国有风险投资真的低效吗?——基于区域技术进步的视角

Is State-owned Venture Capital Really Inefficient?——A Perspective on Regional Technological Progress

本文基于2006—2015年中国省级面板数据,在考虑空间相关性的前提下,利用贝叶斯方法设定空间计量模型,从区域层面考察国有风险投资对技术进步的影响。研究发现:(1)国有风险投资能够有效地推动区域技术进步,不但有助于推动所在地区技术进步,而且还存在显著的空间溢出效应,对邻近地区技术水平也有积极影响;(2)与非国有风险投资相比,国有风险投资能更加有效地推动区域技术进步,二者之间的效率差异表现在空间溢出效应层面,国有风险投资的空间溢出效应大于非国有风险投资;(3)国有风险投资能有效提升非国有风险投资对所在地区技术进步的边际贡献。因此,未来要增加国有风险投资的有效供给,从而更好地推动技术进步。

This paper mainly investigates the effects of state-owned venture capital(SOVC)on regional technological progress using the Bayes approach to set a spatial econometric model with the data covering 30 regions of China from 2006 to 2015.The empirical results show that SOVC can generally promote regional technological progress,and it can not only boost local technological progress,but also has a positive global spillover effect;SOVC can outperform non-state-owned venture capital(NSOVC)on boosting regional technological progress in general,and the efficiency differs in the global spillover effect,while SOVC seems to be more active;SOVC can also improve the efficiency of NSOVC on boosting local technological progress.Thus,the supply of SOVC should be improved to promote national technological progress in the future.