国有企业作为有限合伙人参与风险投资对创新产出的影响

The Impact of SOEs’ Participating in Venture Capital as Limited Partners on Innovation Output

采用2009~2016年中国A股上市企业的面板数据,实证检验国有企业作为有限合伙人参与风险投资对自身创新产出的影响。研究表明:从总体上看,国有企业作为有限合伙人参与风险投资可以显著提升创新产出;此外,当国有企业所在行业的竞争程度较高时、风投机构为主投时,以及被投企业所在地区的市场化程度较低时,上述提升作用更强。进一步的检验显示,民营企业作为有限合伙人,参与风险投资对创新产出的提升作用强于国有企业。

Using panel data of Chinese A-share listed companies from 2009 to 2016, this study investigates the impact of SOEs’ participating in venture capital as limited partner(LP) on their innovation output. The empirical results indicate that: Firstly, from the overall perspective, participating in venture capital as LP can significantly increase SOEs’ innovation output. Secondly, the positive effects are stronger when: ①SOEs face higher industrial competition;②the management institutions of fund that SOEs participate in are lead venture capital firms;③investee companies are located in regions with low degree of market. Lastly, further examinations show that the promoting effects of private enterprises’ participating in venture capital as LP on their innovation are stronger than that of SOEs.