技术邻近、本地风投参与对地理邻近的调节作用研究

摘要

本文收集了2014年发生的风险投资交易事件信息,采用配对设计,运用Relogit回归来研究技术邻近和本地风险投资参与对风险投资地理邻近的调节作用.实证研究发现,技术邻近和本地风险投资均显著减弱地理距离对风险投资交易达成的反向影响.随着地理距离的增大,风险投资交易达成的可能性减小,风险投资机构与创业企业之间的技术邻近、联合投资事件中本地风险投资的参与均有助于缓解地理距离给投资交易达成带来的不利影响.研究结论对期望获得远距离风险投资的创业企业和风险投资不发达地区的地方政府均有一定借鉴价值.%In this paper,we collected information of venture capital investment transactions in2014,used paired design and relogit regression to test the moderating effect of technological proximity and local venture capital's participation on geographi cal proximity of venture capital.The empirical results showed that both technolo gical proximity and local venture capital's participation could significantly a ttenuate the negative relationship between geographical distance and the likelih ood of forming venture capital investment relationship.With the increase of geog raphical distance,the likelihood of forming investment relationship decreases.Te chnological proximity between venture capital firm and entrepreneurial venture o r local venture capital firm's participation in syndication investment is helpf ul to alleviate the negative effect of geographical distance on the likelihood o f forming investment relationship.The result is useful for startups seeking long distance investment and governments of the venture capital underdeveloped regio ns.