不确定性环境下创新类型与融资方式关系研究

Researches on Innovation Types and Financing Choices under Uncertain Environment

在技术不确定性、市场不确定性和组织不确定性等动态环境下,研究创新类型对融资方式的影响。结果表明,突破性创新与风险资本融资正相关,而渐进性与风险资本融资负相关,技术不确定性、市场不确定性和组织不确定性与风险资本融资负相关,其中组织不确定性加强渐进性创新与风险资本融资的负相关关系,而技术不确定性减弱突破性创新与风险资本融资正相关关系。

In this study,we analyze the effect of innovation types on financing choices under dynamic environment.Empirical research has been conducted with a sample of 164 high and new technology companies under the environment of technology uncertainty,market uncertainty and organizational uncertainty.The results indicate that radical innovation is positively correlated with the venture capital financing,whereas the incremental innovation,as well as technology uncertainty,market uncertainty,and organizational uncertainty,is negatively correlated with the venture capital financing,among which the organizational uncertainty strengthens the negative correlation between the incremental innovation and the venture capital financing,and the technology uncertainty weakens the positive correlation between the radical innovation and the venture capital financing.