风险投资对创业板上市公司技术创新影响的实证研究

Empirical Research on the Effect of Venture Capital on Technological Innovation of Listed Companies in Growth Enterprise Market

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 into three inter-related parts including RD input,technology output and performance excellence based on the CDM model separately,whereby we can get insight into the influence mechanism of venture capital on technological innovation in GEM listed companies. Using panel data of GEM listed companies from 2012 to2014,we find robust empirical support for a positive impact of venture capital on innovation performance by increasing RD input and improving ability in business practice.However,there is no manifest relationship between venture capital and the conversion efficiency of RD input to invention patent while the conversion efficiency of RD input to non-invention patent is obvious,which indicates limitation of venture capital on technological innovation from a certain extent.