政府引导基金能促进技术创新吗?——基于我国科技型初创企业的实证研究

Can Government-sponsored Venture Capital Promote the Technological Innovation:An Empirical Study of Chinese High-tech Start-up Enterprises

政府引导基金作为我国实施创新驱动发展战略的重要帮手,是否通过不同方式帮助了科技型初创企业的发展,提升了企业的技术创新水平,从而推动了国家技术进步?本文通过对2010-2017年间各类创业投资基金对科技型初创企业的投资数据进行实证分析,验证了政府引导基金对企业技术创新水平的促进作用,并探究了不同情况下促进作用的差异。实证结果显示:政府引导基金能够促进科技型初创企业进行技术创新,且效果优于独立型创业投资基金;采用间接投资方式设立的政府引导基金效果好于采用直接投资的方式;政府引导基金与其他基金联合投资效果好于各基金单独投资;政府引导基金作为领投方的效果好于作为跟投方的情形。因此,我国政府引导基金可采用间接投资的方式,以领投方的身份与其他基金联合投资,更好地支持科技型初创企业进行技术研发与创新。

As an important promoter of the strategy of innovation-driven development in China,did government-sponsored venture capital(GVC)funds support these high-tech start-up enterprises through different ways to promote their technological innovation level and indi-rectly improve the rate of technological progress of China?In this paper,we use panel data of GVC investment and corresponding non-public enterprises during 2010-2017 to examine whether GVC can encourage and stimulate high-tech start-up enterprises to conduct tech-nological innovations and the effect difference among different operating patterns.The empirical results show that GVC can promote thehigh-tech start-up enterprises’technological innovation better than IVC,indirect investment performs better than direct investment inGVC’s pattern,joint investment performs better than individual investment,GVC as a leading investor performs better in a joint invest-ment.Therefore,China’s GVCs can adopt the indirect investment pattern and serve as a leading investor in the joint investment towardsthe high-tech start-up enterprises to provide better support for SMEs’technological innovation.