provides a reference for the location of IT enterprises .