摘要
Abstract
Summary In the context of an open economy,the development of any region is influenced not only by internal factors but also by surrounding areas.Technological innovation activities inherently exhibit strong positive externalities,with resulting patent applications bringing noticeable spatial spillover effects.These spatial spillover effects,crucial to regional technological innovation,are increasingly discussed in current research.However,many existing studies focus primarily on externalities brought by venture capital at the enterprise level,neglecting the spatial spillover effects of venture capital at the regional level.Investigating the relationship between venture capital and regional technological innovation from a spatial spillover perspective helps elucidate regional disparities in the innovation process driven by venture capital.This contributes to a more comprehensive understanding of venture capital's innovative performance at the regional level in China,enhancing its marginal contribution to regional technological innovation.
This article utilizes data from the Wind database,PEDATA MAX database,and CSMAR database.It is grounded in theories such as new economic geography,venture capital innovation,regional innovation,and spatial agglomeration.Using provincial-level data from 2005 to 2018,the article elucidates the mechanism of spatial spillover effects of venture capital on regional technological innovation.It examines the spatial agglomeration distribution characteristics presented by venture capital activities,including both venture capital institutions and entrepreneurial enterprises,to empirically test their impact on spatial spillover effects.Research findings include:(1)Regional technological innovation exhibits strong spatial correlation;(2)Venture capital positively impacts regional technological innovation,with significant spatial spillover effects,enhancing innovation not only within its operating region but also in neighboring areas;(3)Spatial spillover effects are influenced by spatial agglomeration characteristics,with the spatial agglomeration of entrepreneurial enterprises more effective in strengthening spatial spillover effects compared to venture capital institutions.
This study reveals venture capital as a significant driver of regional technological innovation,with notable spatial spillover effects.To accelerate innovation in regional high-tech industries,guiding rational investment and utilization of regional venture capital is essential.Governments should create an attractive investment environment,promoting both the scale and quantity of venture capital.Introducing preferential policies and encouraging venture capital concentration within reasonable limits,whilesupporting related policies and establishing a favorable institutional environment,will foster long-term and stable investment cooperation between venture capital institutions and high-tech industries.关键词
风险投资/区域技术创新/空间溢出/知识溢出/空间集聚Key words
venture capital/regional technological innovation/spatial spillover/knowledge spillover/spatial agglomeration
