時空壓縮對風險資本決策的影響一一來自高鐵直連的證據
The Impact of Compression of Time and Space on Venture Capital Decision Evidence from High-Speed Rail Connection
Student thesis: Doctoral Thesis
Author(s)
Related Research Unit(s)
Detail(s)
Awarding Institution | |
---|---|
Supervisors/Advisors |
|
Award date | 13 May 2022 |
Link(s)
Permanent Link | https://scholars.cityu.edu.hk/en/theses/theses(53945c49-800e-4db5-8d77-209d2dc85077).html |
---|---|
Other link(s) | Links |
Abstract
風險投資機構通過對具有巨大發展潛力的新興企業進行投資,從而在一國創新發展和經濟增長方面發揮著重要作用。縱觀我國風險投資行業的發展歷程,從1985年我國中央政府頒佈有關發展投資風險行業的政策開始,風險投資行業在經歷了30多年的發展後在科技發展和產業升級上發揮愈加重要的角色。然而,創業投資中的高信息不對稱和委託代理問題也使得風險投資決策呈現地理鄰近性和本地偏好的特點,進而可能導致區域發展不充分和不平衡問題。考慮近年來我國以高速鐵路為主的交通基礎設施不斷改善,其不僅改變了人們出行方式,而且打破了城市與城市間的邊界。為此,本文以兩地城市直接連接高鐵作為時空距離縮減的情境,檢驗時空壓縮效應對風險投資機構決策的影響。
本文首先探討了時空壓縮效應對風險投資機構的風險投資決策的影響,文章發現:(1)創業企業位於城市與風險投資機構位於城市開通高鐵直連後,風險投資機構增加了每輪投資金額並縮減了每輪投資間隔時間;(2)並且,這種時空壓縮效應主要在風險投資機構投資低市場化地區和新興行業更明顯;(3)進一步,本文發現時空壓縮效應對風險投資決策的影響僅在兩地直接連接高鐵時才發揮效用,而不是創業企業位於城市開通高鐵站點。
本文進而探討了時空壓縮效應對風險投資機構的聯合投資決策的影響,發現:(1)合作風險投資機構間總部位於城市開通高鐵直連後,他們的聯合投資金額更多;(2)並且,這種時空壓縮效應可能對非國有背景的風險投資機構和聯合投資新興行業的風險投資機構的影響更明顯,但對来自不同市場化程度地區的風險投資機構的影響差異較小甚至不存在。
本文創新點如下:(1)研究視角創新。本文緊密結合信息不對稱理論,委託代理理論和交易成本理論,從風險投資過程中風險投資機構與創業企業家間的博弈關係,聯合投資過程中合作風險投資機構的博弈關係出發,闡述了兩地直接連接高鐵產生的時空壓縮效應對風險投資決策和聯合投資決策影響。(2)研究數據及研究設計創新。不同於以往文獻只關注特定城市是否開通高鐵的點狀信息,本文關注城市對間的高鐵直連的網狀信息。不同於以往文獻只利用了城市層面的数据,本文利用詳細的微觀交易層面的数据。這種數據及設計的創新有助於我們更好地證實投資增加是由於高鐵產生時空壓縮緩解了投資關係中的信息不對稱及代理問題,而非高鐵開通對創業企業基本面的影響。(3)研究體系創新。本文綜合運用規範分析、實證分析和問卷調查的研究方法,沿著“理論分析—實證研究—對策探討”的思路,系統分析和深入研究了高鐵直連產生的時空壓縮效應對風險投資機構決策的影響。
本文首先探討了時空壓縮效應對風險投資機構的風險投資決策的影響,文章發現:(1)創業企業位於城市與風險投資機構位於城市開通高鐵直連後,風險投資機構增加了每輪投資金額並縮減了每輪投資間隔時間;(2)並且,這種時空壓縮效應主要在風險投資機構投資低市場化地區和新興行業更明顯;(3)進一步,本文發現時空壓縮效應對風險投資決策的影響僅在兩地直接連接高鐵時才發揮效用,而不是創業企業位於城市開通高鐵站點。
本文進而探討了時空壓縮效應對風險投資機構的聯合投資決策的影響,發現:(1)合作風險投資機構間總部位於城市開通高鐵直連後,他們的聯合投資金額更多;(2)並且,這種時空壓縮效應可能對非國有背景的風險投資機構和聯合投資新興行業的風險投資機構的影響更明顯,但對来自不同市場化程度地區的風險投資機構的影響差異較小甚至不存在。
本文創新點如下:(1)研究視角創新。本文緊密結合信息不對稱理論,委託代理理論和交易成本理論,從風險投資過程中風險投資機構與創業企業家間的博弈關係,聯合投資過程中合作風險投資機構的博弈關係出發,闡述了兩地直接連接高鐵產生的時空壓縮效應對風險投資決策和聯合投資決策影響。(2)研究數據及研究設計創新。不同於以往文獻只關注特定城市是否開通高鐵的點狀信息,本文關注城市對間的高鐵直連的網狀信息。不同於以往文獻只利用了城市層面的数据,本文利用詳細的微觀交易層面的数据。這種數據及設計的創新有助於我們更好地證實投資增加是由於高鐵產生時空壓縮緩解了投資關係中的信息不對稱及代理問題,而非高鐵開通對創業企業基本面的影響。(3)研究體系創新。本文綜合運用規範分析、實證分析和問卷調查的研究方法,沿著“理論分析—實證研究—對策探討”的思路,系統分析和深入研究了高鐵直連產生的時空壓縮效應對風險投資機構決策的影響。
Venture capitalists play an important role in a country’s innovative development and economic growth by investing in emerging companies with great potential. China’s venture capital industry started in 1985 when the Chinese central government promulgated the policy on the development of venture capital industry, and now has played an increasingly important role in the aspects of science and technology after more than 30 years. However, high information asymmetry and principal-agent problems in venture capital cause local preferences of venture capital decisions, which in turn leads to imbalanced development between regions. In recent years, the construction of high-speed rail in China has not only changed the way people travel, but also broken the boundaries between cities. Exploiting the exogenous shock brought by the introduction of high-speed rail (HSR) in China, this paper examines the impact of time-space compression effects on venture capitalists’ decisions.
This paper first explores the effect of time-space compression on venture capitalists’ investments. We reach the following conclusions: (1) Venture capitalists increase the amount per investment round and reduce the duration between rounds after the direct HSR connection between the city where the startup is located and the city where the venture capitalist is located. (2) This time-space compression effect is more pronounced when venture capitalists invest in low-market regions and emerging industries. (3) Furthermore, the time-space compression on venture capital decisions is only effective when the two locations are directly connected by high-speed rail rather than when the startup is located in a city opening a HSR station.
This paper further explores the effect of time-space compression on venture capitalists’ syndication. We find that: (1) The amount of co-investment is higher in syndication alliances among venture capitalists after the direct HSR connections between the cities they are located in. (2) The effect is more pronounced for venture capitalists with non-state backgrounds and co-investment in emerging industries, while it does not vary across regions with different marketization level.
The paper makes the following contributions: (1) This paper combines information asymmetry theory, principal-agent theory, and transaction cost theory to illustrate the impact of the time-space compression on venture capital investment and syndication decisions. (2) In terms of research data and research design, different from previous literature, we use detailed transaction-level data and focus on the direct high-speed rail connection between venture capitalists and startup firms. The research design helps us better rule out alternative explanations such as the local economic benefits of establishing high-speed stations, and precisely examine the impact of the space-time compression effect of HSR on the information asymmetry and agency problems in the investment relationship. (3) This paper uses a comprehensive method of normative analysis, empirical analysis, and questionnaire survey to analyze the impact of the time-space compression on venture capitalists.
This paper first explores the effect of time-space compression on venture capitalists’ investments. We reach the following conclusions: (1) Venture capitalists increase the amount per investment round and reduce the duration between rounds after the direct HSR connection between the city where the startup is located and the city where the venture capitalist is located. (2) This time-space compression effect is more pronounced when venture capitalists invest in low-market regions and emerging industries. (3) Furthermore, the time-space compression on venture capital decisions is only effective when the two locations are directly connected by high-speed rail rather than when the startup is located in a city opening a HSR station.
This paper further explores the effect of time-space compression on venture capitalists’ syndication. We find that: (1) The amount of co-investment is higher in syndication alliances among venture capitalists after the direct HSR connections between the cities they are located in. (2) The effect is more pronounced for venture capitalists with non-state backgrounds and co-investment in emerging industries, while it does not vary across regions with different marketization level.
The paper makes the following contributions: (1) This paper combines information asymmetry theory, principal-agent theory, and transaction cost theory to illustrate the impact of the time-space compression on venture capital investment and syndication decisions. (2) In terms of research data and research design, different from previous literature, we use detailed transaction-level data and focus on the direct high-speed rail connection between venture capitalists and startup firms. The research design helps us better rule out alternative explanations such as the local economic benefits of establishing high-speed stations, and precisely examine the impact of the space-time compression effect of HSR on the information asymmetry and agency problems in the investment relationship. (3) This paper uses a comprehensive method of normative analysis, empirical analysis, and questionnaire survey to analyze the impact of the time-space compression on venture capitalists.
- Time-space compression, Direct high-speed rail connection, Venture investment, Syndication