我国信息产业与风险投资互动发展关系研究

Study on the Interactive Development Between Venture Capital and China's Information Industry

运用协整分析和建立向量误差修正模型,对1998—2011年我国信息产业和风险投资之间的互动关系进行实证研究。结果表明:信息产业和风险投资存在长期均衡关系;无论长期或短期,风险投资都是信息产业的Granger原因,风险投资推动了信息产业的发展;而信息产业在长期和短期都未表现为风险投资的Granger原因,信息产业的发展并未显著地促进风险投资的发展。经验证据不支持两者的互动发展关系。

We select the Information industry and the total amount of venture capital,during 1998 and 2011 in our country,to ana- lyze their interactive relationship in the way of co-integration analysis and vector error correction model in this paper. The results show that： there is a long-term equilibrium relationship between them; In the long-term and the short-term, the venture capital is the signifi- cant Granger cause of Information industry, that＇s the venture capital promotes the development of information industry; but not vice ver- sa, the development of information industry does not contribute significantly to the development of venture capital. The empirical evi- dence does not support the coordinated development relationship between them.