时空压缩下的风险投资——高铁通车与风险投资区域变化
发布时间:2018-02-09 00:09
本文关键词: 高铁 风险投资 软信息 信息成本 出处:《经济研究》2017年04期 论文类型:期刊论文
【摘要】:基于风险投资(VC)的视角,本文研究高铁通车改变地理距离的时空约束条件后,我国风险投资行为的新变化。双重差分模型(DID)分析表明,高铁通车后,与非高铁城市比较,风险投资对高铁城市的新增投资显著增加。与此同时,高铁扩展了VC中心城市的投资辐射范围。而且高铁通车后,由于投资人和创业者之间的信息不对称有所降低,造成信息敏感性较高的初创期和扩张期的风险投资明显增加。同时,市场化程度更高的非国有背景VC机构对高铁城市的新增投资较国有背景VC机构更多。本文揭示了高铁对地方经济发挥效应的一种作用机制——高铁带来的空间压缩、时间节约、可达性提高,使得高铁城市吸引了更多的风险投资,有利于地方经济转型和推动创新。同时,本文结果对于风险投资机构的投资布局亦有启迪。
[Abstract]:Based on the view of venture capital (VCC), this paper studies the new changes of venture capital behavior in China after the time and space constraints of high-speed rail traffic changing geographical distance. The analysis of dual difference model (DIDD) shows that after high-speed rail is opened to traffic, it is compared with non-high-speed rail cities. Venture capital has significantly increased investment in high-speed rail cities. At the same time, high-speed rail has expanded the range of investments in VC central cities. And since the opening of high-speed rail, the information asymmetry between investors and entrepreneurs has decreased. Venture capital investment in the start-up and expansion periods with high information sensitivity has increased significantly. At the same time, Non-state-owned VC institutions with a higher degree of marketization invest more in high-speed rail cities than state-owned VC institutions. This paper reveals the space compression and time saving caused by high-speed rail, a mechanism that plays an important role in the local economy. The increase of accessibility makes the high-speed railway city attract more venture capital, benefit the local economy transformation and promote innovation. At the same time, the results of this paper also enlighten the investment layout of venture capital institutions.
【作者单位】: 上海财经大学金融学院;清华大学五道口金融学院中国财富管理研究中心;
【基金】:国家社科基金项目“并购型股权投资基金在企业重组转型中的作用机制、效应及支持制度研究”(13BJL038) 上海财经大学研究生创新基金资助项目“经济地理视角下的中国风险投资特征研究”(CXJJ-2016-313)的资助
【分类号】:F532.3
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本文编号:1496605
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