创业风险投资是京津冀城市群一体化协同创新进程中的重要驱动力。本文利用社会网络分析方法分析了京津冀城市群创业风险投资的时空分布特征,在此基础上利用引力模型和计量分析模型揭示京津冀城市群创业风险投资时空分布的影响机制。主要结论为:京津冀城市群的创业风险投资网络在总额方面具有一定的周期波动性,其时空分布的不均衡性缓慢降低,创业风险投资的三中心(北京、天津和唐山)对周边城市具有一定的带动作用;创业风险投资在城市间的流动呈现出一定的网络性,但是发育缓慢,具有很强的向心性;创业风险投资对创业项目不同阶段的投资从偏重创业后期逐步趋向各阶段均衡发展;信息基础设施发展水平和经济发展水平与创业风险投资之间具有较强的正相关作用;金融环境、服务业发展水平相对滞后,对创新创业成果的转化和资金吸引能力较弱。
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.