风险投资对政府补贴的创新激励有效性的影响研究

The Impact of Venture Capital on the Effectiveness of Government Subsidies in Stimulating Corporate Innovation

以2009~2015年A股上市公司作为研究样本,实证研究了风险投资如何影响企业配置政府补贴开展创新活动,并分析了不同特征风险投资之间的差异及其影响机制。研究发现:(1)政府补贴与风险投资对企业创新具有互补效应,凭借其专业的知识技能和管理经验,风险投资能够帮助企业有效地配置政府补贴资源,增加发明和实用新型专利。(2)不同特征风险投资所发挥的作用存在差异,其中,高持股比例以及高声誉的风险投资机构能更好地提高企业高质量创新产出。(3)风险投资促进作用的发挥有赖于良好的公司治理,高声誉风险投资的监督服务职能在管理费用率高的企业受到限制,并没有提高企业创新质量;国有背景风险投资还可能参与到高管理费用率的企业和国有企业的策略性创新行为中。

This paper investigates how venture investments influence the efficiency of government subsidies on corporate innovation behavior,based on a broad cross-sectional sample of A-share listed firms from 2009 to 2015.We also analyze the differences among various characteristics of venture investments and its influencing mechanism.The findings are as follows.First,government subsidies and venture capital have a complementary effect on the corporate innovation;through its professional knowledge skills and management experience,venture capital can help enterprises allocate government subsidies resources more effectively,and increase the invention and utility model patents.Second,the effect of venture capital is different due to its characteristics,among which the high shareholdings and high reputation venture investments can better increase the high-quality innovation outputs.In addition,good corporate governance is necessary for the role of venture investments in corporate innovation.Third,as supervising and serving role is limited in firms with high management fee rate,venture investments of high reputation do not improve corporate innovation quality.Last,state-owned venture investments may participate in strategic innovation in state-owned enterprises and enterprises with high management expense ratio.