PROGRESS IN GEOGRAPHY ›› 2021, Vol. 40 ›› Issue (10): 1626-1638.doi: 10.18306/dlkxjz.2021.10.002

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Impact of high-speed railway on Chinese urban venture capital network: Empirical study based on cross-city venture capital events

ZHUANG Delin(), LIU Yuchen, WANG Shuai*()   

  1. School of Economics, Hefei University of Technology, Hefei 230601, China
  • Received:2020-12-09 Revised:2021-06-23 Online:2021-10-28 Published:2021-12-28
  • Contact: WANG Shuai;
  • Supported by:
    National Social Science Foundation of China(15BGL210);Major Program of the Social Science Innovation and Development Research of Anhui Province(2019ZD007);Special Bidding Project of Institute of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, Hefei University of Technology(JS2018HGXJ0145)


Based on the 41692 venture capital investment events in China's mainland from 2001 to 2017, the impact of high-speed railway on the agglomeration, radiation, and intermediary powers of Chinese venture capital network was studied by using the social network analysis model, as well as the heterogeneity of the effect of different city types, radiation radius of the central cities, and four investment stages, in order to research the impact of high-speed railway on Chinese urban venture capital network. The analysis of the time-varying Difference-in-Differences (DID) model shows that high-speed railway can improve the accessibility of cities, reduce the transaction cost of venture capital activities, promote the cross-regional flow of innovation resources, and enhance the abundance of urban innovation elements, thus having a positive impact on the venture capital network development. High-speed railways have a significant promoting effect on the city network of venture capital in both non-central cities and central cities, and the positive effect is stronger in central cities. The impact of high-speed railway on venture capital network is different under different distance scales: the influence is significantly weaker in areas within a radius of 100 km and beyond 200 km than that between 100 km and 200 km. The impact of high-speed railway on the agglomeration power, radiation power, and intermediary power of venture capital network in the expansion and maturity stages (with lower risk, stable return, and higher marketization degree) is clearly more significant than in the seed stage and initial stage.

Key words: venture capital network, high-speed railway, time-varying DID model, social network analysis, China