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Study Of The Spatial Behavior Of Venture Capital Investments

Posted on:2016-05-06Degree:DoctorType:Dissertation
Country:ChinaCandidate:H Y ZhangFull Text:PDF
GTID:1109330482458469Subject:Human Geography
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Technological innovation is the basic power to promote sustainable economic development. According to the long cycle theory, long-term economic growth was drived by the technological revolution. Because Hi-tech SMEs have advantages in quantity, mechanism and specialization, they become the sources of technological progress now. In views of SMEs are characteristic of light-asset and high-risk, it is hard for they financed by traditional financial market. As the professional financial institution, VC can fund the SMEs by the venture capitalists’professional skill in selecting the high-growth & high-potential projects. VC plays an important role in the promotion of technological innovation, industrialization of high technology and regional economic growth. Because the global financial crisis in 2008 ended the last long-term economic growth, the governments all round the world want to foster new industries by developing and attracting VC industry. In fact, VC has obvious spatial difference which is manifested as VC institutions and VC investment projects are mainly distributed in a few large cities or high-tech industrial agglomeration areas. Therey for, It is significant to study the regulation of VC’s behavior in order to developing high-tech industries and ensureing the smooth development of the regional economy.The thesis includes four parts. (1) The first part is an introduction and summary, including Chapter 1 and Chapter 2. The first Chapter studies the background significance of the topic, summarizes main research approaches, content framework and main creativity. The second Chapter recalls and states advance research in financial geography, behavior geography, VC investment and regional growth theory. (2) The second part is the empirical research, including Chapter 3, Chapter 4, Chapter 5 and Chapter 6. The third Chapter counts and analyses the VC’s spatial distribution. It displays the global VC’s distribution by the network of VC institutions. The fourth Chapter analyses the main elements, including the social network, lagal system for SMEs, high-tech industrial clusters and multi-level capital market which effct VC s behaviors. The fifth Chapter studys the VC’s spatial decision-making mechanism in the process of fundraising, investment, management and withdraw. The sixth Chapter studys the mechanism of promoting technological innovation and developing high-tech industries by patent production function and factor analysis. (3) The third part is the analysis of theory, includes Chapter 7. The VC’s spatial behavior model consists of three submodels which are spatial hierarchy-scale model, spatial agglomeration free enterprisers model and risk diversification-benefit space model. These models explain the phonemont and mechanism of VC’s spatial distribution in China. (4) The fourth part is the conclusion of the thesis, includes Chapter 8.The thesis focuses on four problems. (1) On the spatial distruibution of VCs, we found that no matter globally or domestically, VCs emerged as very obvious spatial agglomeration phenomenon. VCs agglomerate in Peking, Shanghai and Shenzhen in China. (2) On spatial process of VC’s behaviors, we analyzed the VC’s spatial decision regulation on the fund-raising, investment, capital management and exiting process.VCs like to fundraising from international finance centers. VCs tend to investment near their offices. They manage the invested companys by three ways which include nearby management, cross-regional management and combined management. In order to recouping their investment, VCs assist the invested comanys IPO in different equity markets, for example Chinext, SSE, SZSE NASDAQ, NYSE, SGX-ST. (3) On the spatial effect of VCs, the thesis made an empirical analysis on the role that VC plays in promoting regional scientific and technological innovation through patenting production function. We found that VC played a greater role in technology innovation than R & D investment did. (4) Finally, the thesis illustrates the theory of the spatial behavior of venture capital by building spatial hierarchy-scale model, spatial agglomeration free enterprisers model and risk diversification-benefit space model to better explain the multicentric hierarchy-scale structure of venture capital in China.There are three main innovations of this thesis:(1) Firstly, by empirical analysesing the VC’s spatial process, it builds the VC’s spatical decision-making model. (2) Secondly, on the basis of region growth thesis, it proposes the high-tech industry development model. (3) Thirdly, it constructs the VC’s spatial behavior model by studying VC behavior’s spatial character and spatial effect in China.
Keywords/Search Tags:Venture Capital, Financial Geography, Spatial Behavior, Spatial Decision, Spatial Effect
PDF Full Text Request
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