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首页> 外文期刊>Environment and Planning. A >Spatial proximity effects and regional equity gaps in the venture capital market: evidence from Germany and the United Kingdom
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Spatial proximity effects and regional equity gaps in the venture capital market: evidence from Germany and the United Kingdom

机译：风险投资市场中的空间邻近效应和区域股权差距：德国和英国的证据

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摘要

The issue of 'equity gaps' has loomed large in recent discussions of enterprise formation and development, both in the United Kingdom and in Germany. One particularly intriguing, but highly elusive, aspect of this issue is the question of whether equity gaps have a regional dimension: are certain regions at a systematic disadvantage with respect to the provision of equity capital? In this paper, we explore this question in the context of the UK and German venture capital industries, drawing both on unpublished industry data and on information obtained from original surveys of venture capital firms in the two countries. We report clear evidence that the venture industries in both countries are spatially constituted. Despite important national differences, venture capital firms tend to be concentrated in identifiable clusters and their investment outcomes show clear evidence of spatial proximity effects; investment is disproportionately concentrated in those regions that also contain the major clusters of venture capital firms. However, how far this spatial form produces regional equity gaps is hard to determine. Venture capitalists themselves argue that they do not intentionally discriminate between regions in their decisionmaking, and many acknowledge the existence of funding and deal-size gaps but not regional gaps per se. But their perception of project risk is, nevertheless, regionally sensitive. We argue that the notion of a simple supply gap overlooks the way in which the localised form of the industry is based on a dynamic learning process in which demand and supply processes combine with their embeddedness in social networks and individual perceptions in a mutually reinforcing way. Less-favoured regions, with low investment rates, few local venture capital firms, and a dearth of experienced specialist intermediaries, may thus be trapped in a situation of both depressed demand for and supply of venture capital investment.
机译：在英国和德国，最近关于企业组建和发展的讨论中，“公平差距”问题显得尤为突出。这个问题的一个特别有趣但高度难以捉摸的方面是股权差距是否具有地区性的问题：某些地区在提供股权资本方面是否处于系统性劣势？在本文中，我们将利用未公开的行业数据以及从两国风险投资公司的原始调查中获得的信息，在英国和德国的风险投资行业的背景下探讨这一问题。我们报告了清晰的证据，表明这两个国家的风险产业都在空间上构成。尽管存在重大的国家差异，风险投资公司仍倾向于集中在可识别的集群中，其投资结果清楚地表明了空间邻近效应。投资不成比例地集中在那些也包含主要风险投资公司集群的地区。但是，很难确定这种空间形式在多大程度上产生了区域公平差距。风险资本家本身认为，他们在决策过程中不会故意区分开，许多人承认存在资金和交易规模的差距，但本身并不存在区域差距。但是，尽管如此，他们对项目风险的认识是区域敏感的。我们认为，简单的供应缺口的概念忽视了行业本地化形式基于动态学习过程的方式，在动态学习过程中，需求和供应过程与它们在社会网络和个人观念中的嵌入以相辅相成的方式相结合。因此，投资率低，本地风险投资公司很少，经验丰富的专业中介机构匮乏的地区可能会陷入风险资本投资需求和供应均低迷的局面。

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