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利用2003-2012年省级面板数据,在考虑地区固定效应和参数异质性的基础上,构建了两阶段面板分位数回归模型,探究我国风险投资空间演化规律及其驱动因素,研究发现:我国风险投资的空间活动呈现出动态的不平衡性,不同地区的风险投资活动与其外部环境因素之间的关系存在异质性,科技支出及并购市场等因素只对中等发达以上的地区有显著的正影响,而对于热点地区,并购市场、创业活动等因素却又存在“驱动失灵”问题,必须要因地制宜的优化区域投资环境。
Based on the provincial panel data from 2003 to 2012, a two-stage panel quantile regression model was constructed based on regional fixed effects and parameter heterogeneity to explore the spatial evolution of venture capital in China and its driving forces. The findings show that: The spatial activities of venture capital in our country show a dynamic imbalance. The relationship between venture capital activities in different regions and their external environmental factors is heterogeneous. Factors such as the expenditure on science and technology and the M & A market are only significant for those areas above moderately developed Positive impact, but for the hot areas, mergers and acquisitions market, entrepreneurial activities and other factors there are “drive failure ” problem, we must optimize the regional investment environment.