谁更能促进创新资本形成:创业投资基金抑或股权投资基金?

Which Can Promote the Formation of Innovation Capital More:Venture Capital Funds or Equity

金融支持创新的核心是发展多层次资本市场,提高创新资本形成能力。创业投资基金和股权投资基金,作为股权类私募基金的两大基金类型,谁更能促进创新资本形成呢?文章以2014-2018年私募投资基金支持的新三板挂牌企业为研究对象,考察创业投资基金和股权投资基金对企业创新水平的影响。研究发现,与股权投资基金相比,创业投资基金更能促进企业创新。进一步研究表明,创业投资基金对创新的促进作用,在高科技行业、早期接受投资(成立5年内)和民营基金管理人支持的企业中更显著。文章的研究结论有助于政策制定者厘清创业投资基金和股权投资基金的界限,充分发挥创业投资专注投早、投小、投高科技的作用,对政府提升有关扶持创业投资发展政策的针对性和有效性具有借鉴意义。

The Fifth Plenary Session of the 19 th CPC Central Committee emphasized that innovation should play a central role in the overall modernization of China and take self-reliance in science and technology as the strategic support of national development. The core of financial support for innovative development is to develop the multi-level capital market and improve the ability of innovative capital formation. Venture capital funds and equity investment funds,as the two major types of private equity funds,which can promote the formation of innovative capital?This paper studies the impact of venture capital funds and equity investment funds on the innovation level of listed companies in NEEQ supported by private equity investment from 2014 to 2018. It is found that venture capital funds can promote firm innovation more than equity investment funds. Further research shows that the effect of venture capital funds on innovation is more significant in high-tech industry,firms receiving investment in early stage,and firms supported by private fund managers. In addition,after using the Tobit model to regress,and adding the provincial venture capital fund availability of listed companies in NEEQ and other control variables,the above conclusions are still valid;after using the Poisson(Linear)regression with endogenous treatment effects,and using the Poisson model and the Tobit model for PSM samples to carry out the principal test and the group test,the above conclusions are still valid.The main contributions are as follows:Firstly,based on the institutional background of China,this paper divides the private equity investment into venture capital funds and equity investment funds. It is found that compared with equity investment funds,venture capital funds have a significant role in promoting firm innovation. This paper supplements and expands the literature view on the factors influencing firm innovation. Secondly,this paper compares the impact of venture capital funds and growth capital funds on innovation behavior,which provides a new perspective for understanding the impact of these two types of investment funds on firm innovation behavior and enriches the literature on growth capital research. The conclusions of this paper will help policy-makers to clarify the distinction between venture capital funds and equity investment funds,and give full play to the role of venture capital investment focusing on investing early,investing small and investing in high technology. It has important policy implications for the government to formulate tax incentives and regulatory policies in the field of private equity funds.