风险投资影响中小企业技术创新的研究评述与展望

Research Review and Prospect of Venture Capital's Impact on Technological Innovation of Small and Medium-sized Enterprises

传统融资渠道往往难以满足中小企业的技术创新融资需求,而风险资本作为一种创新型的融资方式,专注于高风险和高收益的高新技术开发领域,是中小企业技术创新的重要融资来源。从理论方面分析中小企业技术创新面临的融资障碍,阐述风险投资影响中小企业创新的机制,总结和梳理相关研究的共识和不足。研究表明:与传统的融资渠道相比,风险资本的介入对中小企业的创新活动具有引导、监督、激励等作用,且有助于培养中小企业创新能力,促进科技创新成果的转化;风险投资自身的特征差异会对中小企业创新产生不同影响;在政府行为、地区教育、经济发展状况等因素的作用下,风险投资对中小企业技术创新的影响具有异质性效应。

Comparing with the conventional financing channels, it is much easier and cheaper for small and me- iium-sized enterprises to get innovation funds from venture capital which concentrates on high-risk and high-yield aigh-tech development areas. This paper analyses obstacles of small and medium-sized enterprises in technological nnovation theoretically and illuminates the effect mechanism of venture capital to innovation then summarize and ~ort out the consensus and insufficiency of related research. It shows that different from traditional financing chan- lels, venture capital guides, supervises and incentives the enterprise＇ s innovation activities from top to bottom, in ~rder to cultivate enterprise innovation ability and promote the transformation of innovation results;the odds of dif- erent venture capital impacts innovation differently. When taking government behavior, regional education, national ＇,conomic development into consideration, the impact of venture capital on the technological innovation of small and nedium-sized enterprises is heterogeneous.