利用2011~2022年中国271个地级市的营商环境指数和异地风险投资事件样本，考察本地营商环境对异地风险投资的影响。研究发现，本地营商环境较好的城市能够吸引更多的异地风险投资。机制分析表明，良好的营商环境能够降低宏观经济政策不确定性的影响，传递当地企业发展环境的积极信号，减少投资者因与企业存在信息不对称造成的投资阻碍，从而提升异地风险投资者的投资意愿和风险承担意愿。进一步研究发现，在营商环境较好的城市中，城市创新发展政策的实施能更有效地吸引异地风险资金；并且，营商环境对于异地风险投资的吸引能促进区域的创新创业活力。

Using the doing-business environment (DBE) index and cross-regional venturing capital (VC) events in 271 prefecture-level cities in China from 2011 to 2022, this study examines the impact of local DBE on cross-regional VCs. The findings reveal that cities with favorable local DBE attract more cross-regional VC. Mechanism analysis reveals that a favorable DBE mitigates the negative effects of macroeconomic policy uncertainty, signals positive local development prospects, and reduces investment barriers caused by information asymmetry, thereby strengthening the willingness of cross-regional VC investors to invest and take risks. Furthermore, this study finds that a favorable DBE serves as a prerequisite for cities to effectively implement regional innovation policies to attract cross-regional VC. Moreover, the positive effects of the favorable DBE on attracting cross-regional VC can enhance the vitality of innovation and entrepreneurship in cities.