As an important innovation flow,venture capital has been examined in urban net-work research.However,the segmentation of capital categories and the cross-scale connec-tion of capital remain scarcely analyzed.This study focuses on the structure and industry differentiation of venture capital flows in the Guangdong-Hong Kong-Macao Greater Bay Area(GBA)and its cross-scale network characteristics.Based on a venture capital database cov-ering capital amount,investment subject address information,and industry information(2000-2018),this article examines the spatial distribution and network structure of venture capital in the GBA by means of a distance-based test of spatial concentration approach and social network analysis.Key findings show that:(1)Venture capital institutions and startups in the GBA present a high-concentration distribution pattern.In the past 20 years,venture cap-ital activities in the GBA have substantially increased,forming a complex urban network structure with Guangzhou,Shenzhen,and Hong Kong as the core of this network.(2)Dif-ferent types of venture capital show significantly different urban network structures,with manufacturing,the Internet industry,the financial sector,the cultural media industry,and the medical and health industry as the five industry types with the largest capital flow in the GBA.(3)Cross-scale research on the venture capital network reveals the position of the GBA as a capital hub in China,which forms a dense venture capital connection network with major cities on a national scale.(4)The network structure of venture capital in the GBA is influenced by multi-dimensional proximity,institutional factors,urban economy,and path dependence.Along with these three key mechanisms,the GBA has grown into a national-scale and even global-scale venture capital center.

WU Kangmin;WANG Yang;ZHANG Hong'ou;LIU Yi;YE Yuyao;YUE Xiaoli

Guangdong provincial Key Laboratory of Remote Sensing and Geographical Information System,Guang-zhou Institute of Geography,Guangdong Academy of Sciences,Guangzhou 510070,China;Institute of Strategy Research for Guangdong,Hong Kong and Macao Greater Bay Area,Guangzhou 510070,China;Faculty of Geography,Yunnan Normal University,Kunming 650500,China;Key Laboratory of Regional Sustainable Development Modeling,Institute of Geographic Sciences and Nat-ural Resources Research,CAS,Beijing 100101,China

地理学报（英文版）

[1]WU Kangmin;WANG Yang;ZHANG Hong'ou;LIU Yi;YE Yuyao;YUE Xiaoli-.The pattern,evolution,and mechanism of venture capital flows in the Guangdong-Hong Kong-Macao Greater Bay Area,China)[J].地理学报（英文版）,2022(10):2085-2104

startups

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