长江经济带跨城风险投资的网络结构与运行机制OA

Cross-regional venture capital investments are crucial drivers for reshaping urban and regional economies,and their structural characteristics and operational mechanisms are popular topics in economic and urban geography.Based on intercity venture capital flows in the Yangtze River Economic Belt from 2006 to 2022,directed and weighted networks were constructed at six time points,and the network structural characteristics were analyzed from the perspectives of micro-node hierarchy,meso-cluster classification,and macro-topological attributes.Subsequently,the underlying operational mechanisms of intercity venture capital flows were further explored through the lenses of endogenous structural,urban attribute,and external contextual effects using exponential random graph models.The results showed that(1)Shanghai has consistently remained the core of venture capital networks in the Yangtze River Economic Belt,followed by Hangzhou,Nanjing,Wuhan,Chengdu,and Chongqing.Investment clusters are highly aligned with provincial or regional administrative boundaries,forming a strong cluster in the Yangtze River Delta,a dual-core cluster in Chengdu and Chongqing,a multicenter cluster in the middle reaches of the Yangtze River,and emerging clusters in Yunnan and Guizhou.(2)The core-periphery differentiation of intercity venture capital networks in the Yangtze River Economic Belt is prominent.The overall investment scale and intercity investment intensity of the networks increased,reciprocity and small-world characteristics were continuously strengthened,and network structures were gradually optimized.(3)The endogenous operational mechanisms of intercity venture capital flows in the Yangtze River Economic Belt evolved from reciprocal and preferential attachment mechanisms in the early stage to a later triadic closure mechanism driven by multiparty games.Regarding the exogenous operational mechanisms,the globalization,marketization and urbanization of cities promoted intercity venture capital flows,however,the roles of globalization and urbanization were decreasing whereas the role of marketization was increasing;the driving force of geographical and organizational proximity between cities to intercity venture capital flows was also decreasing.Based on these empirical findings,this study proposes policy recommendations for optimizing financial resource allocation and promoting coordinated regional development through network agglomeration and diffusion,urban functional division and interaction,and intercity barrier breaking and integration.Departing from existing research,this study systematically aligns network structural analysis with operational mechanisms across the micro-,meso-,and macro-levels,constructing an integrated multiscale analytical framework and a simulation methodology for complex networks.The applicability of this framework is validated through empirical investigation of intercity venture capital networks in the Yangtze River Economic Belt with the aim of deepening our understanding of intercity venture capital investment mechanisms while providing insights for research on other urban networks.