摘要
本文以2000—2016年A股IPO企业为研究样本,实证检验风险投资阶段选择对企业创新能力的影响。研究发现:风险投资阶段选择对企业上市后三年的创新产出没有显著影响,表明风险投资对企业创新的影响不是体现在企业上市后创新能力的差异,而是风险投资进入阶段对企业创新能力的培育作用;风险投资进入阶段越早,对企业创新能力的培育作用越强;缓解企业融资约束和管理层短视方面的差异,是风险投资阶段选择影响企业创新的重要机制。进一步拓展性研究风险投资阶段选择的影响因素,发现社会网络强度的提高和资金募集压力的缓解能够显著提升风险投资的早期偏好。结论表明,应加强财政补贴,鼓励早期风险投资,并构建风险投资交流合作平台,缓解早期企业融资约束及管理层短视,提升风险投资机构的早期偏好。
This paper takes A-share IPO enterprises from 2000 to 2016 as the research sample,and empirically tests the influence of venture capital stage selection on enterprise innovation ability.The results show that:the venture capital stage selection has no significant impact on the innovation output of enterprises three years after listing,which indicates that the influence of venture capital on enterprise innovation is not reflected in the difference of innovation ability after listing,but the cultivation effect of venture capital on enterprise innovation ability at the entry stage of venture capital;The earlier the venture capital enters into the stage,the stronger the cultivation of enterprise innovation ability is;to alleviate the differences in financing constraints and management shortsightedness is an important mechanism for venture capital stage selection to affect enterprise innovation.Further research on the influence factors of venture capital stage selection shows that the improvement of social network strength and the relief of fund-raising pressure can significantly enhance the early preference of venture capital.The conclusion shows that financial subsidies should be strengthened,early venture capital should be encouraged,and the exchange and cooperation platform of venture capital should be built to ease the financing constraints of early enterprises and the short-sightedness of management,so as to enhance the early preference of venture capital institutions.
作者
孙德峰
范从来
胡恒强
SUN De-feng;FAN Cong-lai;HU Heng-qiang(School of Economics, Nanjing University, Nanjing 210093,China;School of Finance, Nanjing University of Finance and Economics, Nanjing 210023,China)
出处
《商业研究》
CSSCI
北大核心
2020年第8期71-81,共11页
Commercial Research
基金
国家自然科学基金面上项目“信贷传导渠道下货币政策与资本监管的协调研究”,项目编号:71673132
江苏省研究生科研创新计划“政府行为、异质性风险投资与企业创新”,项目编号:KYCX19_0003
南京大学创新创意研究计划“创新驱动发展战略下政府的角色定位与实施方法研究”,项目编号:CXCY17-02。
关键词
风险投资阶段选择
企业创新能力
传导机制
影响因素
venture capital stage selection
enterprise innovation capability
transmission mechanism
influence factors