地理科学进展 ›› 2022, Vol. 41 ›› Issue (3): 477-487.doi: 10.18306/dlkxjz.2022.03.010

• 研究综述 • 上一篇    下一篇

基于空间视角的风险投资研究进展与展望

杜德林1,2(), 王姣娥1,2,*()   

  1. 1. 中国科学院地理科学与资源研究所,区域可持续发展分析与模拟重点实验室,北京 100101
    2. 中国科学院大学资源与环境学院,北京 100049
  • 收稿日期:2021-05-28 修回日期:2021-09-17 出版日期:2022-03-28 发布日期:2022-05-28
  • 通讯作者: *王姣娥(1981— ),女,湖南涟源人,研究员,主要从事交通地理与区域发展研究。E-mail: wangje@igsnrr.ac.cn
  • 作者简介:杜德林(1994— ),男,山西霍州人,博士生,主要从事交通地理与区域发展研究。E-mail: dudl.19b@igsnrr.ac.cn
  • 基金资助:
    国家社会科学基金重大项目(20&ZD099)

Progress and prospects of venture capital research from the spatial perspective

DU Delin1,2(), WANG Jiao'e1,2,*()   

  1. 1. Key Laboratory of Regional Sustainable Development Modeling, Institute of Geographic Sciences and Natural Resources Research, CAS, Beijing 100101, China
    2. College of Resources and Environment, University of Chinese Academy of Sciences, Beijing 100049, China
  • Received:2021-05-28 Revised:2021-09-17 Online:2022-03-28 Published:2022-05-28
  • Supported by:
    Major Program of National Fund of Philosophy and Social Science of China, No(20&ZD099)

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