风险投资与我国小微企业的技术创新

Venture Capital and Technological Innovation of Small and Micro Enterprises in China

我国政府鼓励发展风险投资,希望借助风险投资缓解小微企业的创新困境。本文以2008—2017年新三板上市的小微企业为样本,运用得分倾向匹配和双重差分估计方法研究风险投资对我国小微企业技术创新的影响。结果表明:风险投资的进入能够显著提高小微企业技术的创新水平。进一步研究显示,不同组织结构的风险投资对小微企业创新的影响有所不同,相比独立型风险投资,公司型风险投资对小微企业技术创新的促进作用更大,持续时间更长;相比非科技型小微企业,风险投资对科技型小微企业技术创新具有更为显著的促进作用。研究结论对于我国小微企业、风险投资机构和风投监管部门都具有一定的理论和实践意义。

Chinese government encourages the development of venture capital and hopes to use the venture capital to ease the innovation plight of small and micro enterprises.Based on the data of the small and micro enterprises listed on the New Third Board from 2008 to 2017,it studied the impact of venture capital on technological innovation of small and micro enterprises in China by using the methods of propensity score matching and difference-in-difference estimation.It shows that the entry of venture capital has significantly improved technological innovation of small and micro enterprises.Further research also shows that the impact of venture capital on technological innovation of small and micro enterprises is different by different organizational structures:compared to independent venture capital,corporate venture capital promotes technological innovation of small and micro enterprises more and lasts longer;compared to non-technological small and micro enterprises,venture capital plays a more significant role in promoting technological innovation of small and micro technological enterprises.The conclusions have certain theoretical and practical significance for small and micro enterprises,venture capital institutions and regulatory authorities of venture capital in China.