Venture Capital,Spatial Spillover Effect and Regional Innovation
Regional innovation is an integral part of the national innovation system and a key support for achieving high-quality eco-nomic development.Based on panel data from 285 cities in China from 2006 to 2021,regional innovation distribution exhibits signifi-cant spatial autocorrelation.Through Wald and LR tests,a spatial panel Durbin model was selected to analyze the impact of venture capital on regional innovation.The study finds that:(1)Venture capital has a significant positive direct effect and spatial spillover ef-fect on regional innovation;(2)Mechanism analysis reveals that venture capital affects regional innovation through influencing the level of regional technological investment and total factor productivity,thereby forming both direct and spatial spillover effects;(3)Heterogeneity analysis indicates that the direct and spatial spillover effects of venture capital on regional innovation are influenced by differences in city geographical location,educational development level,and the strength of intellectual property rights protection.This paper aims to provide empirical evidence for the country to utilize venture capital to advance an innovation-driven development strategy by uncovering the spatial spillover effects and specific impact mechanisms of venture capital on regional innovation.
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