创业投资对异质性创新的甄别效应及作用机制

The Identifying Effect of Venture Capital on Heterogeneous Innovation and its Influence Mechanism

企业创新活动在质量上存在异质性,采用渐进式创新与突破式创新二分法,利用2009-2016年创业板上市公司数据探究创业投资的影响。使用创业投资哑变量进行Tobit估计和PSM检验,发现创业投资对于突破式创新具有明显的额外激励效应,再使用创业投资持股比例进行Tobit估计和Heckman两阶段模型的内生性检验,发现创业投资显著抑制了渐进式创新,却与突破式创新呈现出“倒U型”关系,体现了非控股性质的创业投资对于异质性创新的甄别效应。进一步,中介效应模型显示,缓解融资约束起到了完全中介作用,交互效应模型表明吸收能力起到了平滑的调节作用。

Quality heterogeneity exists for innovation.Using the data from the GEM listed companies in the period of 2009 to 2016,the effect of venture capital on incremental innovation and radical innovation is examined.Tobit estimate shows that the treatment group sponsored by venture capital has more innovative outputs than the control group without venture capital,then PSM Model further indicates that the participation of venture capital has significantly additional incentive effect on radical innovation.More Tobit estimates demonstrate that the shareholding ratio of venture capital has a significantly negative linear relationship with the low-quality incremental innovation,however has a "inverted U-type" relationship with the relatively high-quality radical innovation.Considering the sample selection bias,Heckman two-stage model is examined to guarantee the robustness of the empirical results.The intermediary effect model shows that the mitigation of financing constraints completely acts as a mediation path.Our findings have implication for both policy makers and practitioners and provide evidence on the positive role of venture capital in affecting innovation effectively.