摘要
利用CDM模型,将风险企业的技术创新过程分为研发投入、技术产出和绩效提升三个过程,分别考察风险投资在技术创新三个阶段对上市公司的影响,以深入研究风险投资提升创业板上市公司技术创新绩效的机理。对2012-2014年创业板上市公司创新活动的实证分析表明,风险投资参与能够显著提升创业板上市公司创新绩效,其作用主要是通过促进风险企业提高研发强度和提高商业运营能力实现的。实证分析结果还显示,风险投资对创业板上市公司非发明专利数量的提升作用显著,而对发明专利数量的增加无显著影响,这表明风险投资对风险企业技术创新的影响具有一定的局限性。
In this paper, we discuss effects of venture capital on the GEM listed companies＇ innovation process which is divided inio three inter - related parts including R＆D input, technology output and performance excellence based on the CI）M model separately, whereby we can gel insight into the influence mechanism of venture capital on technological innovatinn in GEM listed companies. Using panel data of GEM listed companies from 2012 to 2014, we find robust empirical support for a positive impact of venlure capital on innovation perfnrmance by increasing R＆D input and improving ability in business practice, However, there is no manifest relationship between venture capital and the conversion efficiency of R＆D input to inventinn patent while the conversion efficiency of R＆D input to non - invention patent is obvious, which indicates limitation of venture capital on technological innovation from a certain extent.
出处
《科技管理研究》
CSSCI
北大核心
2016年第14期12-17,23,共7页
Science and Technology Management Research
基金
江苏高校人文社科重大项目"苏南国家自主创新示范区科技与金融创新策略研究"(2012ZDAXM010)的阶段性成果
关键词
风险投资
技术创新
CDM模型
venture capital
technological innovation
CDM model
