| Popis: |
The rapid development of the Internet industry and the emergence of new business models have reshaped the spatial structure and spatial relationships of cities.The development of Internet enterprises has profoundly reshaped the established venture capital network by establishing investment departments and expanding the ecosystem in the form of venture capital.As venture capital and the Internet industry are mutually attractive and highly geographically coupled, the analysis of the structure and location of the venture capital network of Internet enterprises has become an important foundation for the development of the regional "new economy".This paper examined the spatial dynamics and location selection mechanism of venture capital activities of Chinese Internet companies by constructing a factor flow network, using spatial analysis, network analysis, and negative binomial regression models.The study demonstrated that venture capital investment in Chinese Internet enterprises has developed rapidly over the past 20 years in three phases: initial development from 2001 to 2012, rapid development from 2013 to 2016, and adjustment development from 2017 to 2019, with Internet venture capital showing the characteristics of cumulative development.Compared with traditional venture capital activities, the location choice of Internet venture capital is more concentrated, with a high concentration in a few major cities in the eastern region of China.The three major regions of Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta are the main places of occurrence and association of Internet venture capital activities in China, with a significant tendency of localization of venture capital.The cumulative development of corporate venture capital and the spatial evolution of both investors and financiers have contributed to the formation of a 'core-periphery' structure of the venture capital network.In addition, an assessment of the network density of the cities where the investment and financing occurs showed that the current Internet investment and financing network is still in its developmental stage, and most of the cities are not directly connected, showing a sparse matrix.Three time windows (2012, 2015, and 2017) were selected to analyze the location selection factors of Chinese Internet venture capital in different development periods in terms of enterprise growth environment, investment proximity, and transportation accessibility.The results showed that marketization, policy guidance, investment proximity, and spatial proximity were the main forces shaping the spatial pattern of Internet venture capital activities and had different degrees of influence on the various stages of Internet industry development.This study facilitates an in-depth examination of the spatial distribution characteristics of venture capital activities in the Internet economy and provides a detailed empirical basis for understanding the changes in venture capital investments in Internet enterprises and their locational influences. |
