PROGRESS IN GEOGRAPHY ›› 2021, Vol. 40 ›› Issue (10): 1626-1638.doi: 10.18306/dlkxjz.2021.10.002
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ZHUANG Delin(), LIU Yuchen, WANG Shuai*(
)
Received:
2020-12-09
Revised:
2021-06-23
Online:
2021-10-28
Published:
2021-12-28
Contact:
WANG Shuai
E-mail:qddlzhuang@126.com;wshuai@hfut.edu.cn
Supported by:
ZHUANG Delin, LIU Yuchen, WANG Shuai. Impact of high-speed railway on Chinese urban venture capital network: Empirical study based on cross-city venture capital events[J].PROGRESS IN GEOGRAPHY, 2021, 40(10): 1626-1638.
Tab.1
Variable definition
变量名称 | 含义 | 计算方法 |
---|---|---|
被解释变量 | ||
Indegree | 创业投资网络集聚力 | 点入度 |
Outdegree | 创业投资网络辐射力 | 点出度 |
Betwe | 创业投资网络联系中介力 | 中介中心度 |
解释变量 | ||
HSR | 投资发生时高铁是否开通 | 创业投资事件发生时该城市开通高铁则取1,否则取0 |
控制变量 | ||
GDP | 人均GDP | 各城市人均GDP取对数 |
SencondaryInd | 第二产业占比 | 第二产业增加值占GDP比重 |
TertiaryInd | 第三产业占比 | 第三产业增加值占GDP比重 |
Telecommunication | 通信力 | 移动电话用户数取对数 |
Innovation | 创新力 | 专利授权数取对数 |
Tab.2
Regional distribution of venture capital events
创业投资企业所在地投资事件分布 | 创业投资机构所在地投资事件分布 | ||||||
---|---|---|---|---|---|---|---|
企业所在 省份 | 投资事件数 | 合计 | 机构所在 省份 | 投资事件数 | 合计 | ||
未通高铁城市 | 高铁通车城市 | 未通高铁城市 | 高铁通车城市 | ||||
北京 | 104 | 8310 | 8414 | 北京 | 0 | 12728 | 12728 |
广东 | 77 | 6698 | 6775 | 上海 | 0 | 9883 | 9883 |
上海 | 44 | 5453 | 5497 | 广东 | 9 | 9538 | 9547 |
江苏 | 28 | 4295 | 4323 | 浙江 | 10 | 2922 | 2932 |
浙江 | 29 | 3763 | 3792 | 江苏 | 22 | 2122 | 2144 |
山东 | 17 | 1488 | 1505 | 天津 | 0 | 898 | 898 |
四川 | 9 | 1355 | 1364 | 福建 | 1 | 473 | 474 |
湖北 | 7 | 1216 | 1223 | 山东 | 41 | 376 | 417 |
福建 | 8 | 1134 | 1142 | 湖北 | 0 | 410 | 410 |
湖南 | 5 | 841 | 846 | 湖南 | 1 | 273 | 274 |
安徽 | 6 | 782 | 788 | 四川 | 3 | 260 | 263 |
河南 | 5 | 758 | 763 | 重庆 | 0 | 225 | 225 |
天津 | 3 | 687 | 690 | 西藏 | 216 | 0 | 216 |
陕西 | 1 | 653 | 654 | 安徽 | 3 | 190 | 193 |
河北 | 1 | 518 | 519 | 陕西 | 2 | 188 | 190 |
辽宁 | 2 | 504 | 506 | 江西 | 2 | 176 | 178 |
重庆 | 2 | 471 | 473 | 河南 | 0 | 148 | 148 |
江西 | 1 | 311 | 312 | 新疆 | 34 | 82 | 116 |
吉林 | 1 | 278 | 279 | 河北 | 1 | 102 | 103 |
云南 | 3 | 261 | 264 | 辽宁 | 1 | 73 | 74 |
新疆 | 3 | 233 | 236 | 云南 | 0 | 41 | 41 |
内蒙古 | 4 | 181 | 185 | 黑龙江 | 0 | 35 | 35 |
贵州 | 2 | 178 | 180 | 吉林 | 0 | 35 | 35 |
广西 | 2 | 176 | 178 | 广西 | 0 | 33 | 33 |
黑龙江 | 1 | 173 | 174 | 贵州 | 0 | 33 | 33 |
山西 | 0 | 152 | 152 | 海南 | 1 | 27 | 28 |
海南 | 0 | 150 | 150 | 内蒙古 | 13 | 8 | 21 |
宁夏 | 7 | 103 | 110 | 山西 | 0 | 16 | 16 |
甘肃 | 2 | 107 | 109 | 甘肃 | 0 | 14 | 14 |
青海 | 0 | 53 | 53 | 宁夏 | 14 | 0 | 14 |
西藏 | 0 | 36 | 36 | 青海 | 0 | 9 | 9 |
总计 | 374 | 41318 | 41692 | 总计 | 374 | 41318 | 41692 |
Tab.3
Impact of high-speed railway on venture capital city network
变量 | Indegree | Outdegree | Betwe |
---|---|---|---|
模型A | |||
HSR | 0.175*** | 0.103*** | 0.032*** |
(0.036) | (0.016) | (0.011) | |
R2 | 0.57 | 0.55 | 0.35 |
样本 | 1580 | 1580 | 1580 |
模型B | |||
HSR | 0.143*** | 0.085*** | 0.027** |
(0.035) | (0.015) | (0.010) | |
控制变量 | 是 | 是 | 是 |
时间固定效应 | 是 | 是 | 是 |
城市固定效应 | 是 | 是 | 是 |
R2 | 0.59 | 0.59 | 0.37 |
样本数 | 1579 | 1579 | 1579 |
Tab.4
Hysteresis of high-speed railway on venture capital city network
滞后一期 | 滞后二期 | |||||||
---|---|---|---|---|---|---|---|---|
变量 | Indegree | Outdegree | Betwe | 变量 | Indegree | Outdegree | Betwe | |
HSR(-1) | 0.169*** | 0.092*** | 0.028 | HSR(-2) | 0.148** | 0.099*** | -0.004 | |
(0.058) | (0.024) | (0.019) | (0.069) | (0.033) | (0.019) | |||
控制变量 | 是 | 是 | 是 | 控制变量 | 是 | 是 | 是 | |
时间固定效应 | 是 | 是 | 是 | 时间固定效应 | 是 | 是 | 是 | |
城市固定效应 | 是 | 是 | 是 | 城市固定效应 | 是 | 是 | 是 | |
常数 | 8.682*** | 5.111*** | 1.670*** | 常数 | 9.167*** | 4.826*** | 1.663*** | |
(1.467) | (0.901) | (0.511) | (1.382) | (0.831) | (0.547) | |||
R2 | 0.68 | 0.67 | 0.44 | R2 | 0.69 | 0.69 | 0.44 | |
样本数 | 875 | 875 | 875 | 样本数 | 770 | 770 | 770 | |
滞后三期 | 滞后四期 | |||||||
变量 | Indegree | Outdegree | Betwe | 变量 | Indegree | Outdegree | Betwe | |
HSR(-3) | 0.331*** | 0.151*** | 0.03 | HSR(-4) | 0.333*** | 0.187*** | 0.064** | |
(0.079) | (0.04) | (0.024) | (0.100) | (0.050) | (0.029) | |||
控制变量 | 是 | 是 | 是 | 控制变量 | 是 | 是 | 是 | |
时间固定效应 | 是 | 是 | 是 | 时间固定效应 | 是 | 是 | 是 | |
城市固定效应 | 是 | 是 | 是 | 城市固定效应 | 是 | 是 | 是 | |
常数 | 9.380*** | 4.367*** | 1.256** | 常数 | 8.189*** | 4.035*** | 1.133** | |
(1.528) | (0.917) | (0.549) | (1.579) | (0.836) | (0.522) | |||
R2 | 0.72 | 0.72 | 0.48 | R2 | 0.68 | 0.73 | 0.5 | |
样本数 | 703 | 703 | 703 | 样本数 | 632 | 632 | 632 |
Tab.5
Impact of high-speed railway on central and non-central cities
变量 | 非中心城市 | 中心城市 | |||||
---|---|---|---|---|---|---|---|
Indegree | Outdegree | Betwe | Indegree | Outdegree | Betwe | ||
HSR | 0.143*** | 0.085*** | 0.027** | 0.404** | 0.352* | 0.351* | |
(0.035) | (0.015) | (0.01) | (0.18) | (0.204) | (0.193) | ||
控制变量 | 是 | 是 | 是 | 是 | 是 | 是 | |
时间固定效应 | 是 | 是 | 是 | 是 | 是 | 是 | |
城市固定效应 | 是 | 是 | 是 | 是 | 是 | 是 | |
R2 | 0.59 | 0.59 | 0.37 | 0.70 | 0.78 | 0.60 | |
样本数 | 1579 | 1579 | 1579 | 423 | 423 | 423 |
Tab.6
Impact of high-speed railway on venture capital city network under different distances
变量 | Indegree | Outdegree | Betwe |
---|---|---|---|
HSR | 0.971*** | 0.837*** | 1.025*** |
(0.159) | (0.155) | (0.197) | |
HSR*d50 km | -1.294*** | -0.918*** | -1.114*** |
(0.185) | (0.153) | (0.213) | |
HSR*d100 km | -0.934*** | -0.775*** | -1.263*** |
(0.224) | (0.19) | (0.259) | |
HSR*d150 km | -0.857*** | -0.854*** | -1.128*** |
(0.228) | (0.173) | (0.241) | |
HSR*d200 km | -1.175*** | -0.800*** | -1.152*** |
(0.191) | (0.167) | (0.219) | |
HSR*d250 km | -1.004*** | -0.764*** | -1.291*** |
(0.230) | (0.194) | (0.263) | |
HSR*d300 km | -1.212*** | -1.003*** | -1.252*** |
(0.191) | (0.161) | (0.230) | |
控制变量 | 是 | 是 | 是 |
时间固定效应 | 是 | 是 | 是 |
城市固定效应 | 是 | 是 | 是 |
常数 | 10.627*** | 8.994*** | 7.302*** |
(1.673) | (1.436) | (1.727) | |
R2 | 0.67 | 0.76 | 0.59 |
样本 | 1678 | 1678 | 1678 |
Tab.7
Impact of high-speed railway on venture capital city network under four investment stages
变量 | 种子期 | 初创期 | |||||
---|---|---|---|---|---|---|---|
Indegree | Outdegree | Betwe | Indegree | Outdegree | Betwe | ||
HSR | 0.142 | -0.099 | -0.029 | 0.041 | -0.012 | -0.003 | |
(0.190) | (0.078) | (0.025) | (0.062) | (0.029) | (0.012) | ||
控制变量 | 是 | 是 | 是 | 是 | 是 | 是 | |
时间固定效应 | 是 | 是 | 是 | 是 | 是 | 是 | |
城市固定效应 | 是 | 是 | 是 | 是 | 是 | 是 | |
常数 | 6.014 | 1.889 | 1.046* | 3.504*** | 2.044*** | 0.269 | |
(3.712) | (1.814) | (0.592) | (1.148) | (0.510) | (0.164) | ||
R2 | 0.66 | 0.66 | 0.37 | 0.53 | 0.6 | 0.35 | |
样本数 | 147 | 147 | 147 | 426 | 426 | 426 | |
变量 | 扩张期 | 成熟期 | |||||
Indegree | Outdegree | Betwe | Indegree | Outdegree | Betwe | ||
HSR | 0.154*** | 0.043*** | 0.031*** | 0.139*** | 0.064** | 0.036** | |
(0.054) | (0.016) | (0.012) | (0.053) | (0.025) | (0.016) | ||
控制变量 | 是 | 是 | 是 | 是 | 是 | 是 | |
时间固定效应 | 是 | 是 | 是 | 是 | 是 | 是 | |
城市固定效应 | 是 | 是 | 是 | 是 | 是 | 是 | |
常数 | 4.059*** | 2.215*** | 0.510** | 5.982*** | 2.640*** | 1.552*** | |
(0.925) | (0.423) | (0.201) | (1.334) | (0.630) | (0.419) | ||
R2 | 0.50 | 0.64 | 0.43 | 0.56 | 0.54 | 0.34 | |
样本数 | 987 | 987 | 987 | 952 | 952 | 952 |
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