风险投资促进战略性新兴产业发展的机制及效应

Mechanism and Effect of Venture Capital to Promote the Development of Strategic Emerging Industries

风险投资对中国战略性新兴产业发展具有资金支持、技术筛选与集聚、孵化和增值服务促进和阶段性投资及激励等作用。本文选取节能环保产业中小板和创业板的43家上市公司,实证分析了风险投资对该产业发展的作用效应。实证结果表明,研发投入占营业收入比率、净资产收益率与公司成长性显著正相关,总资产规模、期间费用率、资产负债率、总资产周转率与公司成长性显著负相关,表明中国节能环保产业总体处于发展初期,还有很大发展空间。应进一步拓宽风险投资资金来源、有效发挥政府引导基金作用、完善中介服务组织体系、建立多层次资本市场等,以进一步发挥风险投资对战略性新兴产业发展的作用。

Venture capital plays a key role in strategic emerging industries in financial support,technology selection and agglomeration,hatching,staged investment and so on.This paper selected 43 listed companies of small and medium plates to make the experiential analysis.The results showed that the ratio of the RD investment to the operating income and the return on equity were positively correlated with the growth of companies,while the total assets,asset-liability ratio and total assets turnover rate were negatively correlated with the growth of companies,which indicates that the energy saving and environmental protection industry is still in its infancy.To further play the role of venture capital in promoting the strategic emerging industries,capital source should be broadened,government guide fond should play an effective role,intermediary service organizations should be improved,and a multi-level capital market should be set up.