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| THE IMPACTS OF MULTI-DIMENSIONAL PROXIMITY ON CHINA'S VENTURE CAPITAL CITY NETWORK: AN EMPIRICAL ANALYSIS OF THE FOUR INVESTMENT STAGES |
| YANG Xin-yu1,2, WANG Bo1, YANG Kang-yong3 |
1. School of Geography and Planning, Sun Yat-sen University, Guangzhou 510275, China;
2. School of Architecture and Urban Planning, Nanjing University, Nanjing 210093, China;
3. Xiamen Torch Group Co. LTD, Xiamen 361000, China |
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Abstract Given the important roles of innovation and entrepreneurship in promoting national economic competitiveness, venture capital network has become the key subject in geography and urban studies. In this empirical study, we aim to reveal how relational data (e.g., multi-dimensional proximity) between cities, in addition to the attribute data of cities, impact the venture capital city network, using China as a case study. And we expect that the city network and impacts of multi-dimensional proximity vary among the four stages. Based on a collection of data on venture capital investment events across cities during the period of 2016- 2020 in China, this study empirically tests the aforementioned assumptions. We find that the number of venture capital investments is much lower at the early stage (i.e., seed stage and start-up stage) than at the latter stage (i.e., development stage and mature stage). Venture capital investments are more concentrated in cities with higher political levels at the early stage and spread to prefecture-level cities at the latter stage. Despite the involvement of more prefecture-level cities at the latter stage, venture capital investments are still highly revolved around the three key cities, i.e., Beijing, Shanghai and Shenzhen. Thus, the network is rather more centered at the latter stage than at the early stage. Geographical proximity, institutional proximity, and social proximity all play significant roles in influencing venture capital investment, although with different magnitudes across stages.
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Received: 18 April 2023
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Corresponding Authors:
10.13959/j.issn.1003-2398.2024.02.011
E-mail: wangbo68@mail.sysu.edu.cn
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2024, Vol. 39 
