PROGRESS IN GEOGRAPHY ›› 2017, Vol. 36 ›› Issue (1): 68-77.doi: 10.18306/dlkxjz.2017.01.007

• Special Issue:Coordinated Development of Beijing-Tianjin-Hebei • Previous Articles     Next Articles

How and why venture capital flows in the Beijing-Tianjin-HebeiUrban Agglomeration

Jiawen FANG1(), Haimeng LIU2   

  1. 1. Department of Urban Planning, Luskin School of Pubic Affairs, University of California, Los Angeles, CA, 90095, USA
    2. Institute of Geographic Sciences and Natural Resources Research, CAS, Beijing 100101, China
  • Received:2016-12-01 Online:2017-01-20 Published:2017-01-20
  • Supported by:
    Major Projects of National Natural Science Foundation of China, No.41590840, No.41590842


Venture capital is an effective driving force in the collaborative innovation of Beijing-Tianjin-Hebei urban agglomeration. Based on the Zero2 IPO database, this study analyzed the spatiotemporal distribution of urban venture capital using social network theory and examined the mechanism of this distribution using a gravity model and panel data regression. The results show that, first, the gross venture capital of this urban agglomeration showed a four-year-period fluctuation. Second, the distribution is becoming less uneven due to the spin-off effects of Beijing, Tianjin, and Tangshan, where venture capital has concentrated in the past years. Third, venture capital flows between different cities are gradually forming a network with strong connection between core and peripheral cities, as well as weak connection between peripheral cities. The distribution of venture capital has become more even between different stages of entrepreneurship. With regard to the influencing factors of this distribution, information infrastructure and economic development have played significant positive roles, while innovation activities are not keeping in pace with venture capital flows partially due to the underdevelopment of financial instruments and service sectors.

Key words: venture capital, spatiotemporal distribution, mechanism, Beijing-Tianjin-Hebei Urban Agglomeration