风险投资进入对企业创新绩效的影响——基于创业板制造业企业的PSM检验

Effects of Venture Capital Entry on Enterprise Innovation Performance: Evidence from Manufacturing Enterprises on the GEM by PSM Method

以2009—2012年创业板制造业企业为例,采用倾向得分匹配法,尝试从以下3个方面评估风险投资进入与企业创新绩效的因果关系:风险投资对创新绩效的动态影响、风险投资对创新程度绩效的影响和风险投资特征对创新绩效的影响。结果显示:(1)上市前第1年进入企业的风险投资对企业创新绩效的促进作用不显著,上市前第2年进入企业的风险投资能够显著持续地促进企业创新绩效;(2)上市前第2年进入企业的风险投资对渐进式创新绩效的促进作用大于对突破式创新绩效的促进作用;(3)在上市前第2年进入企业的风险投资中,相对于单独风险投资和低资历风险投资,联合风险投资和高资历风险投资对企业创新绩效的促进作用更大。

Based on manufacturing enterprises on the GEM from 2009 to 2012, the paper analyzes the causal relationship between venture capital entry and enterprise innovation performance by PSM method from the following three aspects： The dynamic effect of venture capitals on innovation performance, the effect of venture capitals on vary degree of innovation performance, the effect of different characteristic venture capitals on innovation performance. The results show that：（1）Venture capitals that entering into enterprises in the first year before IPO non-significantly promote the innovation performance, and venture capitals that entering into enterprises in the second year before IPO promote the innovation performance remarkably;（2） Venture capitals that entering into enterprises in the second year before IPO promote incremental innovation greater than radical innovation;（3）Within venture capitals that entering into enterprises in the second year before IPO, relative to individual venture capitals and venture capitals of less experience, associated venture capitals and venture capitals of more experience promote innovation performance more.