政府投资基金融资网络特征：城市分布、网络关系与社区发现

近年来，我国政府投资基金呈现井喷式发展态势，基金数量和总体规模在风险投资市场中占据较大比重。运用爬虫技术获取政府投资基金大样本微观数据，并用复杂网络法从市级层面考察我国政府投资基金资本集聚情况。研究发现：我国政府投资基金在融资网络层面呈现显著“极点效应”，北京、深圳、上海、苏州等城市为主要集聚区，西部、东北地区未能形成集聚；政府投资基金具有显著“邻近效应”，本地机构更愿意参与本地基金的设立，省域内城市形成明显的族群结构。此外，深圳、苏州政府投资基金相比于北京、上海等城市更具有市场属性。据此，提出如下建议：我国政府投资基金应加强对社会资本的引导，更加注重市场导向；适当降低中西部和东北地区政府投资基金杠杆率，通过政府投资基金吸引东部优势产业向中西部地区转移，进而促进当地政府投资基金落地和资本集聚，并助推区域产业升级与创新发展。

The Characteristics of Government Investment Fund Financing Network: City Distribution,Network Relationship and Community Discovery

In recent years, China's government investment funds（GIF）have shown a booming development trend. The total amount and the size of GIF have become decisive forces in China's venture capital market. However, GIF is encountered with the problem of fund-raising and funds are increasingly concentrated in core cities and regions. Related research has found that venture capital has the characteristics of spatial agglomeration. At present, there are few studies on the geographic proximity characteristics of government investment funds due to the difficulty of obtaining data on government investment funds. It will help to further solve the practical problems in fundraising and investment if the source of the funds of government investment is sorted out. Therefore, it is necessary to study the characteristics of government investment funds from the perspectives of spatial agglomeration, geographic proximity, and investment networks.#br#In order to study whether the establishment of GIF in various cities is evenly distributed, whether the relationship between different cities is close, and whether some cities form close communities, this paper uses crawler technology to obtain large sample data of GIF, and then uses a complex network model to conduct empirical analysis. The main research tools of this paper include web crawler, Python networkx package and social network analysis tool Gephi.#br#The current mainstream databases of government investment funds mainly include Zero2IPO Group Private Equity, China Investment Group Investment Data, CCID Consulting Data, Venture Capital Yearbook of China Venture Capital Research Institute, China Venture Capital Development Report of China Science and Technology Development Strategy Research Institute. However, the data statistics of the various databases are not consistent. At the same time, the information disclosure of government investment funds is not timely and comprehensive, statistical monitoring is not in place, and relevant information registration has not been publicized. In order to obtain more comprehensive fund information, this article integrates multiple databases to obtain a more complete list of GIF and applies web crawler technology to obtain relevant information of 1,489 government investment funds, including their establishment time, place of registration, registered capital, name of each shareholder and place of registration, share ratio of each shareholder and fund investment information, etc. On this basis, the complex network method is used to investigate the capital agglomeration of government investment funds from the city level.#br#The following conclusions are found as follows. The degree distribution of the GIF financing network nodes conforms to the power rate distribution, indicating that the network has obvious scale-free characteristics and serious heterogeneity, and the connection status of each city has a serious uneven distribution.GIF plays obvious "extreme effects" at the level of financing networks. Cities such as Beijing, Shenzhen, Shanghai and Suzhou are the main agglomeration areas, and the western and northeastern regions failed to form an agglomeration effect. GIF has significant geographic proximity, local institutions have a strong willingness to participate in the establishment of local funds, and cities in the province have formed a clear ethnic structure. In addition, GIF in Shenzhen and Suzhou are more market-oriented than other cities such as Beijing and Shanghai. #br#The main enlightenment from the research results of this paper on policy are as follows. Chinese GIF should pay more attention to market orientedness and strengthen the guidance of social capital. It is recommended to appropriately reduce the leverage ratio of GIF in the Midwest and Northeast regions, and use GIF to attract advantageous industries in the east to transfer to the Midwest, so as to promote local capital accumulation and promote regional industrial upgrading and innovative development.#br#