金融监管视角下风险投资赋能企业创新路径研究

Research on the Innovation Path of Venture Capital Empowering Enterprises from the Perspective of Financial Regulation

基于创新驱动的视角,利用2009—2022年中国沪深A股上市公司数据对风险投资影响企业技术创新机制进行检验,并对金融监管在影响机制中的调节效果进行分析。研究发现:风险投资介入对企业创新具有正向影响;风险投资介入通过优化人力资本、加强企业创新投入、缓解企业融资约束提高企业创新能力;风险投资介入对企业创新的正向作用在高新技术企业和国有企业中更为显著;金融监管能够增强风险投资对企业创新的促进作用,其正向调节效应在非高新技术企业和民营企业中更加明显。研究重点关注宏观监管环境优化产生的正向调节效应,对监管准则的细化分类具有启示意义。

Based on the innovation-driven perspective,this paper uses the data of China’s Shanghai and Shenzhen A-share listed companies from 2009 to 2022 to test the impact of venture capital on the technological innovation mechanism of enterprises,and analyzes the regulatory effect of financial regulation on the impact mechanism.The results show that venture capital intervention has a positive impact on enterprise innovation;The mechanism test shows that venture capital intervention can improve enterprise innovation ability by optimizing human capital,strengthening enterprise innovation input,easing enterprise financing constraints;Heterogeneity test shows that the positive effect of venture capital intervention on enterprise innovation is more significant in high-tech enterprises and state-owned enterprises.In addition,financial regulation can enhance the promotion effect of venture capital on enterprise innovation,and its positive regulatory effect is more obvious in non-high-tech enterprises and private enterprises.This paper focuses on the positive regulatory effect of macro-regulatory environment optimization,which has implications for the classification of regulatory standards.