风险投资如何驱动城市数字技术创新?

李影¹，方远平²，王志豪²

（1.南京林业大学 经济管理学院，江苏 南京 210037；2.华南师范大学 地理科学学院，广东 广州 510631）

摘要：风险投资是科技金融体系的重要组成部分，但其能否成为区域数字技术创新发展的新动能仍有待进一步检验。基于2006—2022年256个地级及以上城市面板数据，实证考察风险投资对城市数字技术创新的影响及其作用机制。研究结果表明，风险投资能够提升城市数字技术创新产出。机制分析发现，风险投资主要通过吸引数字企业进入和推动创新人才集聚，促进城市数字技术创新。门槛检验结果表明，在知识产权保护双重门槛的约束下，风险投资对城市数字技术创新的影响呈现先抑制后促进的非线性特征。异质性分析结果显示，在分阶段投资情况下，种子期、初创期、扩张期和成熟期的风险投资均能促进城市数字技术创新，但在种子期的促进作用更大；相较于中心城市，风险投资对数字技术创新的促进作用在非中心城市更加明显。研究结论可为政府部门制定风险投资行业发展政策和推进数字中国建设提供决策参考。

基金项目：国家自然科学基金面上项目“知识密集型服务业数智化驱动城市群创新网络演化机理研究”（42671228）;教育部人文社会科学重点研究基地重大项目“提升粤港澳大湾区国际竞争力研究”（22JJD790088）

关键词：风险投资；数字技术创新；数字企业进入；创新人才集聚；数字中国建设

作者简介：李影，南京林业大学经济管理学院讲师；方远平，华南师范大学地理科学学院教授；王志豪，华南师范大学地理科学学院硕士研究生。

引用格式：李影，方远平，王志豪. 风险投资如何驱动城市数字技术创新？［J］. 首都经济贸易大学学报，2026，28（5）：105-119.

How Does Venture Capital Drive Urban Digital Technology Innovation?

LI Ying¹, FANG Yuanping², WANG Zhihao²

（1. Nanjing Forestry University, Nanjing 210037;

2. South China Normal University, Guangzhou 510631）

Abstract:Venture capital (VC) is an important component of the technology finance system, but whether it can become a new force driving regional digital technology innovation remains to be tested. Using data from 256 prefecture-level cities and above in China from 2006 to 2022, this paper empirically examines the impact of VC on urban digital technology innovation. The results indicate that VC can effectively enhance urban digital technology innovation. This conclusion holds after addressing endogeneity and conducting robustness checks. Mechanism analyses reveal that VC primarily influences urban digital technology innovation by attracting digital enterprises to enter the city and promoting the agglomeration of innovative talent. Furthermore, the impact of VC on urban digital technology innovation exhibits a threshold effect based on intellectual property rights (IPR) protection. When IPR protection reaches a certain level, this positive impact strengthens. Under staged investment scenarios, VC at each stage promotes urban digital technology innovation, with the most pronounced effect observed during the seed stage. Compared with central cities, VC plays a stronger role in non-central cities. The findings provide a decision-making reference for governments in formulating policies to develop the VC industry and build a digital China.

The marginal contributions are threefold. First, it expands the research on the innovation effects of VC, enriching the understanding of the drivers of urban digital technology innovation. Second, it incorporates IPR protection into the analytical framework, revealing its asymmetric nature. Third, it discusses the boundaries of VC from dimensions such as phased investment, the distribution of VC firms, and administrative levels, providing empirical evidence for a comprehensive understanding of the role of venture capital in urban digital technology innovation.

This paper offers several policy implications. First, local governments should expand VC investment channels, improve relevant laws and regulations, and build a VC system with multi-stakeholder participation, diverse organizational forms, and multiple exit strategies, thereby fostering a healthy VC ecosystem. Additionally, they should support VC firms in accelerating the development of specialized investment talent, establishing extensive professional networks, and enhancing internal management capabilities to provide high-quality, value-added services to innovative enterprises. Second, VC mechanisms should be improved to encourage VC firms to invest in early-stage projects. Given the significant incentive effect of early-stage VC and the fact that technology-based enterprises face the largest funding gap for digital innovation, from the perspective of promoting the emergence and development of digital technologies, efforts should be made to nurture VC entities, refine exit mechanisms, formulate policies conducive to the development of VC, and encourage VC firms to make early-stage investments. Finally, it is necessary to create favorable conditions for VC to support digital technology innovation. On one hand, inland cities such as Zhengzhou, Xi'an, and Chengdu should implement tax incentive policies to attract VC into technology-based enterprises and provide financial support for digital technology innovation. On the other hand, the government should improve laws and regulations on IPR protection, particularly by strengthening administrative law enforcement, including litigation, case filing, and adjudication of IPR infringement, to safeguard the returns from digital innovation for technology-driven enterprises.

Keywords: venture capital; digital technology innovation; digital enterprise entry; innovative talent agglomeration; building a digital China

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