风险投资对创业板科技企业创新效率的影响分析

Analysis of the Impact of Venture Capital on Innovation Efficiency of S&T Enterprises on the GEM

随着我国创新驱动发展战略的深入实施,风险投资对于科技企业创新的推动作用日益重要。本文以风险投资对创业板科技企业创新效率的影响为出发点,对创业板科技企业进行实证研究,在建立创新效率评价指标体系的基础上,从风险投资对科技企业创新的影响,到风险投资特征对科技企业创新效率的影响逐步展开分析。研究发现,风险投资介入不仅促进科技企业创新,而且风投联合投资数量、持股比例、机构声誉及资本背景特征会通过影响企业的偿债、盈利及发展能力来影响科技企业创新效率。最后,根据实证结论提出了促进科技企业创新效率些许建议。

With the further implementation of the innovation-driven development strategy in China, VC plays an increasingly important role in promoting innovation of science and technology enterprises. Starting from the effect of venture capital on the innovation efficiency of science and technology enterprises on GEM, this paper makes an empirical study on the innovation efficiency of science and technology enterprises on GEM. Based on establishing an index system for innovation efficiency evaluation, this paper analyzes the influence of venture capital on the innovation of science and technology enterprises step by step from venture capital entry to the characteristics of venture capital. It is found that not only venture capital promotes the innovation of science and technology enterprises, but also the number of joint VC,shareholding share, institutional reputation and capital background characteristics,can influence the innovation efficiency of s&t enterprises by influencing the debt paying ability, profitability and development ability of the enterprises. Finally,some suggestions are put forward to promote the innovation efficiency of science and technology enterprises.