风险投资阶段选择对企业创新能力提升的影响

The Influence of Venture Capital Stage Selection on the Improvement of Enterprise Innovation Ability

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.