Measurement of co-agglomeration degree and spatial scale of venture capitalists and new firms in Beijing based on the DO index

Jun Li and Ruishan Hu

International Journal of Management and Enterprise Development, 2025, vol. 24, issue 3, 227-248

Abstract: To measure the co-agglomeration degree and spatial scale of venture capitalists (VCs) and new firms (investees), the Duranton and Overman index (DO index), based on distance-based K_d function to determine the distribution of bilateral distances between firms, is introduced to calculate the co-agglomeration degree and spatial scale of VCs and investees. Data from 7,451 rounds of financing deals in Beijing, China, during 2010-2019 was used. Results show the highest frequency of distances between VCs and investees falls in 10 km-20 km. VCs and investees in the start-up stage have higher co-agglomeration degree and smaller spatial scale than those in the growth stage. Governmental VCs and investees have higher co-agglomeration degree and smaller spatial scale than foreign VCs. The difference in the co-agglomeration degree of governmental VCs and investees in different stages is greater than those of foreign and private VCs. Heterogeneity of the co-agglomeration of VCs and investees within different cities needs further investigation.

Keywords: venture capitalist; new firm; co-agglomeration degree; the spatial scale of co-agglomeration; DO index. (search for similar items in EconPapers)
Date: 2025
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