风险投资对企业创新的影响机制与异质性研究

Research on the Mechanism and Heterogeneity of Venture Capital on Enterprise Innovation

本文在理论分析的基础上研究了风险投资对企业创新活动的影响和作用机制。实证分析中,使用1991—2020年的A股上市公司财务数据,将之与风险投资事件数据和公司申请专利数据进行匹配,回归结果表明风险投资机构的进入会显著促进企业的创新活动,使用倾向得分匹配和工具变量方法解决内生性问题后,结果依然稳健。使用专利集中度、探索性专利和风险投资经验三个指标,验证了风险投资会通过为企业提供咨询等增值服务来提高企业的创新效率这一影响渠道。最后,本文还发现风险投资机构对企业创新的促进作用具有选择效应,分样本回归结果验证了风险投资机构进入对不同所有制性质和不同行业属性企业的创新活动的促进程度不同。

On the basis of theoretical analysis,this paper studies the impact and mechanism of venture capital on enterprise innovation activities.In the empirical analysis,this paper uses the financial data of A-share listed companies from 1991 to 2020 to match it with venture capital event data and company patent application data.The regression shows that the entry of venture capital institutions will significantly promote the innovation activities of enterprises.Then,using propensity score matching and instrumental variable to solve the endogenous problem,the result is still robust.Using two indicators of patent concentration and venture capital experience,we verify that venture capital will improve the innovation efficiency by providing value-added services such as consulting.Finally,this paper also finds that venture capital institutions have a selective effect on the promotion of enterprise innovation,and verifies that the entry of venture capital institutions promotes the innovation activities of enterprises with different ownership and different industry.