北京市风险投资的空间分布与合作网络研究

doi:10.18306/dlkxjz.2016.03.010

地理科学进展 ›› 2016, Vol. 35 ›› Issue (3): 358-367.doi: 10.18306/dlkxjz.2016.03.010

北京市风险投资的空间分布与合作网络研究

徐宜青¹(), 潘峰华^1,^*(), 江小雨², 曲亚霖¹, 梁进社¹

1. 北京师范大学地理学与遥感科学学院,北京 100875
2. 北京师范大学经济与工商管理学院,北京 100875

收稿日期:2015-07-01 接受日期:2016-01-01 出版日期:2016-03-25 发布日期:2016-03-25
通讯作者: 潘峰华
作者简介:
作者简介：徐宜青(1993-),女,江苏南京人,本科生,主要从事金融地理研究,E-mail: xuyiqing@mail.bnu.edu.cn。
基金资助:
国家自然科学基金项目(41201107);中央高校基本科研业务费专项资金项目(2015KJJCB30);北京师范大学北京市大学生科学研究与创业行动计划项目

The geography and syndication investment networks of venture capital in Beijing

Yiqing XU¹(), Fenghua PAN^1,^*(), Xiaoyu JIANG², Yalin QU¹, Jinshe LIANG¹

1. School of Geography, Beijing Normal University, Beijing 100875, China
2. School of Business, Beijing Normal University, Beijing 100875, China

Received:2015-07-01 Accepted:2016-01-01 Online:2016-03-25 Published:2016-03-25
Contact: Fenghua PAN
Supported by:
National Natural Science Foundation of China, No.41201107;Fundamental Research Funds for the Central Universities, No.2015KJJCB30;Training Program of Scientific Research and Entrepreneurship for University Student (City-Level), Beijing Normal University

摘要/Abstract

摘要：

国内外有关风险投资(VC)空间集聚的研究大多基于国家层面,本文基于北京市VC机构的位置和联合投资信息,运用本文空间分析与社会网络分析技术,研究VC机构的空间集聚和合作网络。空间分析发现,VC机构主要集聚在CBD、金融街、中关村三大核心区;在时间尺度上呈现分散—集聚—再分散的趋势。其中,国资机构主要集聚于金融街,外资机构主要落户于CBD,且以私募基金(PE)类机构为主;中关村则依托高新技术成为创新型企业的融资区。叠加合作网络后进一步发现,城市尺度下的VC机构合作并不受地理区位限制,并且各个VC集聚区之间关系颇为紧密。按“中心度”到“边缘—核心”的递推分析表明,外资机构在北京市风险投资合作网络中具有突出地位,其对联合投资的偏好主导了网络的形态。国资虽占据了部分网络节点但核心地位不够突出,而本土民营机构虽然数量较大但在网络中多处于半边缘位置。

关键词: 风险投资, 集聚, 社会网络分析, 联合投资, 北京市

Abstract:

Existing research on the agglomeration of venture capital (VC) has mainly focused on the national level. This study explores VC's distribution and network at the city level in China. Based on the data of VC in Beijing, we conducted a spatial and social network analysis on the geography of the sector. The results show that VC is mainly concentrated in the Central Business District (CBD), Financial Street, and Zhongguancun areas, which presents a decentralized-centralized-decentralized tendency over time. The CBD and Financial Street are home to many institutions, with the former being a major settlement for foreign institutions, especially private equity (PE) firms while the latter mostly for state-owned institutions. Relying on its high-tech industry and high quality research institutions, Zhongguancun developed into a dynamic area with a large number of VC focusing on start-ups. The network analysis shows that VC collaborate with each other beyond the distance limitation. The major VC clusters have intense connections in syndication investments. The core and periphery analysis indicates that foreign institutions hold a prominent position in the syndication investment networks of VC in Beijing. The state-owned institutions occupy some key nodes in the network with less influence. Although there is a growing number of local privately-owned institutions, most of them are at the periphery in the network.

Key words: venture capital, cluster, social network analysis, syndication, Beijing City

徐宜青, 潘峰华, 江小雨, 曲亚霖, 梁进社. 北京市风险投资的空间分布与合作网络研究[J]. 地理科学进展, 2016, 35(3): 358-367.

Yiqing XU, Fenghua PAN, Xiaoyu JIANG, Yalin QU, Jinshe LIANG. The geography and syndication investment networks of venture capital in Beijing[J]. PROGRESS IN GEOGRAPHY, 2016, 35(3): 358-367.

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排名	机构	资本类型	绝对中心度	相对中心度
1	红杉	外资	101	12.332
2	IDG资本	外资	94	11.477
3	君联资本	本土	60	7.326
4	清科创投	外资	57	6.960
5	经纬中国	外资	48	5.861
6	北极光	本土	45	5.495
7	联创策源	外资	35	4.274
8	鼎晖创投	外资	35	4.274
9	启迪创投	本土	30	3.663
10	贝塔斯曼基金	外资	24	2.930

排名	核心机构	半边缘机构	边缘机构
1	红杉	真格基金
2	IDG资本	智基创投
3	清科创投	启迪创投
4	经纬中国	华创资本
5	君联资本	蓝驰创投
6	鼎晖创投	百度投资部	其余机构
7	联创策源	信中利
8	北极光	中信产业基金
9	贝塔斯曼基金	中金
10	金沙江创投	金石投资
11	宽带资本	…(共75家）

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北京市风险投资的空间分布与合作网络研究

The geography and syndication investment networks of venture capital in Beijing

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