粤港澳大湾区创业风险投资网络演化及影响因素研究

创业风险投资是科技企业获取权益资本融资的一项重要金融制度安排,在粤港澳大湾区和社会主义先行示范区的国家战略规划下,大力发展创业风险投资能推动粤港澳大湾区国际科创中心建设,进一步发挥金融对实体经济的服务与支持作用。文章基于社会网络分析视角,通过构建大湾区创业风险投资城市联系网络,从投资金额、项目分布、整体网络密度、核心-边缘结构等方面分析大湾区创业风险投资网络的时空演化特征,并探究其影响因素。研究发现：大湾区创业风险投资发展顺应宏观环境的波动,城市群内部形成港深广三大集聚中心,存在显著的空间、阶段分布不均衡的特征;港深广形塑了大湾区创业风险投资的网络关系,网络规模、联系日益加强,并呈现出"东密西疏"的放射状格局;港深广的集聚效应显著,边缘城市之间的投资联系仍较弱;经济环境、创业企业、创投机构、制度因素对大湾区创业风险投资联系有显著影响,其中经济及制度作用强度占主导。

Research on the Evolution and Influencing Factors of Venture Capital Network in Guangdong-Hong Kong-Macao Greater Bay Area

Venture capital is an important financial system arrangement for technology companies to obtain equity capital financing. Under the national strategic plan of the Guangdong-Hong Kong-Macao Greater Bay Area and the Socialist Pilot Demonstration Zone, vigorously developing venture capital investment can promote the construction of an international science and technology innovation center in the Guangdong-Hong Kong-Macao Greater Bay Area, and further display the role of finance in serving and supporting the real economy. Based on the perspective of social network analysis, this paper analyzes the spatiotemporal evolution characteristics of the venture capital network in the Greater Bay Area from the aspects of investment amount, project distribution, overall network density, and core-periphery structure by constructing a network of venture capital cities in the Greater Bay Area, and explores its influencing factors. The study found that the development of venture capital in the Greater Bay Area adapts to fluctuations in the macro environment, and the three major clusters of Hong Kong, Shenzhen, and Guangzhou are formed within the urban agglomeration with the significant spatial and unbalanced distribution of stages; Hong Kong, Shenzhen, and Guangzhou have shaped the network relationship of venture capital in the Greater Bay Area, the scale and connection of the network have been strengthened day by day, and it has shown a radial pattern of "sparse east and west". The agglomeration effect of Hong Kong, Shenzhen, and Guangzhou are significant, and investment links between peripheral cities are still weak; economic environment, entrepreneurial enterprises, venture capital Institutional and institutional factors have a significant impact on the linkages of venture capital in the Greater Bay Area, while the economic and institutional factors are dominant.