摘要
由于创新活动的风险性和外部性特征,学术研究和实践一般认为,风险投资是创新型企业融资的有效途径。但风险投资能否促进企业研发投入以及创新能力的提升在理论研究中还存在争议。本文以2008—2015年中关村自主创新示范区科技企业统计数据为研究样本,通过倾向得分匹配法(PSM)建立实验组和对照组,然后构建面板Tobit模型。实证结果发现:获得风险投资的企业,其研发投入、专利申请量和软件著作权以及发明专利申请量均明显高于无风险投资企业;控制企业研发投入以后,风险投资对创新产出的影响系数显著下降,说明获得风险投资的企业通过激励研发而获取更多专利和新技术。
Due to the risk and externality of innovation activities,it is generally considered in academic research and practice that venture capital is an effective way to finance innovation-oriented enterprises.However,whether venture capital can promote enterprises'R&D investment and innovation ability is still controversial in theoretical research.In this paper,the statistical data of science and technology enterprises in Zhongguancun independent innovation demonstration zone from 2008 to 2015 are taken as the research samples.On this basis,experimental group and control group are established by PSM method,and then the panel Tobit model was built to carry out regression analysis of the data.The empirical results show that the R&D investment,patent application,software copyright and invention patent application of the enterprises with venture capital are significantly higher than those without venture capital investment.After controlling enterprise R&D input,the influence coefficient of venture capital on innovation output decreased remarkably,which indicates that venture-funded firms gain more patents and new technology by encouraging research and development.
作者
崔静静
王璇
文竹
Cui Jingjing;Wang Xuan;Wen Zhu(School of Economics and Management,Inner Mongolia University ofTechnology,Hohhot 010051,Inner Mongolia,China)
出处
《金融发展研究》
北大核心
2020年第7期48-55,共8页
Journal Of Financial Development Research
基金
国家自然科学基金面上项目“创新经济体内生发展机制的理论与经验研究”(71373258)
国家自然科学基金青年项目“破解创新悖论——基于微观实证研究解析创新价值的实现机制”(71804077)。
关键词
风险投资
研发投入
专利
中关村
企业创新
venture investment
R&D input
patent
Zhongguancun
enterprise innovation
作者简介
崔静静,女,河南开封人,博士,内蒙古工业大学经济管理学院副教授,研究方向为创新经济;王璇,女,内蒙古包头人,内蒙古工业大学经济管理学院,研究方向为科技金融;文竹,男,内蒙古鄂尔多斯人,内蒙古工业大学经济管理学院副教授,研究方向为科技金融与管理创新研究。
