创业投资与技术创新关系的实证分析

The Empirical Analysis of the Relationship between Venture Capital and Technology Innovation

对美国1988年到2003年、我国1994年到2003年的创业投资数据和替代技术创新的专利数据,进行了单位根检验和协整性检验。单位根检验结果显示创业投资时间序列和专利时间序列都是非平稳的,是一阶单整序列;协整性检验结果显示创业投资与技术创新之间存在协整关系。

This paper use the venture capital data and the patent data -substitution of technology innovation, from America 1988 to 2003 and China 1994 to 2003,in order to carry on the unit root test and co-integration test. The result of the unit root test shows that the venture capital time series and the patent time series are both non-reposeful time series, they are integrated of order 1; The result of the co-integration test demonstrates a cointegrated relationship between the venture capital and technology innovation.