技术专家高管、风险投资与创业企业技术研发——基于创业期差异视角的实证研究

Technical Expert Executives,Venture Capital and Technological R&D of Venture Enterprises——An Empirical Study Based on Differences in Venture Stages

以创业板上市公司IPO前数据为样本并将其细分为创业早期和创业后期,实证研究了风险投资对不同创业期企业技术研发的影响及技术专家高管的调节作用。结果显示:风险投资对创业早期企业技术研发支出的正影响增大,对创业后期企业技术研发支出的正影响减弱,甚至不显著;技术专家高管负向调节风险投资的技术研发影响,即技术专家高管会降低风险投资对创业早期企业技术研发的正影响,提高其对创业后期企业技术研发的正影响。

By using data of listed firms on GEM before IPO and further dividing the sample data into the early stage and the later stage of entrepreneurship,this paper empirically studies the effects of venture capital on RD expenditure in different stages of entrepreneurship and moderating effects of technical expert executives. The results indicate that the positive effects of venture capital on entrepreneurial firms＇ RD expenditure in early stage increase,but decrease in the later stage,even to insignificance. Technical expert executives negatively moderate the effects of venture capital on entrepreneurial firms＇ RD expenditure. That is,technical expert executives will lower the positive effects of venture capital on entrepreneurial firms＇ RD expenditure in the early stage,but will raise the positive effects in the later stage.