风险投资进入时间、技术偏好对创新绩效影响——基于创业板制造业企业的PSM检验

Venture capital’s entry time,technology preference and innovation performance:An evidence from manufacturing firms listed on the GEM by the PSM method

准确评估不同时间进入的风险投资是否具有技术偏好及其对创业企业创新绩效的影响,对我国风险投资的发展和以创新推动产业结构转型升级具有重要意义。本文与进入创业企业的时间联系,考虑其技术偏好,构筑了“风险投资进入时间--技术偏好--创业企业创新绩效”逻辑链条;并以2009-2012年创业板制造业企业为例,采用PSM方法,分析了不同时间进入企业的风险投资是否具有技术偏好及其对创业企业创新绩效的影响,发现:上市前1年内进入企业的风险投资没有表现出显著的技术偏好,对创业企业创新绩效的动态影响不显著,无论是突破式创新还是渐进式创新;上市前1年以上进入企业的风险投资的技术偏好显著,对创业企业创新绩效存在显著的促进作用,但随着时间推移,对创业企业创新绩效的影响程度越来越小,且对渐进式创新影响的持续性和程度大于突破式创新。

In recent years,the effect of the policy of demand-side management driven by consumption,investment and export is getting worse,which results in the economic growth of China is slowing down.Innovation is a main source of economic development,so supply-side structural reform driven by innovation must be an inevitable choice for promoting the economy growth of China.Entrepreneurial companies are the main subjects of innovation.Venture capital is regarded as an effective tool to promote innovation of entrepreneurial enterprises.Thus,we attempt to promote innovation from the prospect of venture capital and entrepreneurial enteq)rises.However,at present,the information asymmetry of China is serious and the financial institutions lack financial tools to avoid risk.Meanwhile,the development of venture capital started late in China,and venture capital has lower risk tolerance.It will inevitably affect the venture capitalists?investment objectives,selection of investment stages,preference for technologic innovation and innovation performance of entrepreneurial companies.Therefore,it is of great importance for the development of venture capital and the industrial structure upgrading of China to accurately assess whether venture capital that enters into entrepreneurial companies on different time will prefer entrepreneurial firms that have higher R&D investment and how venture capital that enters into entrepreneurial companies on different time aflects the innovation performance of entrepreneurial firms.