Strategic coupling in global financial networks: divergent trajectories of domestic and foreign venture capital investments in the Yangtze River Delta, China

IF 3.1 2区社会学 Q1 GEOGRAPHY

Geoforum Pub Date : 2025-09-20 DOI:10.1016/j.geoforum.2025.104406

Yulan Guo , Chun Yang , Fenghua Pan

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引用次数: 0

Abstract

Existing research on venture capital (VC) investment in the developing countries has mainly focused on foreign-originated VC from western economies, while overlooking the rise of domestic VC firms and subsequent outcomes of regional development. Drawing upon the Global Financial Networks (GFNs) and Global Production Networks (GPNs) perspectives, an integrated analytical framework is developed to examine and compare the divergent trajectories of domestic and foreign VC firms in the Yangtze River Delta (YRD), one of the VC hubs in China. Based on a dataset containing 1180 VC investment deals involving 340 VC firms and 69 portfolio companies, this study reveals while foreign VC firms play an important role in coupling the Chinese VC market with external markets, domestic VC firms are increasingly dominant in financing Chinese companies’ overseas listings through both offshore and RMB funds. In particular, the case study of Shanghai Industrial Investment Company Limited (SIIC), one of the earliest state-backed VC in China, highlights the critical role of institutional contexts in shaping region’s interactions with GFNs, emphasizing the Chinese state’s strategic efforts in leveraging GFNs to foster the domestic VC market. The strategic coupling of the YRD in the GFNs showcased the divergent coupling processes induced by foreign and domestic VC firms in the evolving institutional context. This study bridges GFN’s structural focus on network power asymmetries and GPN’s insights into territorial embeddedness in connecting global and domestic VC markets in regional development.

查看原文本刊更多论文

全球金融网络中的战略耦合：长三角地区国内外风险资本投资的不同轨迹

现有关于发展中国家风险投资的研究主要集中在来自西方经济体的外国风险投资，而忽视了国内风险投资公司的兴起和随后的区域发展结果。基于全球金融网络（GFNs）和全球生产网络（GPNs）的视角，本文构建了一个综合分析框架，以考察和比较中国风险投资中心之一长江三角洲（YRD）国内外风险投资公司的不同发展轨迹。基于包含1180笔风险投资交易的数据集，涉及340家风险投资公司和69家投资组合公司，本研究表明，尽管外国风险投资公司在中国风险投资市场与外部市场的对接中发挥着重要作用，但国内风险投资公司在通过离岸和人民币基金为中国公司的海外上市融资方面越来越占主导地位。特别是，上海实业投资有限公司（SIIC）是中国最早的国有风险投资公司之一，其案例研究突出了制度背景在塑造地区与GFNs互动中的关键作用，强调了中国政府在利用GFNs促进国内风险投资市场方面的战略努力。GFNs中长三角的战略耦合展示了在不断演变的制度背景下，国内外风险投资公司诱导的发散耦合过程。本研究将GFN对网络权力不对称的结构性关注与GPN对区域发展中连接全球和国内风险投资市场的地域嵌入性的见解联系起来。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Geoforum GEOGRAPHY-

CiteScore

7.30

自引率

5.70%

发文量

201

期刊介绍： Geoforum is an international, inter-disciplinary journal, global in outlook, and integrative in approach. The broad focus of Geoforum is the organisation of economic, political, social and environmental systems through space and over time. Areas of study range from the analysis of the global political economy and environment, through national systems of regulation and governance, to urban and regional development, local economic and urban planning and resources management. The journal also includes a Critical Review section which features critical assessments of research in all the above areas.