摘要
风险投资有效促进战略性新兴产业发展对于经济高质量发展有着重要意义。在阐述风险投资促进新兴产业发展的融资约束机制、技术创新机制和资源整合机制基础上,基于2012-2018年新三板生物医药企业数据实证检验风险投资对新兴产业成长性的影响。实证结果表明,风险投资对战略性新兴产业的发展具有显著的促进作用。异质性分析表明,政府背景、专业化、联合投资对新兴产业的促进作用更为显著。在中国经济高质量发展背景下,应优化风险投资发展政策环境、重视政府背景创投引导作用、打造专业化风投机构、完善风险资本生态体系,以风险投资的进一步发展促进战略性新兴产业的发展壮大。
The promotion of strategic emerging industries development by venture capital is of great signifi⁃cance to the high-quality economic development.This article analyzes the theoretical mechanism of venture capi⁃tal promoting the development of emerging industries from the financing constraint mechanism,technological in⁃novation mechanism and resource integration mechanism,and empirically examines the impact of venture capital on the growth of emerging industries using the data from NEEQ-listed biopharmaceutical firms between 2012 and 2018.The results show that venture capital has a significant role in promoting the development of strategic emerg⁃ing industries.Venture capital with government background,specialization,and joint investment has a more sig⁃nificant role in promoting emerging industries.With the aim to high-quality development,it is necessary to opti⁃mize the policy of venture capital,attach importance to the guiding role of government venture capital,build pro⁃fessional venture capital,and improve the venture capital ecosystem to play the role of venture capital and pro⁃mote strategic emerging industries development.
作者
钱燕
QIAN Yan(School of Business,Suzhou University of Science and Technology,Suzhou 215009,China)
出处
《经济问题》
CSSCI
北大核心
2020年第10期38-45,共8页
On Economic Problems
基金
江苏省社会科学基金项目“金融供给侧改革支持科技创新的对策研究”(19EYB021)的阶段性成果。
关键词
风险投资
战略性新兴产业
政府背景
联合投资
venture capital
strategic emerging industries
government background
joint investment
