财政补贴和风险投资在技术创新中的耦合作用

Research on the Coupling Effect of Financial Subsidy and Venture Capital on Technological Innovation

技术创新对中国产业结构调整升级至关重要,许多学者分别研究了财政补贴和风险投资对技术创新的影响,但考察两者在技术创新中是否产生耦合作用以及在什么情况下会产生耦合作用的研究还很少见。本文以2010—2017年北京上市公司为样本对此进行实证研究,发现风险投资和财政补贴在技术创新中产生相互补充和促进的耦合作用,但该耦合作用的显著性会随着研发投入和财政补贴规模的变化而变化,在中低规模研发投入和高财政补贴的企业中耦合作用更为显著。进一步研究发现,在非政治关联、公司治理结构较好、制造业行业和年轻的企业中耦合作用更显著,本文就此提出相关政策建议。

Technological innovation is very important for the adjustment and upgrading of China's industrial structure.Although the effects of financial subsidies and venture capital on technological innovation have been individually investigated,it is rare to examine whether and under what circumstances they have coupling effects.Based on data from the listed companies of Beijing from 2010 to 2017,we investigate this issue empirically and find that venture capital and financial subsidies have coupling effect of mutual complement and promotion on technological innovation.However,the significance of this coupling effect changes with the scale of R&D investment and financial subsidies,and the promoting effect is more significant in the enterprises with low or middle level of R&D investment and high level of financial subsidies.Further research finds that this coupling effect is greater in firms with no political connection and better corporate governance structure,in manufacturing industry and young enterprises.Finally,some relevant suggestions are given.