Spatial-temporal Dynamics Of China's Venture Capital And Its Relationship With Innovation

China's economy is at a stage moving from old kinetic energy to new kinetic energy and from high-speed growth to high-quality development.Alongslide the vigorous development of knowledge economy,the importance of science and technology innovation gradually surpasses the traditional economic production factors such as labor force and capital investment,and it becomes the core driving force of sustainable economic development.The process of innovation needs the support of a large amount of funds,and often comes with great risks.Venture capital,characterized by its nature of high risk and high income,makes it the most important source of funds to finance innovative activities,and plays a positive role in promoting new enterprise growth and regional innovation development.Against the backdrop of globalization,spatial and temporal expansion of venture capital has been remarkable,and the focus of venture capital has gradually shifted to developing countries.Examplified by the case of China,venture capital research in developing countries will become the focus and hotspot in the future.Venture capital,like other financial activities,takes the value exchange across space and time as the core,and has the unbalanced spatial concentration characteristics in a few developed regions,demanding to strengthen the study of the spatial-temporal dynamic characteristics of venture capital.Only by fully understanding and grasping the spatial law of venture capital can we provide the conditions for reasonable guidance of venture capital to promote innovation,and then help to reveal the relationship between venture capital and innovation.To study the spatial-temporal dynamics of venture capital and its relationship with innovation,this dissertation includes the following four parts.The first part is the introduction,discussing the empirical and theoretical background of venture capital development.It puts forward main research problems and research significance of this dissertation and clarifies the research objectives and research methods.The research design and research contents are then outlined.The second part is the literature review and theoretical foundation in Chinese and English literature.It puts forward analytical framework on the basis of literature review.The third part is the empirical analysis,including chapters 4,5,6 and 7.Chapter 4 serves as the empirical prelude of the dissertation research.This chapter first introduces the development process of venture capital in China from a macroscopic perspective,and then describes the spatial distribution of venture capital supply and demand in China.It then reveals the influencing factors of venture capital agglomeration based on venture capital characteristics and its regional features.Chapter 5 mainly examines the location process and its formation mechanism of venture capital from a microscopic perspective.Taking Shanghai as an example,the chapter investigates how venture capital is distributed and organized.Based on the empirical research,the chapter summarizes the typical location model of venture capital.Chapter 6 of the dissertation analyzes first the spatial distribution of venture capital.By differentiating between patent acceptance and patent authorization and between venture capital amount and case number,the dissertation then probes into the spatial and temporal synergy between venture capital and innovation.It identifies the interactive mechanism between venture capital and innovation theoretically and test empirically the interaction mechanism of venture capital and innovation using the panel model.Based on the previous chapter,Chapter 7 divides the development stage of the start-up company into the initial period,the development period and the expansion period based on the life cycle theory.It mainly studies the relationship between venture capital and innovation in China at different stages of enterprise development.The fourth part of the dissertation discusses the main research conclusion and research prospect.This part summarizes the dissertation,and outlines the possible innovation.In addition,the shortcomings of the study and the exploration direction of future research are pointed out.Finally,the dissertation puts forward some corresponding policy suggestions for the development of venture capital in China.The main conclusions of this dissertation are summarized as follows.(1)Venture capital is highly concentrated in economically developed regions,and backward areas become financial exclusion zones.There is a long-term distribution imbalance in venture capital.Over time,there is a phenomenon of increasing venture capital agglomeration.At the same time,it is accompanied by some hierarchical diffusion phenomenon.(2)There exists the geographical proximity of "technology-capital" in the spatial distribution of venture capital enterprises,and the four typical location models emerge.Venture capital enterprises mainly gather in the city's business district,hightech industrial zone and innovation and entrepreneurship area,showing a more obvious proximity to the "technology" and "capital" of the common characteristics.The distribution law has no dependence on spatial scale and regional background,and it is universal.There are four kinds of location models in venture capital enterprises: "capital" geographical proximity type,"technology" geographical proximity type,"technology and capital" geographical proximity and self-agglomeration type.Different types of enterprises have differences in location pattern preference and time evolution characteristics,but these four kinds of typical location model always exist persistently.(3)There is a complex interaction process between venture capital and innovation,which can be summed up as "selection effect" and "treatment effect".Among them,there is a "selection effect" between venture capital and innovation,and the ultimate influence of "treatment effect" depends on the relationship between capital approach and value-added service approach.(4)From the perspective of life cycle theory,there are different ways of mutual influence between venture capital and enterprise innovation.The "selection effect" of venture capital plays a significant role in the initial period,the development period and the expansion period,among which,the "selection effect" has the most profound influence in the development stage of the enterprise.In different life stages of enterprises,venture capital investment has different influence on the technological innovation of enterprises.Specifically,in the initial period of enterprises,the relationship between venture capital investment and enterprise innovation is not significant,in the development period of enterprises,the injection of venture capital to promote enterprise innovation.In the expansion period of enterprises,venture capital investment instead inhibits enterprise innovation.The value-added services of venture capital in the initial period and expansion period of enterprises promote enterprise innovation.