创业投资对企业技术创新能力的影响

Study on the Effect of Venture Capital on Enterprise Technological Innovation Capacity

基于2015—2018年IPO的141家创业板上市公司数据,考察了创业投资对企业技术创新能力的影响。研究发现,创业投资对企业整体技术创新能力、突破式创新、渐进式创新均有促进作用,且对渐进式创新的促进效果更为显著。创业投资通过财务资源效应、声誉资源效应、信息不对称弱化效应提升企业整体技术创新能力,通过财务资源效应和信息不对称弱化效应促进突破式创新,通过财务资源效应和声誉资源效应促进渐进式创新。

Based on the data of 141 IPO GEM listed companies from 2015 to 2018,this paper investigated the impact of venture capital on the technological innovation capacity of enterprises.It was found that,venture capital could promote enterprises’overall technological innovation capacity,radical innovation and incremental innovation,and the effect was more evident on incremental innovation.Further research showed that,venture capital may improve overall technological innovation capability through the ways of financial resource effect,reputation resource effect and information asymmetry weakening effect.The introduction of financial resource effect and information asymmetry weakening effect could promote radical innovation,and incremental innovation was promoted on account of financial resource effect and reputation resource effect.