本文關(guān)鍵詞： 高鐵 風險投資 軟信息 信息成本　出處：《經(jīng)濟研究》2017年04期 　論文類型：期刊論文

【摘要】：基于風險投資(VC)的視角,本文研究高鐵通車改變地理距離的時空約束條件后,我國風險投資行為的新變化。雙重差分模型(DID)分析表明,高鐵通車后,與非高鐵城市比較,風險投資對高鐵城市的新增投資顯著增加。與此同時,高鐵擴展了VC中心城市的投資輻射范圍。而且高鐵通車后,由于投資人和創(chuàng)業(yè)者之間的信息不對稱有所降低,造成信息敏感性較高的初創(chuàng)期和擴張期的風險投資明顯增加。同時,市場化程度更高的非國有背景VC機構(gòu)對高鐵城市的新增投資較國有背景VC機構(gòu)更多。本文揭示了高鐵對地方經(jīng)濟發(fā)揮效應(yīng)的一種作用機制——高鐵帶來的空間壓縮、時間節(jié)約、可達性提高,使得高鐵城市吸引了更多的風險投資,有利于地方經(jīng)濟轉(zhuǎn)型和推動創(chuàng)新。同時,本文結(jié)果對于風險投資機構(gòu)的投資布局亦有啟迪。
[Abstract]:Based on the view of venture capital (VCC), this paper studies the new changes of venture capital behavior in China after the time and space constraints of high-speed rail traffic changing geographical distance. The analysis of dual difference model (DIDD) shows that after high-speed rail is opened to traffic, it is compared with non-high-speed rail cities. Venture capital has significantly increased investment in high-speed rail cities. At the same time, high-speed rail has expanded the range of investments in VC central cities. And since the opening of high-speed rail, the information asymmetry between investors and entrepreneurs has decreased. Venture capital investment in the start-up and expansion periods with high information sensitivity has increased significantly. At the same time, Non-state-owned VC institutions with a higher degree of marketization invest more in high-speed rail cities than state-owned VC institutions. This paper reveals the space compression and time saving caused by high-speed rail, a mechanism that plays an important role in the local economy. The increase of accessibility makes the high-speed railway city attract more venture capital, benefit the local economy transformation and promote innovation. At the same time, the results of this paper also enlighten the investment layout of venture capital institutions.
【作者單位】： 上海財經(jīng)大學(xué)金融學(xué)院;清華大學(xué)五道口金融學(xué)院中國財富管理研究中心;
【基金】：國家社科基金項目“并購型股權(quán)投資基金在企業(yè)重組轉(zhuǎn)型中的作用機制、效應(yīng)及支持制度研究”(13BJL038) 上海財經(jīng)大學(xué)研究生創(chuàng)新基金資助項目“經(jīng)濟地理視角下的中國風險投資特征研究”(CXJJ-2016-313)的資助
【分類號】：F532.3
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本文編號：1496605