风险投资对企业创新绩效的影响——基于制造业上市公司的实证分析

Influence of venture capital on enterprise innovation performance——Based on empirical analysis of manufacturing listed companies

针对风险投资与企业创新绩效的关系问题,以2002-2018年沪深两市首次公开上市且有风险投资参与的制造业公司为样本进行实证分析,通过双重差分模型对比有、无风险投资参与的企业,发现风险投资有利于提高以专利质量及数量衡量的企业创新绩效。研究表明:风险投资机构在被投资企业董事会、监事会占有席位比重较多,能有效控制代理人冲突,有利于企业创新;风险投资机构支持企业IPO数量越多越有利于实现资源共享,从而提升企业创新绩效。

Aiming at the relationship between venture capital and enterprise innovation performance,this paper makes an empirical analysis based on the samples of manufacturing listed companies with venture capital participation in Shenzhen and Shanghai stock exchanges from 2002 to 2018.By comparing the enterprises with or without venture capital participation through difference-in-differences model,it is found that venture capital is conducive to improving enterprise innovation performance measured by patent quality and quantity.The results show that:venture capital institutions occupy more seats in the board of directors and the board of supervisors of the invested enterprises,which can effectively control the agent conflict and is conducive to enterprise innovation;The more the number of IPOs supported by venture capital institutions,the more conducive to resource sharing,so as to improve the innovation performance of enterprises.