中国天使投资的圈层结构与空间溢出分析

天使投资作为一种有风险的特殊投资行为,有特定的产生土壤和特殊的传播扩散过程。利用知识溢出理论构建一个天使投资行为的空间溢出模型,用以分析中国天使投资行为的扩散与相互影响作用机理。通过实证分析发现中国天使投资行为存在一种空间扩散的过程,形成溢出圈层结构,并衍生了北京、长江三角洲两大核心溢出圈,以及依托于长江三角洲这两大核心圈的多个次级溢出圈。这些溢出圈对中国天使投资起到了核心驱动的作用,从两大核心溢出圈内部良性的、积极的溢出互动,到对次生溢出圈的积极影响,进而促进各地天使投资良性发展。

Circle Structure and Spatial Spillover of China Angel Investment

Angel investment is a particular investing behavior with risks, which has its own generating soil and diffusion process. This article constructs a space spillover model for China angel investment behavior by using knowledge spillover theory, to analyze diffusion and interplay of China angel investment. It is discovered by empirical analysis that angel investment behavior has a space diffusion process and a multi-level spillover circle structure is formed. There are two core spillover circles in China, Beijing and the Yangtze River Delta; they are dual-engine for development of China angel investment. Beijing Circle is the biggest spillover ring, and a 3-level comprehensive interaction structure with Beijing as its center, Beijing, Tianjin and Hebei as the core region, and Shanxi, Inner Mongolia, Henan as the peripheral region. Extensive interaction spillovers are formed between Beijing and other areas of the country, which play extensive and important roles in promoting China angel investing. Spillover circle of Yangtze River delta is the fastest developing region for China angel investment; they are mainly outwards strong one-way spillover, which have strong promotion to China angel investment. There are mainly three subprime spillover circles in China: Northeast China, Southwest China and Northwest China, subprime spillover circles rely on core spillover circle and are affected by core circle. Northeast and Southwest spillover rings are relatively steady, while Northwest spillover circle is weal. There are better spillover interactions with subprime spillover circle, but its external influence is weak, and it is more influenced by spillover of other area. Internal relations of central region are extremely complex, there are potentials but spillover circles are not formed. It has extensive correlation with each region of the country and plays a linking role in the development of China angel investment . Guangdong is one of the several regions with largest development scale of China angel investment , but it develops individually, thus its influence is limited. Other region of the country is less developed areas for development of angel investment, they have weak correlations with the outside world. So, core promoting effect of two core spillover circle, as well as the pivotal role of the central region should be played positively, to promote development of subprime spillover circle and driven the development of other areas of the country layer by layer, leading the benign development of angel investment in areas of the whole country.