SCIENTIA GEOGRAPHICA SINICA ›› 2020, Vol. 40 ›› Issue (8): 1256-1265.doi: 10.13249/j.cnki.sgs.2020.08.004

Previous Articles     Next Articles

Spatial Structure Evolution of China’s Venture Capital City Network: Based on the Analysis Perspective of Four Investment Stages

Zhuang Delin1(), Wang Pengpeng1, Xu Jilan2, Zhang Di1   

  1. 1. School of Economics, Hefei University of Technology, Hefei 230601, Anhui, China
    2. Institute of Finance and Economics, Shanghai University of Finance and Economics, Shanghai 200433, China
  • Received:2019-11-04 Online:2020-08-10 Published:2020-12-07
  • Supported by:
    National Social Science Foundation of China (15BGL210).

Abstract:

Based on the data of China's cross-city venture capital investment in 2007 and 2017, the network linkages between 338 cities at prefectural level and above were constructed. The spatial structure evolution of the venture capital city networks of the four investment stages of seed, start-up, expansion and maturity and its influencing factors are investigated by using the social network analysis model. Major findings are as follows: Firstly, the venture capital city networks of the four investment stages have formed a network structure with three major urban agglomerations as the core connection areas. Secondly, the density and centralization trend of the venture capital city networks of the four investment stages are constantly increasing, and the tightness and synergistic development trend of the venture capital city networks of the expansion stage and the maturity stage are ahead of the seed and start-up stage. Thirdly, Beijing, Shanghai and Shenzhen have all evolved into the top three cities in terms of concentration and radiation in the venture capital city networks of the four investment stages. What's more, the agglomeration level of venture capital investment of the four investment stages shows a trend of further concentration to the core cities of the network; The radiation level of venture capital investment of the core cities in the city networks of the seed stage shows significant differentiation with the other three stages. Lastly, the venture capital city networks of the four investment stages indicate significant high administrative level urban orientation. The market size, development foundation of startups and government support all have a significant impact on the spatial structure evolution of the venture capital city networks of the four investment stages. The financial development level, development foundation of the venture capital industry and urban accessibility only affect the spatial structure evolution of some investment stages.

Key words: venture capital, city network, investment stage, spatial structure

CLC Number: 

  • F129.9