What question did this study set out to answer?

To examine whether and through which mechanisms government-guided venture capital funds and the utilization of high-value public data jointly promote digital industrial cluster development.

September 17, 2026SustainabilityOpen Access

Mechanisms Through Which Government-Guided Venture Capital Funds and High-Value Public Data Jointly Drive Digital Industrial Cluster Development

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Authors

JLJianzhao LiuMinistry of Education JWJiahui WangTianjin Chengjian University

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Implication

Panel study demonstrates that public venture capital and open data jointly drive digital industrial cluster growth in Chinese cities, highlighting the value of coordinated capital-data policies.

Key Points

To examine whether and through which mechanisms government-guided venture capital funds and the utilization of high-value public data jointly promote digital industrial cluster development.
Analyzed a balanced panel dataset of 285 Chinese prefecture-level cities covering the period from 2014 to 2023.
Estimated two-way fixed-effects models alongside mechanism, moderation, heterogeneity, robustness, and endogeneity evaluations.
Identified significant complementarity between government-guided venture capital and high-value public data in advancing digital industrial clusters, primarily within the contribution and support dimensions.
Demonstrated that innovation factor agglomeration and enhanced collaborative innovation both partially mediate the synergistic effect, with factor agglomeration playing the larger role.
Observed that higher economic development and population density amplify the synergy, whereas direct government intervention dampens it, with stronger effects present in southern cities.

Cite This Study

Liu et al. (2026) studied this question.

synapsesocial.com/papers/6aabb7f75f706d05830e764c https://doi.org/10.3390/su18189496

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Implication

Panel study demonstrates that public venture capital and open data jointly drive digital industrial cluster growth in Chinese cities, highlighting the value of coordinated capital-data policies.

Mechanisms Through Which Government-Guided Venture Capital Funds and High-Value Public Data Jointly Drive Digital Industrial Cluster Development

Discussion

Member takes

Implication

Key Points

Cite This Study

Mechanisms Through Which Government-Guided Venture Capital Funds and High-Value Public Data Jointly Drive Digital Industrial Cluster Development

Discussion

Member takes

Implication

Key Points

Cite This Study

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