【摘要】 本文基于 2016—2023 年我国282个地级市的面板数据，采用空间杜宾模型，实证检验了专项债规模对城市风险投资的影响及空间效应。研究结果表明：专项债规模扩大对本地城市风险投资增长存在显著正向促进作用，其通过优化区域投资环境、缓解企业融资约束、提升城市创新水平等路径，成为推动本地风险投资发展的重要因素；专项债规模呈现显著负向空间溢出效应，本地专项债规模扩张易通过资源虹吸效应吸引相邻区域资本、人才等创新要素向本地集聚，进而抑制周边城市的风险投资活动，导致区域间风险投资发展呈现不均衡格局。本文研究明晰了专项债与城市风险投资的空间作用规律，为优化专项债发行管理机制、强化区域政策协调、完善风险投资生态体系、推动区域风险投资与经济协同均衡发展提供了实证依据与政策参考。更多还原

【Abstract】 Based on panel data from 282 prefecture-level cities in China from 2016 to 2023,this paper employs a Spatial Durbin Model to empirically examine the impact of special bond scale on urban venture capital and its spatial effects.The results show that the expansion of special bond scale has a significant positive effect on local urban venture capital growth.By optimizing the regional investment environment,alleviating corporate financing constraints,and enhancing urban innovation capacity,special bonds have become an important driver of local venture capital development.However,the scale of special bonds also exhibits a significant negative spatial spillover effect.The expansion of local special bond issuance tends to attract capital,talent,and other innovation factors from neighboring regions through a resource siphon effect,thereby suppressing venture capital activities in surrounding cities and leading to an imbalanced regional development pattern.This study clarifies the spatial mechanism between special bonds and urban venture capital,providing empirical evidence and policy implications for optimizing special bond issuance management,strengthening regional policy coordination,improving the venture capital ecosystem,and promoting balanced regional economic development.更多还原