中国高新技术风险投资空间布局与网络分析

空间集聚是高新技术风险投资活动的重要特征。基于Thomsonone数据库中1996—2018年中国高新技术风险投资交易数据，以风险投资交易双方公司均位于中国大陆城市的每一笔风险投资交易事件为例，分别从纵向历史演变和横向空间布局视角对中国高新技术风险投资发展特征进行深入分析。结果发现：近20年来，中国高新技术风险投资经历了孕育起步、快速发展、稳步调整和理性规范4个发展阶段；互联网、新能源、计算机软件与服务等高新技术行业是风险投资热点领域；中国高新技术风险投资存在明显的城市集聚特征，且相较于风险资本接受城市，投出城市的风险资本资源更为集中；城市之间的高新技术风险投资交易联系并不紧密，风险投资网络呈现出明显的“中心—外围”结构；北京、上海、深圳为典型的资本密集型风投城市，杭州、广州、武汉等则为典型的技术密集型风投城市。该结论可为中国高新技术风险投资事业发展及风险资本资源在行业和空间中的合理配置提供参考。

Spatial Distribution and Network Analysis of the High-tech Venture Capital in China

Venture capital is considered to be a form of capital that is most compatible with technological innovation.As a new equity financing method, it can not only provide amounts of capitals for enterpreneurs, but also provide non-capital value-added services, such as technology, management, guidance and certification for startups.From this perspective, VC plays an important role in promoting scientific and technological innovation and the transformation of scientific and technological achievements, as well as supporting the development of high-tech enterprises.The development of venture capital started in 1980s in China.In 1985, the "Decision on the Reform of the Science and Technology System" first proposed the concept of "venture investment".Subsequently, China's first venture capital institution (China New Technology Venture Capital Corporation) was established driven by government.In comparison, China's high-tech venture capital started late, but development rapidly, and it has become an important driving force for the rapid development of China's high-tech industry in recent years.The existing studies have shown that in order to reduce information asymmetry and transaction costs, venture capital has spatial agglomeration characteristics.For example, in the United Kingdom, venture capital is highly concentrated in London and the developed cities in southeastern England.In the United States, venture capital activities are mostly concentrated in large cities such as New York, San Francisco and Boston.In China, venture capital activities are concentrated in three central cities Beijing, Shanghai, and Guangzhou.The spatial agglomeration of venture capital will not only affect the development of a country or region's venture capital industry, but also affect the technological innovation of high-tech enterprises which is closely related to it.In this context, clarifying the historical evolution and spatial distribution of China's high-tech venture capital in the past 20 years is of great significance to the steady development of venture capital and the rational allocation of venture capital resources.This paper takes China's high-tech venture capital as the research object to analyze the development and spatial agglomeration characteristics of China's high-tech venture capital.It aims to analyze the following three issues:(1)the historical evolution of China's high-tech venture capital;(2)the industry distribution of China's high-tech venture capital;(3)the spatial distribution characteristics of China's high-tech venture capital and the relative importance of cities in the venture capital network.By answering the above questions will help clarify the development characteristics of China's high-tech venture capital industry, it provides reference for our country to support the development of high-tech venture capital and promote the development of high-tech industries under the new era.We used the data of high-tech venture capital transaction in China from the Thomson one database which provides venture capital transaction data occurred in mainland of China (VC firms and companys are both located in mainland China).In addition, we also used social network analysis methods such as network density and network centrality to analyze the overall structural evolution characteristics of China's urban venture capital network and the performance of major city nodes in the network.The results show that in the past 20 years China's high-tech venture capital has experienced four development stages: incubation, rapid development, steady adjustment and rational regulation; High-tech fields such as the Internet, new energy, computer software and services are focused by venture capital; China's high-tech venture capital has obvious urban agglomeration characteristics, the venture capital resources of the invested cities are more concentrated compared with venture capital acceptance cities; The links between high-tech venture capital transactions between Chinese cities are not tight, and the venture capital network presents an obvious "central-peripheral" structure; Beijing, Shanghai and Shenzhen are typical capital-intensive venture capital cities, while Hangzhou, Guangzhou and Wuhan are typical technology-intensive venture capital cities.What needs to be pointed out is that this paper inevitably has some limitations: for example,it excludes non-high-tech venture capital events, in other words,it only analyzes the spatial distribution and network evolution characteristics of China's high-tech venture capital, this may be somewhat different from the overall characteristics of China's venture capital development.In addition, this paper provides an interpretive explanation of the reasons for the formation of network evolution characteristics, without further empirical testing.All of these need to be further study.