创业投资对创业企业创新行为的影响分析——基于创业板上市企业研究数据

The Effect of Venture Capital on the Innovation Behavior of the Enterprise——Based on GEM Listed Enterprises Data

以2009—2011年创业板上市企业为研究样本,采用2SLS方法分析创业投资机构与企业创新行为的关系。研究发现,我国创业投资机构总体上对创业板上市企业无显著影响。在考查不同产权性质创投机构对企业的影响差异时,发现国有创投机构的持股决定,正向作用于企业的创新行为。反过来,检验企业创新行为对创投持股的影响时,国有和民营同时支持企业的创新行为,对创投持股有减少的影响趋势。因此,政府应大力发展我国创业投资。在不断加强国有创业投资的同时,也应注意民营和外资创投的壮大。

Taking GEM listed companies from 2009 to 2011 as the sample,this paper uses 2SLS method to analyze the relationship between venture capital institutions and the innovation behavior of enterprises.The study finds that venture capital institutions have no significant effect on GEM listed companies in China.Through examining the impact of venture capital institutions of different property rights on enterprises,we find that the state-owned venture capital institutions holding decisions play a positive role in the innovation behavior of enterprises.Conversely,in examining the effect of innovation behavior of enterprises on venture capital institutions holdings,we find that both state-owned enterprises and private enterprises support the innovation behavior of enterprises,and the innovation behavior of enterprises have the impact of decreasing trends on venture capital institutions holding.Therefore,the government should develop Chinas Venture Capital.While strengthening state-owned venture capital,we should also pay attention to private and foreign venture capital growth.