风险投资对我国区域创新能力及经济增长的影响——基于全国21个省市的实证研究

The Impacts of Venture Capital on the Capability of Regional Innovation and Economic Growth: Based on Empirical Study of China's 21 Provinces

本文以中国21个省市地区为研究样本,通过格兰杰因果检验、面板数据与联立方程模型,检验了风险投资与区域创新能力以及经济增长间的关系。研究发现,经过多年持续快速发展,中国风险投资对区域创新能力的作用较为明显,在当期及短期内均能产生显著的促进效应;对经济增长的促进作用在一定时间后开始显现;但是,中国风险投资对企业投资的阶段性特征仍然较为明显,投资周期偏后,对当期的自主研发活动难以产生直接的促进效应。此外,风险投资对于区域创新能力提升与经济增长的作用效果要好于企业研发投入效果。

This paper examined the relationship between venture capital and the capabilities of S&T innovation and economic growth in China,based on the research samples from 21 provinces,municipalities and regions,through Granger causality test,Panel data and Simultaneous equation model.Research showed that with its fast development over the past years,China's venture capital has exerted great influences on local S&T innovation which could be improved significantly in the current and later short-term periods.Also it could promote local economic growth in a certain time.However,the investment still mainly focuses on the maturity stage projects;it hardly improves the current independent R&D activities in a direct manner.Furthermore,the effect of venture capital on regional innovation capability and economic growth is better than that of R&D investment.