Urban and industrial diffusion mechanisms in China's venture capital investments

Abstract

Venture capital plays an important role in advancing the development of high-tech industries for promoting industrial and economic growth. However, venture capital is not evenly distributed among various regions and industries in China, which inhibits the development of backward regions and industries. Micro-data related to China's venture capital investments are analyzed to construct an investment decision-making model to analyze the factors affecting venture capital investments. The results show that the industrial and urban experience of the venture capital, the maturity of the start-up companies, and the industrial and urban experience of the joint investors all significantly increase the investment probability. In addition, the venture capital experience and the start-up company maturity are found to strongly influence the venture capital's entry into new cities and new industries, while the joint investors' experience does not have much effect. 摘要 风险投资是促进高新技术产业发展的重要力量, 对于推动产业升级和经济增长具有重要意义。然而, 中国风险资本在城市间和行业间的分布不均衡现象突出, 不利于落后地区和行业的发展。该文利用中国风险投资事件的微观数据, 通过构建投资决策模型, 分析风险资本投资初创企业的影响因素。研究结果表明：风险投资者的行业经验与城市经验、初创企业的发展成熟度、联合投资者的行业经验与城市经验都能够显著提高投资概率; 同时, 风险投资者经验和被投资企业的成熟度有助于推动风险资本进入新城市和新行业, 而联合投资者的经验未能发挥预期作用。