关键词: 天使投资, 空间溢出, 图层结构

Abstract:

Angel investment is a particular investing behavior with risks, which has its own generating soil and diffusion process. This article constructs a space spillover model for China angel investment behavior by using knowledge spillover theory, to analyze diffusion and interplay of China angel investment. It is discovered by empirical analysis that angel investment behavior has a space diffusion process and a multi-level spillover circle structure is formed. There are two core spillover circles in China, Beijing and the Yangtze River Delta; they are dual-engine for development of China angel investment. Beijing Circle is the biggest spillover ring, and a 3-level comprehensive interaction structure with Beijing as its center, Beijing, Tianjin and Hebei as the core region, and Shanxi, Inner Mongolia, Henan as the peripheral region. Extensive interaction spillovers are formed between Beijing and other areas of the country, which play extensive and important roles in promoting China angel investing. Spillover circle of Yangtze River delta is the fastest developing region for China angel investment; they are mainly outwards strong one-way spillover, which have strong promotion to China angel investment. There are mainly three subprime spillover circles in China: Northeast China, Southwest China and Northwest China, subprime spillover circles rely on core spillover circle and are affected by core circle. Northeast and Southwest spillover rings are relatively steady, while Northwest spillover circle is weal. There are better spillover interactions with subprime spillover circle, but its external influence is weak, and it is more influenced by spillover of other area. Internal relations of central region are extremely complex, there are potentials but spillover circles are not formed. It has extensive correlation with each region of the country and plays a linking role in the development of China angel investment . Guangdong is one of the several regions with largest development scale of China angel investment , but it develops individually, thus its influence is limited. Other region of the country is less developed areas for development of angel investment, they have weak correlations with the outside world. So, core promoting effect of two core spillover circle, as well as the pivotal role of the central region should be played positively, to promote development of subprime spillover circle and driven the development of other areas of the country layer by layer, leading the benign development of angel investment in areas of the whole country.

Key words: angel investment, spatial spillovers, circle structure