文献类型：期刊文献

英文题名：Exploring China's venture capital investment dynamics and influencing factors: a perspective of intercity flow

作者：Du, Delin[1];Wang, Jiaoe[1,2];Li, Jianjun[3]

机构：[1]Chinese Acad Sci, Inst Geog Sci & Nat Resources Res, Key Lab Reg Sustainable Dev Modeling, Beijing 100101, Peoples R China;[2]Univ Chinese Acad Sci, Coll Resources & Environm, Beijing 100049, Peoples R China;[3]East China Univ Sci & Technol, Sch Business, Shanghai 200237, Peoples R China

年份：2025

卷号：164

外文期刊名：HABITAT INTERNATIONAL

收录：;WOS:【SSCI(收录号:WOS:001542518000002)】；

基金：This work was supported by the National Natural Science Foundation of China [Grant No. 42225106, No. 42401206] .

语种：英文

外文关键词：Venture capital; City centrality; Spatial structure; Machine learning; Explainable artificial intelligence

摘要：Venture capital (VC) investment process involves the movement of capital, information, and knowledge, influencing the city network. China's intercity VC investments have progressively expanded, giving rise to a large and complex network. The Yangtze River Delta (YRD), Pearl River Delta (PRD), and Beijing-Tianjin-Hebei (BTH) regions have emerged as the core regions of the network. Beijing, Shanghai, Shenzhen, and Hangzhou hold significant positions as VC centers in the country. As western cities like Chengdu have gained prominence, the network has gradually evolved into a diamond structure. Based on the XGBoost and SHAP algorithms, this study explored the importance of socioeconomic factors, geographical location and transportation, and administrative factors in the network evolution. Local financial markets and innovation potential, particularly the number of local VC firms, are pivotal in shaping the network evolution of intercity VC investments. The impact of transportation exhibits an initial increase, followed by a decline. In comparison to socioeconomic factors, geographical location and transportation as well as urban administrative governance, appear to have relatively limited influence. The findings contribute to a more profound understanding of the dynamics behind the evolution of financial capital flows among cities.