基于空间视角的风险投资研究进展与展望

doi:10.18306/dlkxjz.2022.03.010

摘要/Abstract

摘要：

风险投资有利于推动技术创新与高新技术产业发展,随着行业整体的发展以及在投资过程中表现出对信息、时间和成本等要素的较高要求,空间的约束作用逐渐受到重视,成为重要的研究视角。在此背景下,梳理总结国内外空间视角下的风险投资研究进展具有重要的启示意义,可以为相关学科研究提供借鉴与参考。论文首先明确风险投资概念并梳理相关影响因素,分析空间视角下的风险投资研究框架;在此基础上,针对风险投资机构、被投企业与投资活动,归纳风险投资的空间分布特征;再结合风险投资过程,就风险投资的本地偏好以及距离对投资策略和投资绩效方面的影响进行归纳总结;结合交通发展对空间约束作用的克服,总结现有研究对交通影响作用的探讨;最后基于已有研究进展与不足,探讨相关研究启示与展望。

关键词: 风险投资, 空间视角, 距离, 交通, 地理学

Abstract:

Venture capital (VC) is conducive to promoting technological progress and the development of high-tech industry. With the development of the VC industry and high requirements for various elements in the process of VC investment such as information, time, and cost, the constraint effect of geographical space has gradually been paid attention to and become an important research perspective. In this context, it is of great significance to examine the research progress of VC investment from the spatial perspective, which can provide some important reference for the related research of geography, finance, economics, and management. 1) This article first clarified the concept of venture capital and summarized the related influencing factors. It then analyzed the framework of VC investment research from the perspective of space. 2) The spatial distribution characteristics of VC institutions, invested enterprises, and investment activities are one of the basic research topics based on the spatial perspective. A large number of studies have been carried out at the global, national, regional, and local levels. Based on these, we summarized the spatial distribution characteristics of VC investment, and revealed the spatial agglomeration characteristics of VC activities from the perspective of supply and demand. 3) From the perspective of VC investment process, the constraint of spatial distance has an important impact in different stages. We summarized the literature on the local bias of VC investment and the impact of distance on investment strategy selection and investment performance. 4) Transport plays an important role in overcoming spatial resistance and expanding human activity space. In recent years, with the construction and development of high-speed transportation, some scholars have paid attention to the impact of transportation operation on VC investment process, especially in terms of local preference and investment performance. Finally, based on the progress and shortcomings of existing literature, this article discussed the future prospects of relevant research. In the future, we can focus on the mechanism of influence and multiscale comparison of the spatial distribution of VC investment, the spatial distribution and regional coordinated development, city network based on VC flows, and the comprehensive impact of transportation development on VC investment.

Key words: venture capital, spatial perspective, distance, transport, geography

杜德林, 王姣娥. 基于空间视角的风险投资研究进展与展望[J]. 地理科学进展, 2022, 41(3): 477-487.

DU Delin, WANG Jiao'e. Progress and prospects of venture capital research from the spatial perspective[J]. PROGRESS IN GEOGRAPHY, 2022, 41(3): 477-487.

图/表 2

图1

表1

不同尺度的风险投资空间分布研究

尺度	研究地区	研究对象	作者	空间分布
全球	主要大洲和国家	投资金额	Subhash(2007)^[35]	主要集中分布于北美和欧洲的31个国家
国家	美国	投资机构、投资事件	Leinbach和Amrhein(1987)^[36]	主要集中于纽约、马萨诸塞州(波士顿)和加利福尼亚州(旧金山)
		投资机构、投资金额、投资事件	Florida和Kenney(1988)^[37]、Florida和Smith(1993)^[8]
		投资机构、被投企业、投资金额、投资事件	Lerner(2010)^[38]
	加拿大	投资机构、投资事件	McNaughton和Green(1989)^[39]	主要形成以多伦多为核心、卡尔加里和蒙特利尔为次核心的分布格局
	英国	投资机构、投资金额	Martin(1989)^[40]、Mason和Harrison(2002)^[41]、Martin等(2002)^[42]、Klagge和Martin(2005)^[43]	高度集中于伦敦及东南部地区
	法国	投资机构、投资金额	Martin等(2002)^[42]	主要集中于巴黎及周边地区
	德国	投资机构、投资金额	Martin等(2002)^[42]、Klagge和Martin(2005)^[43]	风险投资机构分布相对分散,以慕尼黑、法兰克福、柏林、汉堡、杜塞尔多夫、汉诺威等地区相对较多
	德国	投资机构、投资事件	Lutz等(2013)^[44]	风险投资机构分布相对分散,以慕尼黑、法兰克福、柏林、汉堡、杜塞尔多夫、汉诺威等地区相对较多
	以色列	被投企业、投资机构、投资事件	Schwartz和Bar-El(2007)^[45]	主要分布于特拉维夫区
	中国	投资机构、投资金额、投资事件	Zhang(2011)^[46]	主要分布于北京、上海和深圳等地区,投资网络也以此为核心
		投资事件	汪明峰等(2014)^[47]
		投资机构、被投企业、投资事件	Pan等(2016)^[48]、Pan和Yang(2019)^[49]
区域	京津冀	投资事件	方嘉雯和刘海猛(2017)^[9]、Fang(2018)^[50]	主要形成以北京为核心的风险投资网络
区域	长三角	投资事件	赵玉萍等(2020)^[51]	主要形成以上海为核心,以杭州、苏州和南京为次核心的风险投资网络
地方	北京市	投资机构、投资事件	徐宜青等(2016)^[52]	投资机构主要集聚在CBD、金融街和中关村,不同背景的投资机构空间分布有差异
地方	上海市	投资机构	林晓等(2019)^[53]	中资和外资企业分别呈单中心和多中心的空间集聚格局

表1

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