期刊
JOURNAL OF TRANSPORT GEOGRAPHY
卷 88, 期 -, 页码 -出版社
ELSEVIER SCI LTD
DOI: 10.1016/j.jtrangeo.2020.102852
关键词
Venture capital; Air travel; High-speed rail; Capital mobility
资金
- National Natural Science Foundation of China [71903210, 71625004]
Transportation network plays a critical role in reshaping the spatial geographical economy in terms of population, urban form, output and so on. But the impact of transportation on capital mobility is seldom revealed. Using venture capital investment events and airline network as well as high-speed rail network in China, this paper examines the effects of transportation network on capital mobility. We find that 1% decline in travel time will lead to increase in VC investment deals by 0.02. Heterogeneous results indicate that small firms, young firms, and emerging industries benefit more from the transportation network, which demonstrates the role of transportation network in alleviating information asymmetries. In addition, heterogeneity on VC flow direction offers suggestive evidence that transportation network is likely to alleviate development imbalance within wealthier cities while widening the gap between wealthier cities and poorer cities.
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