新兴经济国家高技术企业创投持股与创新绩效关系研究

Role of Venture Capital Participation in High-Tech Firm’s Innovation in Newly Emerging Economies

创业投资机构作为一种创新中介机构,能够扩大企业创新搜索空间并降低创新搜索成本,因而对于新兴经济国家高技术企业创新具有战略意义。本文基于创新搜索理论,选取中国高技术企业作为研究对象,利用149家高技术企业调研数据对创投持股与企业创新绩效之间的关系机制进行了探索。研究发现,创投持股对企业创新绩效具有显著正向影响;当企业管理者感知的产业增长较高时,为国外企业代理销售产品和服务时,以及企业向国外出口产品或服务时,创投持股对企业创新绩效的影响会降低。

As a kind of innovation intermediary agency, venture capital＇s participation is vital for high-tech firms innovation through widening the search scope and reducing search cost. Based on the innovation search view, we pick out 149 high-tech firms of China and examine the relationship between venture capital＇s participation and innovation performance. The results show that venture capital＇s participation has a significantly positive relationship with the innovation performance. We also find that these positive relationships disappear when managers＇ perceived industry growth is higher, when new ventures adopt agency businesses for foreign firms, and when the new ventures export.