Government Entrepreneurship Incentive Policies and Re-gional Market Subject Vitality:A Discussion on the Spa-tial Distribution Pattern of Venture Investment Networks
The significant impact of national pilot policies for entrepreneurial cities on fos-tering entrepreneurial spirit and urban entrepreneurial activities is a noteworthy topic.This paper utilizes data from enterprise credit information,government land transfer records,administrative penalty records,and Zero2IPO Ventures to conduct a quantitative analysis.It systematically assesses the effect of national pilot policies for entrepreneurial cities on mar-ket subject vitality and explores the underlying mechanisms,integrating institutional theory and the Timmons entrepreneurship model.The research finds that the entrepreneurial pilot policies significantly enhance the entrepreneurial activity in pilot cities,particularly opti-mizing the spatial distribution pattern of venture investment networks.Mechanism tests indi-cate that the pilot policies primarily promote the optimization of the business environment by fostering the agglomeration of talent,technology,and policies,as well as improving the social credit environment,adjusting the market allocation efficiency of government land re-sources and subsequently boosting market subject vitality.Heterogeneity analysis reveals that the entrepreneurial effects of the pilot policies are primarily manifested in cities with low market potential and high levels of data factor development.Furthermore,the effect on stimulating the entrepreneurial enthusiasm of non-productive service industries,small and medium-sized enterprises,and private enterprises is particularly pronounced.Results from counterfactual validation using machine learning algorithms indicate that the pilot policies primarily exert a phased entrepreneurial driving effect,which requires synergy with other relevant measures to sustain enhancement effects.
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