风险投资下创新投入对高新技术企业财务绩效影响研究

Research on the Influence of Innovation Investment on the Financial Performance of High-tech Enterprises under Venture Capital

随着融资方式的发展,风险资本是否可以作为调节因素的争论仍在继续。企业技术创新具有成本高、风险大,投资回报收益慢的特点,而风险投资的增值服务恰恰能够为企业提供技术创新方面的支持,因此,在创新投入能否直接提升企业绩效的基础上研究风险投资的调节作用,具有重要的理论与实践意义。本研究以20142019年创业板高新技术企业为样本,运用多元回归模型,研究了风险投资视角下创新投入对财务绩效的影响。研究结果表明:创新投入对当期企业财务绩效有显著负向影响,创新投入显著正向影响存在滞后性;风险投资的参与促进了财务绩效提升;风险投资的介入对创新投入与财务绩效的正相关关系有正向调节作用,风险投资持股比例对两者关系的调节效应不显著。基于上述研究结论,可从创业板企业、政府两个方面提出有实际意义的建议。

As financing approaches evolve,the debate over whether venture capital can be used as a moderator continues.Enterprise technology innovation has cost is high,the risk is big,the characteristics of the return on investment income is slow,and venture capital value-added services that can provide enterprises with technology innovation support,therefore,the innovation investment can improve enterprise performance directly the regulating role of venture capital,on the basis of the research has important theoretical and practical significance.The 2014-2019 GEM high-tech enterprises were taken as a sample,and studied the impact of innovation investment on financial performance from the perspective of venture capital by using a multiple regression model.The research results show that:the current innovation investment has a significant negative impact on the current financial performance,while the significant positive impact of innovation investment has hysteresis;venture capital’s participation promotes financial performance;venture investment’s intervention has a positive regulatory effect on the positive correlation between innovation investment and financial performance,and the adjustment effect of venture capital’s shareholding ratio on the relationship between the two is not significant.Based on the above research conclusions,practical suggestions can be proposed from the two aspects of GEM companies and the government.