| At present,China’s economy is changing from high speed growth to high quality development,and the 14 th Five-Year Plan starting in 2021 will further put into practice the "New Development Concept" of innovation,coordination,green,openness and sharing proposed in the 13 th Five-Year Plan.In this period,green technology innovation and green finance are bound to become an important breakthrough in the country’s green transformation.The high risk and high investment characteristics of green technology innovation determine its lack of attractiveness to traditional financing methods,and venture capital is expected to become a new driving force to promote the development of high quality green technology innovation in China,thus,the concept and practice of green innovation finance is emerging and has become the focus of attention at the theoretical and practical levels.Starting from first-tier cities such as Shanghai and Shenzhen,how to use venture capital to break through and strengthen local green technology innovation has become an urgent practical challenge for local governments at all levels,and has increasingly attracted the thinking of many scholars.In this context,based on the analysis of the spatial and temporal patterns of venture capital and green technology innovation networks,this paper investigates the coupling characteristics of the two types of networks and explores the various influencing factors,hoping to provide the relevant governments with the basis for relevant venture capital for green technology innovation governance.Based on the theories of innovation geography and financial geography,this paper compares the research results on venture capital and green technology innovation and their coupling characteristics,and obtains data on a total of 38,623 investment events and 17,812 joint applications for green technology patents from2005 to 2018 through big data collection technology,and portrays the spatial and temporal patterns of networks of venture capital and green technology innovation with the help of social network analysis.Combined with the coupling coordination degree modeling method,the spatio-temporal characteristics and evolution law of the coupling coordination of venture capital network and green technology innovation network are comprehensively portrayed,and the QAP model and robust standard error OLS model are used to empirically analyze the relevant factors affecting the network coupling coordination degree.The main conclusions of this paper are as follows:（1）China’s venture capital network and green technology innovation network have high spatial location overlap;the venture capital network is more active than the green technology innovation network during the study period,Beijing has been at the core of the two networks,and the two networks in the eastern coastal region have been developing towards a high level and balanced,compared to the municipalities,provincial capitals and sub-provincial cities,which all assume the role of bridges in the two networks.（2）The degree of coupling and coordination between the two networks（2）The degree of coupling and coordination of the two networks has been steadily decreasing during the study period,from a low level of coordination to an extremely dysfunctional level,while the degree of coupling of the two networks in Beijing has been at a high level and the Yangtze River Delta region has been developing well.（3）In terms of spatial and temporal characteristics,from 2005 to 2008,the "Beijing-Shanghai-Guangzhou-Shenzhen" vertical axis and the "Shanghai-Chengdu" horizontal axis（3）In terms of spatial and temporal characteristics,from 2005 to 2008,the coordination degree of dual-network coupling of cities along the "T" shape was at a low to medium level;from 2009 to 2013,the coordination degree of dual-network coupling was bounded by the Hu Huanyong line,and some cities in the southeast direction showed a low to medium level of coordination,while cities in the northwest direction showed an extreme level of dissonance;from 2014 to 2018,the coordination degree of dual-network coupling was only in individual From 2014 to 2018,the coupling coordination degree of the two networks is only obvious in individual cities with high values,among which Beijing is the highest,and some cities in the Yangtze River Delta region begin to emerge with low degree coupling cities,showing a "Z" distribution pattern.（4）From the perspective of influencing factors,the development status of green technology innovation network has a strong explanatory power on the coordinated development of the two networks;geographic proximity and economic proximity,as well as urban factors such as the proportion of tertiary industry,urban science and technology investment,urbanization level and foreign investment participation have a positive impact on the coordinated development of the two networks,while the degree of urban financial development has an inhibiting effect on the coordinated development of the two networks;social proximity has a positive impact on the coordinated development of the two networks.The social proximity of the green technology innovation network is conducive to the coordinated development of the two networks,while the social proximity of the venture capital network has an inhibitory effect on the coordinated development of the two networks. |
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