中國大陸獨角獸與它們的產地：區域特性與資本結構的影響分析

China's Unicorn Firms and Their Origins: The Effects of Regional Advantages and Capital Structure

近年中國大陸獨角獸企業快速增加，聚集特定區域與產業部門，其家數僅次於美國已居全球第二。本研究著重中國大陸獨角獸企業投資的機構屬性及其資本來源，旨在探索其發展的實質內涵，並標識其經濟體制的特殊性。本文運用2017~2020年中國獨角獸企業資料庫，探討中國獨角獸企業區域與產業布局樣態，以及外部投資對其估值的影響。本實證研究發現，參與獨角獸企業投資的企業創投、外資投資機構與國有投資機構對企業估值有顯著影響。此外，政府引導基金有助活化當地資本市場，促進投資機構的區域聚集，有益於獨角獸企業吸引外部投資並提升其估值。

Recent years have witnessed therapidly increasing numbers of China's unicorn companies and have agglomerated in specific regions and industrial sectors. China now boasts the second-highest number of unicorn companies in the world, after only the United States. This study focuses on the attributes and capital sources of investment institutions participating in China's unicorn companies, as well as aims to explore the substantial connotation of their rapid development under the unique economic system. Using the Hurun datasets of China's unicorn companies from 2017~2020, this study explores their regional and industrial deployments and analyzes the impacts of various external investments on their valuations. This empirical study confirms the significant roles played by corporate venture capitals, foreign capitals, and state-owned capitals in determining the projected values of unicorn companies. Furthermore, government guidance funds in China may energize the local capital ecosystem and promote agglomerate investment institutions that can assist unicorn companies to obtain capital inflow and upgrade their projected values.