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| Spatial-temporal Distribution and Impact Factors of Venture Capital in the Areas along the Belt and Road in China |
| Qiao Qin1,2,Fan Jie1,Sun Yong1,2,Liu Baoyin1,Liu Hanchu1 |
| (1.China Institute of Science and Development, Chinese Academy of Sciences;2.School of Public Policy and Management, University of Chinese Academy of Sciences, Beijing 100190, China) |
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Abstract Discussing the spatial-temporal distribution and impact factors of venture capital in the perspective of the “Belt and Road” initiative (BRI) will help support the development of innovative and entrepreneurial enterprises and improve the level of regional technological innovation. Based on spatial analysis methods and spatial econometric models, this paper empirically analyzed the spatial-temporal distribution characteristics and influencing factors of venture capital in key urban areas along the BRI in China from 2003 to 2018. The results show that: (1) The venture capital industry in the areas along the BRI developed rapidly from 2003 to 2018. In 2018, the overall pattern of "high coastal areas and low western areas" appeared. (2) The autocorrelation coefficients of venture capital are all positive and show obvious spatial agglomeration characteristics. (3) The number of venture capital institutions, the number of national high-tech zones, the exit of venture capital, the development of government guidance funds, and fiscal science expenditures have a significant role in promoting regional venture capital. Environmental pollution has a certain inhibitory effect on venture capital. As ESG investment concepts receive more attention, areas along the BRI can boost the development of venture capital by improving the level of green development.
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Received: 16 January 2021
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