风险投资事件的空间集聚特征对企业技术创新的影响研究

The Impact of Spatial Agglomeration Characteristics of Venture Capital Events on Firms’Technological Innovation

基于产业集聚理论、外部规模效应、网络资源理论与社会资本理论等,从技术创新的角度探索风险投资事件中的空间双向集聚特征、风险投资机构的资本集聚特征以及被投企业的产业集聚特征三类空间特性对企业技术创新的作用机制与影响效果。研究结果表明:第一,风险投资机构的空间集聚虽然通过产业集聚效应、网络资源理论和社会资本理论有助于个体风投发挥更好的价值增值作用,然后超过临界值的风险投资机构反而会对创新产生一定挤出效应,最终对被投企业的技术创新呈现显著的倒U型影响;相比较而言,被投企业的空间集聚则可以显著正向提升被投企业的创新绩效;风险投资机构的空间集聚有助于突破式创新的提升,而被投企业的空间集聚则有助于渐进式创新的提升。第二,处于资本集聚程度较高区域的风险投资机构有利于改善被投企业技术创新的改善,这种改善因事件双方均位于空间集聚程度较高的区域而被削弱。第三,相较于专业化程度而言,处于产业集聚程度较高区域的被投企业的多样化程度更有益于企业创新绩效的提升,且专业化集聚主要作用于企业突破式创新活动的提升,并对其产生倒U型的显著影响,而多样化集聚则主要作用于企业渐进式创新活动的提升。

This paper takes China’s GEM and small and medium-sized board listed companies that received venture capital support as samples,and studies the spatial bidirectionality in venture capital events based on industrial agglomeration theory,external scale effect,network resource theory and social capital theory.The three types of spatial characteristics,agglomeration characteristics,capital agglomeration characteristics of venture capital institutions and industrial agglomeration characteristics of invested enterprises,have an impact on corporate technological innovation.The research results show:First,although the spatial agglomeration of venture capital institutions helps individual venture capital to play a better value-added role through the industrial agglomeration effect,network resource theory and social capital theory,venture capital institutions that exceed the critical value will have a certain crowding-out effect on innovation,and ultimately have a significant inverted U-shaped impact on the technological innovation of invested companies.In comparison,the spatial agglomeration of invested companies can significantly and positively improve the innovation performance of invested companies.The spatial agglomeration of venture capital institutions contributes to the improvement of breakthrough innovation,while the spatial agglomeration of invested companies contributes to the improvement of incremental innovation.Second,venture capital institutions located in areas with a high degree of capital agglomeration are conducive to improving the technological innovation of invested companies.This improvement is weakened because both parties to the incident are located in areas with a high degree of spatial agglomeration.Third,compared with the degree of specialization,the diversification of invested companies in areas with higher industrial agglomeration is more conducive to the improvement of corporate innovation performance,and professional agglomeration mainly plays a role in improving corporate breakthrough innovation activities,and has an inverted U-shaped significant impact on it,while diversified agglomeration mainly plays a role in improving the incremental innovation activities of enterprises.