Analysis Of The Factors That Influence Venture Capital Spatial Distribution:An Empirical Study In China

Venture capital can greatly promote the promotion of technological innovation and economic growth.It is of great significance to explore how to optimize the spatial distribution of venture capital to promote regional innovative economic development and enhance regional comprehensive competitiveness.Starting from the international experience of venture capital development,this paper makes a comparative study on the spatial distribution pattern and evolution characteristics of venture capital in China,Europe and the United States.Then,it incorporates the "time dimension" and uses spatial Gini coefficient,location entropy,spatial correlation analysis,and other methods to explore the spatial distribution characteristics and evolution path of venture capital in China.The research shows that the development of 31 provincial-level venture capital in China has strong spatial dependence and local spatial correlation.The evolution path of spatial correlation between regions shows three-stage lifting trend between 2006 and 2016.Although the number of areas exhibiting "high-high" agglomeration has increased since 2006,the phenomenon of "polarization" still exists in the eastern,central and western regions.In consideration of the spatial effect,combining the theory of spatial proximity,environmental support,factor concentration and financial structural change,this paper selects panel data from 31 provinces in China from 2006 to 2016 as samples.In this paper,the spatial econometric method is used to construct the panel space econometric model to empirically analyze the impact mechanism of spatial agglomeration of venture capital in China.The research shows that:(1)The spatial panel error model based on spatial fixed effect has better performance than the spatial panel lag model,which is also according with the development of venture capital in China.It also shows that spatial difference has important influence on the regional agglomeration of venture capital.(2)The industrial environment represented by different factor density has different impacts on the agglomeration of venture capital.For example,technology-intensive industries show a significant promotion effect on the agglomeration of venture capital,while the high development and agglomeration of labor-intensive industries will have a restraining effect on the agglomeration of venture capital.(3)The two variables of scientific and technological innovation resources and government policy support only showed a significant positive effect in the research interval,and the degree of influence in the overall study interval is weakened.(4)The regional economic environment,human intelligence resources and intermediary service system all have significant and positive effects on the agglomeration of venture capital in China.Finally,based on the empirical analysis results of the spatial econometric model,combined with the present situation of the regional development of venture capital in our country,the paper proposes targeted policy recommendations on optimizing the spatial distribution of venture capital in China.