地区制度视角下风险投资对区域创新能力的影响

Impact of Venture Capital on Regional Innovation Capability from the Perspective of Regional Institutions

基于风险投资和区域创新理论分析,利用2011—2021年30个省份(因数据缺失,未包括西藏地区和港澳台地区)风险投资和区域创新面板数据,实证分析风险投资对区域创新能力的影响,并探讨了地区制度环境的调节效应。结果表明,风险投资能够显著地促进区域创新能力;地区制度环境也在一定程度上起到了调节效应,不同程度地区制度对区域创新能力的影响存在差异;进一步分析表明了风险投资对区域创新能力存在区域异质性和时间上异质性,研究发现在东部地区更为显著。

Based on the theoretical analysis of venture capital and regional innovation,the impact of venture capital on regional innovation ability was empirically analyzed by using the panel data of venture capital and regional innovation in 30 provinces(due to the lack of data,the statistical data mentioned here do not include the Tibet Autonomous Region,the Hong Kong Special Administrative Region,the Macao Special Administrative Region and Taiwan Province)from 2011 to 2021,and the moderating effect of regional institutional environment was discussed.The results show that venture capital can significantly promote regional innovation capability.In addition,the regional institutional environment also plays a moderating effect to a certain extent.Further analysis shows that there is regional heterogeneity and temporal heterogeneity in venture capital on regional innovation capacity,and it is more significant in the eastern region and before the outbreak of the new crown epidemic.