私募股权投资与企业双元创新

Private Equity Investment and Corporate Dual Innovation

私募股权投资是我国资本市场的关键组成部分,也是企业的重要融资手段,私募股权投资对提高企业创新水平具有重要现实意义。本文基于双元创新理论与逐名理论,通过Python软件获取2007—2022年我国企业双元创新数据,从创新二元性视角探讨私募股权投资对企业创新的影响。研究结果表明:私募股权投资能够促进企业开发式创新,对探索式创新的作用效果不明显,经过稳健性检验后这一结论仍然成立。进一步分析发现:投资规模越大、投资期限越长以及非国有背景的私募股权投资对开发式创新的促进作用更大,采用联合投资的私募股权投资可以显著促进企业探索式创新。因此,可以从支持私募股权市场发展、制定政策并完善法规、兼顾长短期效益三个方面推动企业双元创新。

Private equity investment is a key component of China's capital market and an important means of financing for enterprises.Private equity investment has important practical significance for improving the level of enterprise innovation.Based on the dual innovation theory and the name-by-name theory,this paper obtains the dual innovation data of China from 2007 to 2022 through Python,and discusses the impact of private equity investment on enterprise innovation from the perspective of innovation duality.The results show that private equity investment can promote enterprise development innovation,but the effect on exploratory innovation is not obvious,and the hypothesis is still valid after the robustness test.Further analysis shows that the larger the investment scale,the longer the investment period,and the private equity investment with non-state-owned background have a greater promoting effect on development innovation;private equity investment with joint investment can significantly promote exploratory innovation.Therefore,the dual innovation of enterprises can be promoted from three aspects:supporting the development of private equity market,formulating policies and improving regulations,and taking into account the long-term and short-term benefits.