关键词: 科创型初创企业, 风险投资网络, 空间演化, 影响因素, 中国

Abstract:

Venture capital activities of S&T innovational startups play an important role in strengthening original leading scientific and technological research. Based on the data of S&T innovation venture capital startup engine enterprises in 280 cities in China from 2006 to 2020, we constructed a network and explored the spatial evolution and influencing factors of S&T innovation venture capital in China with the help of complex network analysis, spatial analysis and other methods. The study shows that: ①The overall scale of the linkage of S&T innovation venture capital network in is expanding stage by stage, meanwhile the network indicators such as the number of participating cities and the network density are still at a low level, while the tendency of S&T innovation venture capital activities is gradually concentrating to high-tech industries; in addition,S&T innovation startups is aggregating in economically developed regions such as Beijing and Shanghai. ②The distribution of financier of S&T innovation venture capital network has strong spatial heterogeneity, but most of the economically less developed in central and western regions have not yet been embedded in the network of S&T innovation venture capital. The spatial distribution of investors is characterized by path dependence and path breakthrough, in addition, Beijing, Shanghai and Shenzhen as the representative of the eastern coastal cities, have always been the core areas of the network, while the breakthrough trend of S&T innovation venture capital to the inland cities in the central and western regions, such as Chengdu and Hefei has strengthened. At the same time, the strengthened trend of breakthrough of S&T innovation venture capital network to Chengdu, Hefei and other central and western inland cities is obvious.③S&T innovation venture capital network shows a hierarchical structure of "core-edge", Beijing and Shanghai as the double core expanded to Beijing, Shanghai, Shenzhen and Hangzhou as the four cores of hierarchical structure, achieving a clear leap up in the city circles of each hierarchical level.④The results of the panel regression model find that the economic development level, financial development, entrepreneurial activity, entrepreneurial infrastructure and the degree of openness to outside world exert a positive and significant influence on the activities of S&T innovation venture capital.

Key words: S&T innovation startups, venture capital networks, spatial evolution, influencing factors, China