为丰富关于区域风险投资市场活跃度实现路径的理论分析，构建“供给-需求-环境”分析框架，以中国31个省份为例，采用模糊集定性比较分析法，基于组态视角分析风险资本深化、区域创新能力、政府支持力度、科技中介规模、创新环境水平以及大数据技术发展6个条件变量影响区域风险投资市场活跃度的联动关系及影响具体路径。研究发现：风险投资市场活跃度受多个条件因素共同作用，并无产生高风险投资市场活跃度的必要条件，其中区域创新能力、风险资本深化、政策支持、科技中介规模及创新环境是核心条件；存在4条高风险投资市场活跃度实现路径，部分因素之间存在一定的替代关系，其中政策、中介和创新环境支撑下供需驱动型路径包含的案例数目最多；产生非高风险投资市场活跃度的路径有4条，且与产生高风险投资市场活跃度的4条路径非简单对立关系。由此，建议各地区在发展风险投资市场时要因地制宜地选择发展路径，政策着力点避免单一且注意协同性。

Abstract: In order to enrich the theoretical analysis on the realization path of regional venture capital market activity, a "supply-demand-environment" analysis framework is constructed. Taking 31 provinces in China as examples, this paper uses the fsQCA method to analyze the linkage relationship and specific path of influence of six conditional variables on the activity of regional venture capital market from the perspective of configuration: venture capital deepening, regional innovation ability, government support, scale of science and technology intermediary, innovation environment level and big data technology development. It is found that the activity of venture capital market is affected by multiple conditional factors, and there are no necessary conditions for generating the high level of venture capital market activity, among which regional innovation ability, venture capital deepening, policy support, scale of science and technology intermediary, and innovation environment are the core conditions. There are four paths to realize the high level of venture capital market activity, and there are certain substitution relationships between some factors, among which the supply-demand driven path contains the largest number of cases supported by policy, intermediary and innovation environment; There are 4 paths that generate activity in the non-high-venture capital market, and it is not simply opposite to the four paths that generate high level of venture capital market activity. Therefore, it is suggested that all regions should choose the development path according to local conditions when developing the venture capital market, avoid single policy focus and pay attention to synergy.

国家社科重大项目“创新驱动战略背景下风投规制化与系统环境构建研究”(19ZDA099)