中国风险投资对技术创新作用的实证研究

Empirical Research on Venture Capital to Promote Technological Innovation in China

20世纪90年代以来,中国的风险投资发展较快,但其在促进技术创新方面发挥的作用有待考察。本文利用1994-2008年中国风险投资额、R&D研发经费支出和专利申请量作为指标建立实证模型,通过二元线性回归分析发现:风险投资对技术创新的作用系数为负,并没有像国外那样有明显的推动作用,而R&D研发经费支出对技术创新的作用显著,研究期间国内技术创新大部分是由R&D投入产生。最后,本文针对这一实证结果进行分析,得出制约中国风险投资发展的主要原因在于:中国风险投资发展速度过快,投资额变动很大;中国风险投资处于发展初期,对被投企业的帮助有限;中国风险投资行业本身不够成熟,对高新技术企业提供的支持远小于发达国家;中国风险投资创新主体的高新技术企业所面临的创新环境不够成熟。因此,提出进一步健全中国风险投资环境和建立风险投资机制等建议。

Since the 1990s,the development of venture capital in China is very fast.But how much important role does it play in the promotion of technological innovation？ Using regression analysis of data such as Chinese venture capital amount,RD expenditures and the amount of domestic invention patents which are between 1994 and 2008 as indicators to build the empirical model.By binary linear regression analysis found that： the venture capital for technology innovation coefficient is negative and does not like foreign as there are significant role in promoting while the role of RD for technological innovation is significantly,researching that the domestic technological innovation most of is from the RD inputs to produce.Finally,for the results of this empirical analysis,we conclude the reasons which limit the development of venture capital in China as the followings： the speed of the development of venture capital in China is too fast and the variation of its investment is too big.The development of venture capital in China is still at the early stage,the help to the invested enterprises is limited.The industry of venture capital in China itself is not enough mature and its supporting to the high and new enterprises is far less than that of developed countries.As the main innovation bodies of Chinese risk investment,the environment of innovation which the high and new technology enterprises facing is not mature enough etc.Sowe put forward recommendations to further improve China＇s risk investment environment and the establishment of risk investment mechanism.