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

摘要：

科创企业的风险投资活动是加强原创性、引领性科技攻关的重要支撑。基于2006—2020年中国280个地级及以上城市科创型初创引擎企业的科创风险投资数据，借助复杂网络分析、空间分析等方法，探究中国城市科创风险投资网络的空间演化及影响因素。研究表明：①中国城市科创风险投资网络的联系总体规模呈阶段性扩大趋势，参与城市数量和网络密度等网络指标仍处于较低水平，科创风险投资资本逐渐向高科技产业集中； 另外，科创型初创企业集中分布在北京、上海等经济发达地区。②中国城市科创风险投融资双方的分布具有较强的空间异质性，但多数内陆经济欠发达地区和部分沿海省份城市尚未嵌入科创风险投资网络；投资方空间分布具有路径依赖和路径突破的特点，北京、上海和深圳等东部沿海城市始终是网络的核心地区，同时，科创风险投资向成都、合肥等中西部内陆城市的突破趋势加强。③科创风险投资网络呈现出“核心-边缘”的层次结构特征，从以北京、上海为双核心的层级结构演变为以北京、上海、深圳、杭州的四核心层次结构，并且各层次城市的圈层跃进明显。④面板回归模型结果表明，城市经济发展水平、金融发展程度、创业活跃度、创业基础设施和对外开放程度均对科创风险投资活动有显著正向影响。

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