风险投资与科创型企业技术创新效率

Venture Capital and Technological Innovation Efficiency of Scientific and Technical Innovation Enterprises

风险投资对科创型企业的技术创新效率产生作用效应,在不同行业间存在差异,影响着科创型企业发展和社会整体创新能力的提升.在理论分析风险投资对科创型企业技术创新效率的作用机制后,基于创业板和中小板样本企业2015—2019年数据,利用DEA模型测量了样本企业的技术创新效率,并构建了固定效应面板数据回归模型对理论分析内容进行了实证检验.研究发现:风险投资对我国科创型企业的技术创新效率存在显著的正向作用效应,但不同行业间存在差异,在物联网、新材料和生物制药行业中表现最为突出,在信息软件和节能环保行业中表现也比较明显,在现代物流行业中表现最弱.

Venture capital has an effect on the technological innovation efficiency of scientific and technical innovation enterprises,yet the effect differs between different industries,which poses obstacles to the development of science and technology enterprises and hinders the improvement of the overall innovation capability of society.After a theoretical analysis of the mechanism of venture capital on the technological innovation efficiency of science and innovation enterprises,based on the 2015—2019 data of the GEM and SME sample enterprises,the DEA model was used to measure the technological innovation efficiency of the sample enterprises,and a fixed effect panel data regression model was constructed and used to conduct an empirical test of the content of theoretical analysis.The study found that venture capital has a significant positive effect on the technological innovation efficiency of the country’s science and innovation enterprises,but there are differences between different industries.It is found most prominent in industries like the Internet of Things,new materials and bio-pharmaceutical industries,and is also rather apparent in the information software and energy-saving industries,and the performance is weakest in the industry of modern logistics.