R&D经费支出、风险投资与高新技术产业发展——基于典型相关分析的中国数据实证研究

The R&D Expenditure,Venture Investment and the Development of New High-tech Industry——Empirical Research of Chinese Data Based on Canonical Correlation Analysis

运用典型相关分析对1994—2006年间中国R&D经费支出、风险投资与技术创新以及高新技术产业产出的相关性进行实证研究,研究结果表明,风险投资额与专利授权数、高技术产品出口额、高技术产业工业总产值以及高技术产业工业增加值具有正相关性,但与发达国家相比,我国风险投资对技术创新与高新技术产业发展的影响远远低于R&D对技术创新与高新技术产业的支撑作用,风险资本退出渠道不畅与风险资本市场波动性较大是导致我国风险投资对技术创新以及高新技术产业发展支撑作用不显著的主要原因.在此基础上给出了对策建议.

Utilizing the Chinese data from 1994 to 2006, it makes an empirical research on the R＆D expenditure, venture investment, technology innovation and new high-tech industry development based on canonical correlation analysis. The result shows that the venture capital, the number of patent authorized, export quantum of new high-tech product, total industrial output value of new high-tech industry and industrial added value of the new high-tech industry are positively relevant, but compared with developed countries, the impact of venture capital on technology innovation and development of new high-tech industry in China is less than R＆D. The main causes of low-level correlation among venture capital, technology innovation and new high-tech industry development are the impeded exit channel and high volatility of venture capital market in China, on which it provides some suggestions to solve mentioned problems.