【作者】 张晓晴；

【导师】 徐维军；

【作者基本信息】 华南理工大学 ， 管理科学与工程， 2021， 硕士

【摘要】 科技创新是实现经济高质量增长的必由之路,创业风险投资是我国实现创新经济的助推器,是科技企业获取权益资本融资的一项重要金融制度安排。在粤港澳大湾区和社会主义先行示范区两大国家战略背景下,大力发展创业风险投资是贯彻创新驱动发展战略,对推动粤港澳大湾区建设成为国际科创中心、促进产业结构升级调整、进一步发挥金融对实体经济的服务支撑作用具有重要意义。结合社会网络理论、风险投资环境支撑理论及多维邻近性理论,运用社会网络分析法,以理论和实证为两条主线,对粤港澳大湾区创业风险投资的时空演化及城市网络进行研究。从如下三个方向展开探讨:首先,基于时序和空间两个角度,结合Arc GIS软件绘制的空间可视化图,分析创投机构、投资事件、投资金额、行业分布及阶段分布五个角度的大湾区创业风险投资的整体及城市分布的演化特征,进一步结合区位熵、空间基尼系数、赫芬达尔指数及变异系数测度大湾区创业风险投资的空间不均衡性。其次,将2004-2018年划分为三个时间窗口,利用投资事件数构建城市投资联系网络,运用社会网络分析方法测算并分析大湾区创业风险投资的整体网络、节点城市及四个阶段网络的动态演化特征,刻画大湾区创业风险投资网络的整体密度、中心度以及核心-边缘结构,进而归纳总结网络的空间特征和发展规律。最后,运用QAP方法,探究风险投资环境差异对大湾区创业风险投资空间联系的影响作用;进一步,从地理邻近性、制度邻近性、语言邻近性及社会邻近性,探究多维邻近性对四大投资阶段网络的影响。研究发现:大湾区创业风险投资发展顺应宏观环境的波动,城市群内部形成港深广三大集聚中心,存在显著的空间、阶段分布不均衡的特征。港深广形塑了大湾区创业风险投资的网络关系,网络规模、联系日益加强,并呈现出“东密西疏”的放射状格局。经济环境、创业企业、创投机构、制度因素对大湾区创业风险投资联系有显著影响,其中经济及制度作用强度占主导。四个阶段的城市合作网络由无变有,空间结构由最初发育阶段的“三角形”、到“广州-深圳”双子星主导、再到如今的轴辐阶段的“一核两翼”格局,网络层次等级愈加分明。不同邻近性对各阶段网络在不同时间段的影响既有一致性,又存在异质性,社会邻近性和制度差异对投资联系的促进作用十分显著,语言邻近性到发展后期作用也在增强,地理邻近性和组织邻近性的影响不突出。更多还原

【Abstract】 Scientific and technological innovation is the only way to achieve high-quality economic growth.Venture capital is the booster of China’s innovative economy,it is an important financial system arrangement for scientific and technological enterprises to obtain equity capital financing.Under the national strategic plan of the Guangdong-Hong Kong-Macao Greater Bay Area and the Socialist Pilot Demonstration Zone,vigorously developing venture capital is to implement the innovation driven development strategy,which is of great significance to promote the construction of the Guangdong-Hong Kong-Macao Bay Area into an international science and technology innovation center,promote the upgrading and adjustment of industrial structure,and further display the role of finance in serving and supporting the real economy.Based on the social network theory,venture capital environment support theory and multidimensional proximity theory,this paper uses social network analysis method to study the spatiotemporal evolution and urban network of venture capital in the Guangdong-Hong KongMacao Greater Bay Area.This paper discusses from the following three directions.Firstly,based on the temporal and spatial perspectives,combined with the spatial visualization map drawn by Arc GIS software,this paper analyzes the evolution characteristics of the overall and urban distribution of venture capital in the Greater Bay Area from five perspectives of venture capital institutions,investment events,investment amount,industry distribution and stage distribution,and further combines with the location entropy,spatial Gini coefficient and Herfindahl-Hirschman Index and coefficient of variation to measure the spatial imbalance of venture capital in the Greater Bay Area.Secondly,the 2004-2018 is divided into three time windows,using the number of investment events to construct the urban investment contact network,using the social network analysis method to measure and analyze the dynamic evolution characteristics of the whole network,node city and four stage network of venture capital in the Greater Bay Area,to describe the overall density,centrality and core edge structure of the venture capital network,then to summarize the spatial characteristics and development rules of the network.Finally,this paper uses QAP method to explore the impact of venture capital environment differences on the spatial connection of venture capital in the Greater Bay Area,further,to explore the impact of multi-dimensional proximity on the four investment stage networks from the perspectives of geographical proximity,institutional proximity,language proximity and social proximity.The results show that: the development of venture capital in the Greater Bay Area adapts to fluctuations in the macro environment,and the three major clusters of Hong Kong,Shenzhen,and Guangzhou are formed within the urban agglomeration with the significant spatial and unbalanced distribution of stages;Hong Kong,Shenzhen,and Guangzhou have shaped the network relationship of venture capital in the Greater Bay Area,the scale and connection of the network have been strengthened day by day,and it has shown a radial pattern of "sparse east and west".The agglomeration effect of Hong Kong,Shenzhen,and Guangzhou are significant,and investment links between peripheral cities are still weak;economic environment,entrepreneurial enterprises,venture capital Institutional and institutional factors have a significant impact on the linkages of venture capital in the Greater Bay Area,while the economic and institutional factors are dominant.The four stages of urban cooperation network have changed from nothing to something,the spatial structure changes from "triangle" in the initial development stage to Guangzhou and Shenzhen Gemini,and then to "one core and two wings" in the present stage of axis and spoke,the network hierarchy is becoming more and more distinct.The influence of different proximity on the network in different periods is consistent and heterogeneous.The influence of different proximity on the network of different stages in different periods is not only consistent,but also heterogeneous.Social proximity and institutional differences play a significant role in promoting investment linkages.The role of language proximity is also increasing in the later stage of development.The influence of geographical proximity and organizational proximity is not prominent.更多还原