Analysis of Impact of HSR Network on Venture Capital
The construction and development of China's high-speed railway(HSR)network,resulting in the improve-ment of urban accessibility and generating of time-space compression effects,bring about an impact on capital flow and allocation in China.Using data on venture capital investment and HSR opening in prefecture-level cities in China from 2007-2019,taking the HSR opening as a quasi-natural experiment and applying difference-in-differences(DID)ap-proach and propensity score matching(PSM)technology,this paper examined the impact of the time-space compression effects on the behavior of venture capital.Among them,the selection of one-hour economic circle of venture capital cen-tral city and joint investment sample aims at deep analysis of the importance of soft information and social network in venture capital behavior.The empirical results show that after the opening of HSR,the risk investment events and invest-ment amount of cities along the line increase significantly by 11.63％and 339 million yuan,which means that the spati-otemporal compression effect can promote information exchange,effectively alleviate the problem of information asymme-try between cities,and create good opportunities for enterprises to obtain investment.The venture capital events in the one-hour economic circle of venture capital central cities increase significantly by 32.50％,indicating the expansion of the investment radius of venture capital institutions.At the same time,the results of the joint investment sample show that the opening of HSR can further amplify the social network effect generated by joint investment institutions,reduce the difficulty of obtaining soft information among different places,enhance the diversity and mobility of resources and in-formation,and thus promote venture capital behavior.
high-speed railwaytime-space compressionventure capital
NETL
NSTL
万方数据
