摘要
本文基于风险投资机构投资后管理的交通成本视角,研究中国城市高铁开通对外资风险投资流入的影响。以中国281个城市2003—2016年的面板数据为样本,使用双重差分模型,研究表明:相比于未开通高铁城市而言,高铁开通后,高铁开通城市外资风险投资机构投资的总企业数、单独投资的企业数、投资的早中期企业数显著增多,但外资风险投资机构与中国本土风险投资机构联合投资的企业数、外资风险投资机构投资的后期企业数没有显著变化。研究还表明,北美风险投资机构对中国城市高铁开通的反应最强烈,亚洲风险投资机构次之,欧洲风险投资机构没有明显反应。
The impact of high-speed rail(HSR) on foreign venture capital inflow is investigated in this paper from the perspective of transportation costs of venture capital post-investment management. Taking the panel data of 281 cities in China from 2003 to 2016 as samples and using the difference-in-differences model, it is found that, compared with non-HSR cities, the total number of foreign venture capital invested firms, the number of foreign venture capital solo-invested firms, and the number of foreign venture capital invested early and mid-stage firms in HSR cities increase significantly after HSR opening, but the number of foreign venture capital co-invested firms with Chinese local venture capital and that of foreign venture capital invested later-stage firms remain unchanged. In addition, the conclusions also indicate that North-American venture capital reacts most strongly to the opening of HSR in Chinese cities, followed by Asian venture capital, and European venture capital does not respond significantly.
作者
同世隆
赵守国
王晗
TONG Shilong;ZHAO Shouguo;WANG Han(School of Economics and Management,Northwest University,Xi'an 710127,China)
出处
《中国软科学》
CSSCI
CSCD
北大核心
2021年第1期32-43,共12页
China Soft Science
基金
国家自然科学基金项目(71962033)
国家社会科学基金项目(16CGL008)
全国统计科学研究项目(2018LY48)
西安市软科学项目(201805072RK3SF6(12))。
关键词
高铁
外资风险投资
城市
双重差分模型
high-speed rail
foreign venture capital
city
difference-in-differences
