时空压缩下的风险投资——高铁通车带来的风险投资区域变化 阅读全文
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Title | High Speed Railway, Regional Development and Venture Capital Investment
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作者 | 龙玉 赵海龙 张新德 李曜 |
Author | Long Yu, Zhao Hailong, Zhang Xinde and Li Yao |
作者单位 | 上海财经大学金融学院;清华大学五道口金融学院 |
Organization | School of Finance, Shanghai University of Finance & Economics;PBC School of Finance, Tsinghua University |
作者Email | puran163@163.com;zhaohl@pbcsf.tsinghua.edu.cn;zhang.xinde@mail.shufe.edu.cn,liyao@mail.shufe.edu.cn |
中文关键词 | 高铁 风险投资 软信息 信息成本 |
Key Words | High Speed Railway; Venture Capital; Regional Development; Information Asymmetry |
内容提要 | 中国经济已经步入高铁时代,高铁对我国经济的推动作用体现在哪些方面?对哪类城市能够带来正面或负面的影响?本文基于风险投资(VC)的视角,研究在高铁通车改变了时间和空间约束条件后,我国风险投资行为的新变化。通过双重差分模型考察了高铁所带来的风险投资对象、金额、数量等方面的变化,研究发现:(1)在高铁通车后,VC增加了对高铁沿线城市的投资,这一效应在VC中心城市的高铁三小时经济圈内较为明显。(2)VC新增投资主要集中在高铁通车前具有较好创新基础、商业环境和金融条件的地区。本文的发现揭示了高铁对地方经济发挥效应的作用机制——通过空间压缩、时间节约、提高可达性带来高铁沿线城市吸引了更多风险投资、发展创新经济。同时,对于风险投资机构的投资布局,本文的结果亦可资参考。 |
Abstract | In what aspects does the opening of high speed railway affect China’s economic development? Which kind of cities benefit most? Since venture capital investment provides a valuable angle to observe economic change and transformation, and the HSR effect changes the information constraints faced by venture capitalists, we take advantage of this quasi-natural experiment setting to depict the allocation change of venture capital nationwide. Our DID analysis shows that VC investment increase significantly in HSR cities compared with those comparable non-HSR cities, and this increase is significant within the one-hour circle around VC centers such as Beijing and Shanghai, etc. The effect is more significant in those HSR cities which have better ex-ante innovation basis, business friendliness and financial infrastructure. It has important implications for policy makers that they should improve the soft side of local infrastructure to attract resources such as VCs to improve growth and transformation of local economy. |
文章编号 | WP1155 |
登载时间 | 2017-02-17 |
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