PROGRESS IN GEOGRAPHY ›› 2022, Vol. 41 ›› Issue (3): 477-487.doi: 10.18306/dlkxjz.2022.03.010

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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
  • Contact: WANG Jiao'e;
  • Supported by:
    Major Program of National Fund of Philosophy and Social Science of China, No(20&ZD099)


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