Spatial Econometric Analysis of Venture Capital Spillovers and Regional Innovation Cluster
On the basis of the current literature review, the paper puts forward the view that the attribution of venture capital investment should be considered when researching the effect of knowledge spillovers. After the testing of the zone innovation spatial correlation via the Morans I inde x, this paper get a conclusion that zone innovation has the feature of spatial correlation with a phenomenon of obvious zone innovation cluster. Drawn on the e xperience of Griliches Knowledge Production Function (KPF), the paper constructs the updated KPF model with the consideration of the venture capital investment influence to the zone innovation. Under the frame of the updated KPF model and according to the spatial econometrics theory, it makes an empirical analysis for the effect of kn owledge spillovers (venture capital, R&D expenditure, etc.) through the Spatial Lag Model (SLM). As a result, venture capital and R&D expenditure have an obvious positive spatial diffusion (spillover) effect on the zone innovation. Thus, the R&D investment should be increased successively, and we should focus the development of the VC on establishing the zone venture capital center in four areas (Be ijing, Shanghai, Hubei and Guangdong), instead of blossom everywhere which we used to in the past.
knowledge spillovers venture capital Knowledge Production Function (KPF) Spatial Lag Model (SLM) Spatial Error Model (SEM)
Wan Kunyang Zhao Zhijiang Yu Shujuan
Zhejiang Water Conservancy and Hydropower College, Hangzhou, P.R.China, 310018 School of Management, Zhejiang Water Conservancy and Hydropower College, Hangzhou, P.R.China, 310018
国际会议
4th International Conference on Productinnovation Management(第四届产品创新管理国际会议)
武汉
英文
1271-1278
2009-08-22（万方平台首次上网日期，不代表论文的发表时间）