风险投资与上市企业创新投入:产权属性和制度环境的调节

Venture capital and innovation investment in listed firms:Moderating effects of property rights and institutional environment

作为一种新型的融资方式,风险投资与企业创新投入的关系存在一定争议。以中国10488家上市企业为样本,基于产权属性与制度环境的双重视角,采用Tobi模型和负二项回归模型研究了风险投资对企业创新投入的影响。研究结果表明:风险投资对上市企业创新投入具有显著促进作用;风险投资对上市企业创新投入的促进作用在非国有企业和制度环境较好的地区更为明显。进一步研究发现,风险投资通过增加企业创新投入促进企业的创新产出。本文对于认识风险投资在完善金融服务体系中的作用,促进资本市场发展,完善国家创新体系建设具有重要价值。

As a new means of financing, relationship between venture capital and innovation investment in enterprises has been thought to be controversial. On the basis of 10488 samples of Chinese listed firms, this paper analyzes the impact of venture cap- ital on innovation investment from the perspectives of property right and institutional environment adopting the Tobit regression model anti negative binomial regression model. The resuks show that venture capital has a significantly positive impact on innova- tion investment in the listed enterprises, especially the non - state - owned ones and those in the regions with more favorable in- stitutional environment. Further research also reveals ＂that venture capital can promote innovation outpu＇, by virtue of more innova- tion investment, which can be of great value to understand the role of venture capital in improving financial service system, pro- moting capital market development and bettering national innovation system.