Venture Capital and Industrial Structure Upgrading from the Perspective of Spatial Spillover
Abstract
:1. Introduction
2. The Influence Mechanism and Theoretical Model Construction
2.1. The Influence Mechanism of Venture Capital on Industrial Structure Upgrading
2.2. Model Construction
2.3. Spatial Correlation Test
2.3.1. Global Spatial Autocorrelation
2.3.2. Local Spatial Autocorrelation
2.4. Setting of the Spatial Weight Matrix
3. Variable Selection and Data Sources
3.1. Variable Selection
3.1.1. Explained Variable
3.1.2. The Explaining Variable
3.1.3. Control Variables
3.2. Data Sources
4. Empirical Analysis and Results
4.1. The Characteristics of Spatial Agglomeration of Venture Capital and Industrial Structure Upgrading
4.2. Spatial Correlation Analysis
4.3. Results and Discussion
4.3.1. Data Test
4.3.2. Estimation Results and Analysis of Spatial Econometric Model
4.3.3. Robustness Test of the Model
5. Conclusions and Recommendations
Author Contributions
Funding
Conflicts of Interest
References
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Year | Venture Capital Investment Level | Z Value | Industrial Structure Upgrading | Z Value |
---|---|---|---|---|
2003 | 0.228 | 2.43 | 0.283 | 3.046 |
2004 | 0.218 | 2.36 | 0.247 | 2.816 |
2005 | 0.240 | 2.55 | 0.250 | 2.757 |
2006 | 0.293 | 2.94 | 0.225 | 2.422 |
2007 | 0.173 | 1.99 | 0.133 | 1.599 |
2008 | 0.165 | 1.96 | 0.245 | 3.073 |
2009 | 0.174 | 2.01 | 0.218 | 2.604 |
2010 | 0.172 | 2.00 | 0.197 | 2.460 |
2011 | 0.252 | 2.59 | 0.255 | 2.817 |
2012 | 0.195 | 2.02 | 0.267 | 2.863 |
2013 | 0.155 | 1.73 | 0.343 | 4.119 |
2014 | 0.161 | 1.77 | 0.291 | 3.407 |
2015 | 0.176 | 1.91 | 0.256 | 2.879 |
2016 | 0.365 | 3.59 | 0.267 | 2.747 |
2017 | 0.209 | 2.40 | 0.266 | 3.169 |
Variables | Minimum | Maximum | Mean | Std. Dev. | Levin, Lin & Chu t * | Im, Pesaran and Shin W-stat |
---|---|---|---|---|---|---|
Ln(ISU) | 0.3549 | 0.997 | 0.7831 | 0.1042 | −1.383(−0.083) | −3.274(0.000) |
Ln(VC) | 0.000 | 13.337 | 7.3765 | 2.4486 | −8.954(0.000) | −3.687(0.000) |
Ln(RD) | 6.2146 | 16.741 | 13.226 | 1.8613 | −14.976(0.000) | −12.523(0.000) |
Ln(FIX) | 4.8975 | 10.919 | 8.6086 | 1.1997 | −14.295(0.000) | −6.583(0.000) |
Ln(PHED) | 2.7726 | 12.715 | 8.8491 | 1.8021 | −1.191(−0.116) | −5.588(0.000) |
Ln(GDP) | 8.2122 | 11.768 | 10.214 | 0.7182 | −18.522(0.000) | −9.802(0.000) |
Variables | Ln(VC) | Ln(RD) | Ln(FIX) | Ln(PHED) | Ln(GDP) |
---|---|---|---|---|---|
Coefficient Variance | 2.63 | 1.87 | 1.88 | 4.13 | 3.33 |
Variables | OLS | SLM | SDM | ||
---|---|---|---|---|---|
Geographical Distance Matrix | Economic Distance Matrix | Geographical Distance Matrix | Economic Distance Matrix | ||
VC | 0.136 ** | 0.158 ** | 0.118 *** | 0.140 *** | 0.141 *** |
RD | 0.289 *** | 0.456 *** | 0.356 *** | 0.361 *** | 0.276 *** |
FIX | 0.357 *** | 0.444 *** | 0.417 *** | 0.423 *** | 0.295 *** |
PHED | 0.046 ** | 0.014 | 0.035 * | 0.046 ** | 0.041 ** |
GDP(P) | 0.048 ** | 0.057 ** | 0.067 ** | 0.037 ** | 0.085 ** |
W*VC | 0.161 *** | 0.169 *** | |||
W*RD | 0.417 *** | 0.416 *** | |||
W*FIX | 0.468 *** | 0.207 *** | |||
W*PHED | −0.091 | −0.002 | |||
W*GDP(P) | 0.041 ** | 0.054 ** | |||
ρ | 0.189 *** | 0.215 *** | 0.201 *** | 0.224 *** | |
R2 | 0.711 | 0.932 | 0.952 | 0.964 | 0.965 |
Adjust-R2 | 0.656 | 0.845 | 0.821 | 0.867 | 0.866 |
Log-L | 834 | 851 | 846 | 864 | 872 |
Hausman test | χ2 = 39.851 *** |
Variables | SDM | |
---|---|---|
Geographical Distance Matrix | Economic Distance Matrix | |
VC | 0.043 ** | 0.083 ** |
RD | 0.059 ** | 0.067 ** |
FIX | 0.089 ** | 0.061 ** |
PHED | 0.021 | 0.022 * |
GDP(P) | 0.082 * | 0.105 * |
W*VC | 0.058 ** | 0.023 ** |
W*RD | 0.019 ** | 0.064 ** |
W*FIX | 0.016 ** | 0.012 * |
W*PHED | −0.030 | −0.036 * |
W*GDP(P) | 0.378 * | 0.124 * |
ρ | 0.054 ** | 0.004 ** |
R2 | 0.531 | 0.514 |
Adjust-R2 | 0.503 | 0.487 |
Log-L | 521 | 514 |
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Yao, L.; Lu, J.; Sun, P. Venture Capital and Industrial Structure Upgrading from the Perspective of Spatial Spillover. Sustainability 2019, 11, 6698. https://doi.org/10.3390/su11236698
Yao L, Lu J, Sun P. Venture Capital and Industrial Structure Upgrading from the Perspective of Spatial Spillover. Sustainability. 2019; 11(23):6698. https://doi.org/10.3390/su11236698
Chicago/Turabian StyleYao, Li, Jie Lu, and Pingjun Sun. 2019. "Venture Capital and Industrial Structure Upgrading from the Perspective of Spatial Spillover" Sustainability 11, no. 23: 6698. https://doi.org/10.3390/su11236698