支撑环境对创业投资发展的影响效度分析

Validity Analysis on the Impact of the Supporting Environment to the Venture Capital Development

构建了以经济环境、科技环境和政府支持政策环境等一级指标,包含21个二级指标的创业投资支撑环境指标体系。通过因子分析,把支撑环境分为5个主因子:经济发展水平、经济发展模式、企业主导型科技环境、政府主导型科技环境和政府支持政策综合水平。利用结构方程模型进行实证研究,结果显示,"企业主导型科技环境"和"政府支持政策综合水平"对创业投资的发展有直接的支撑作用;"经济发展水平"与"企业主导型科技环境"、"经济发展模式"与"政府支持政策综合水平"交互影响,从而对创业投资的发展有支撑作用。因此,发展创业投资就必须优化经济环境、培育"企业主导型"科技环境和完善政府支持政策。

The paper has been structured venture capital supportive environment index system, which includes first-degree index, i.e. economic environment （EE）, scientific and technological environment （STE）, government supportive policies environment （GSPE） and 21 two-degree index. Through factor analysis, the paper divides this supporting environment of VC into five core factors such as the development level of economy （DLE）, the development pattern of economy （DPE）, the corporation leading STE（CLSTE）, the government leading STE（GLSTE） and the government supportive policies synthesis level （GSPSL）. Using the structural equation modeling （SEM）, the empirical analysis results show that, the CLSTE and the GSPSL have direct effects on the development of VC, and the DLE and the CLSTE, the DPE and the GSPSL interact to promote the development of VC. Therefore, in order to develop VC, it must optimize the EE, cultivate the CLSTE and perfect the GSPSL.