风险投资后期进入对企业创新绩效的影响研究--选择效应抑或增值效应?

Effects of Last-stage Venture Capitals on Innovation Performance of Entrepreneurial Firms:Screening Effect or Value-added Effect

由于上市带来的财富效应高于培育创新型企业的增值效应,中国资本市场信息不对称高,知识产权保护较弱,现阶段中国风险投资主要集中于创新型企业后期进入。本文首先用描述性统计揭示了中国风险投资后期进入创新型企业的特征;其次,阐述了中国风险投资后期进入对企业创新选择效应和增值效应的影响机理;最后,以创业板2009-2014年上市企业为例,采用双重差分倾向得分匹配法(PSM-DID),验证风险投资后期进入对创新型企业研发投入和研发绩效的影响,研究结果表明:后期进入的风险投资进入创新型企业前,对研发投入具有显著的选择效应,但对专利申请量的选择效应不显著;后期进入的风险投资进入后,对研发投入和专利申请量的增值效应均不显著。

At present,venture capitals mainly focus on last-stage entrepreneurial firms because of the following reasons:the wealth effect from IPO is much higher than the value-added effect from fostering entrepreneurial firms,there exists prevailing information asymmetry in the capital market,and intellectual property rights are not well protected.We firstly reveal the characteristic that venture capitals concentrate on last-stage entrepreneurial firms;then analyze the reasons why venture capitals concentrate on last-stage entrepreneurial firms and elaborate the screening effect and value-added effect mechanism of last-stage venture capital on R&D and R&D performance;and lastly,examine the influence mechanism with difference in difference propensity score matching method based on entrepreneurial firms on the GEM from 2009 to 2014.The results show that before entering into entrepreneurial firms,last-stage venture capitals have prominently screening effect on R&D but have no screening effect on patent application;and after entering into the entrepreneurial firms,last-stage venture capitals have no value-added effect on either R&D or patent application.