风险投资、政府补贴与企业技术创新

Venture Capital,Government Subsidies and Enterprise Technological Innovation

基于2009~2019年创业板中763家上市公司样本,将分组样本和总样本相结合,采用面板数据,建立普通多元线性回归模型和多元调节回归模型进行实证研究。结果发现:企业技术创新水平与风险投资持股比例呈正相关关系;企业技术创新水平与政府创新补贴呈正相关关系;对于企业技术创新水平的作用,风险投资与政府创新补贴相互促进;市场竞争越大,风险投资对企业技术创新的促进力度越大;政府补贴对企业技术创新的促进力度在市场竞争程度不同的行业中没有显著差异。最后,提出了相应的政策建议。

Based on the sample of 763 the listed companies on the China Growth Enterprise Market from 2009 to 2019,the grouped sample and the total sample are combined,and panel data are used to establish an ordinary multiple linear regression model and a multiple adjusted regression model for empirical research in this paper.Results show that the level of corporate technological innovation is positively correlated with the proportion of venture capital holdings.The level of corporate technological innovation is positively correlated with government innovation subsidies.For the role of corporate technological innovation,venture capital and government innovation subsidies promote each other.The larger the market competition,the greater the promotion of enterprise technological innovation by venture capital have.The promotion of enterprise technological innovation by government subsidies has no significant difference among industries with different levels of market competition.In the end,it puts forward some corresponding policy recommendations.