中国风险投资发展对创新资本的提升效应分析

Capital Promotion Effect of VC to Technology Innovation

风险投资是资金供给的特殊形式,对创新企业资本提升的关键在于两者的有机融合。本文构建了以创新倾向作为信号的分离均衡模型,采用2003~2012年中国区域面板数据,对我国风险投资的资本提升效应进行实证分析。研究结果表明：风险投资的资金注入能够有效改变市场配置,缓解企业的融资难困境;风险投资的行业发展通过资本提升有效带动了创新增值。为进一步提升资本增值效率,需加快＂注册制＂和＂新三板＂进程,优化资本市场结构;完善知识产权保护等法律法规,保护技术创新并促进投资结构优化。

VC is a special form of capital source, the key of capital promotion effect lies in the characteristics which are matched be- tween VC and innovative enterprises. This paper constructs a separating equilibrium based on innovation signal, and conducts an empirical analysis according to China＇s regional panel data for the period 2003-2012, the analysis shows that VC can effectively change the configu- ration of the market, alleviate the financing plight of innovative enterprises and the development of VC industry effectively brings the capital promotion effect. To enhance the efficiency of capital promotion, the government should speed up the process of ＇ registration for issue of se- curities＇ and the ＂new three board＂ to optimize the structure of capital markets, and improve intellectual property protection to protect tech- nology innovation and optimize the investment structure.