公司创业投资助推产业链创新链耦合发展:理论依据与经验事实

CVC Accelerating the Coupling Development of Industrial Chain and Innovative Chain:Theoretical Basis and Empirical Evidences

产业链与创新链之间的耦合关系在学术研究中日益受到重视。基于2008—2022年中国公司创业投资(以下简称“CVC”)数据集,探讨CVC在促进产业链与创新链耦合发展中的作用。利用熵值法和耦合协调度模型分析各省份产业链创新链(以下简称“双链”)耦合的时空演进分布发现,“双链”耦合协调度逐年上升,但区域发展不平衡,呈现东、中、西部依次递减的态势。实证检验显示,CVC通过缓解融资约束、吸引人才集聚、优化产业结构对“双链”耦合发展产生正向促进作用。进一步分析表明,CVC的影响存在门槛效应,当流入资金存量和经济发展水平达到一定门槛时,CVC促链耦合功能逐渐显现,且随着资金体量的增加和经济发展水平的提高,CVC的赋能作用将更加突出。同时,CVC促进“双链”耦合的作用存在地理区位的异质性,相对于中西部地区,这一影响在东部地区更显著。为此,建议在国家层面和区域层面加大对CVC的支持力度,科学发挥CVC的正向作用;鼓励跨区域创业投资,促进不同区域间协同发展;重视企业的作用,推动创新要素集成和科技成果转化,为“双链”高效耦合提供强有力的支持。

The coupling relationship between industrial chain and innovation chain has received increasing attention in academic researches.Based on the 2008-2022 dataset of Corporate Venture Capital(CVC)in China,this paper explores the potential functions of CVC in promoting the coupling development of industrial chains and innovative chains.By employing the entropy evaluation method and a coupling coordination degree model,this paper analyzes the spatiotemporal evolution and the distribution of the integration of the dual chains across provinces.The findings show that the coupling coordination degree has been increasing gradually year by year,but the regional development is imbalanced,showing a declining trend from the east to the central then to the west.The empirical tests reveal that CVC plays a positive promotion effect on the coupling development of the dual chains by alleviating financing constraints,attracting talent concentration and optimizing industrial structures.Further analysis reveals that there exists a significant threshold effect of CVC,when the inflow of the amounts of funds on deposit and the level of economic development reach a certain threshold,the function of CVC to promote the chain coupling is gradually apparent.As the volume of capital and economic development levels continue to rise,the empowering effect of CVC becomes more prominent.Meanwhile,CVC has a regional heterogeneous effect on the coupling of the dual chains,and this effect is more significant in the eastern region compared with the central and western regions.Therefore,it is suggested to increase support for CVC at both the national and regional levels,let science play a positive role in CVC,encourage cross regional entrepreneurial investment and promote coordinated development between different regions,emphasize the role of enterprises,promote the integration of innovative elements and the transformation of scientific and technological achievements,and provide strong support for the efficient coupling of the dual chain.