R&D投入能促进企业创新质量的提升吗?——基于风险投资的调节作用

Can R&D Investment Promote the Quality of Innovation?——The Regulating Role of Venture Capital

以2009-2016年我国569家创业板上市公司为样本,使用其2009-2017年的非平衡面板数据,研究风险投资、R&D投入对企业创新质量的影响,企业价值可以看作是创新质量的经济价值体现。结果发现:风险投资参与对企业创新质量有显著促进作用;当期R&D投入对企业创新质量没有正向作用,甚至出现负向作用,即增加R&D投入并没有显著增加企业创新质量的经济价值,反而过多的R&D投入会降低企业创新质量;R&D投入的促进作用存在滞后期。实证结果表明风险投资特征对R&D投入与企业创新质量之间的关系有显著调节作用,国有背景的风险投资可以加强R&D投入对企业创新质量的影响。

Taking 569 GEM listed companies in China from 2009 to 2016 as samples and using their unbalanced panel data from 2009 to 2017,this paper studies the impact of venture capital and R&D investment on innovation quality of enterprises.Enterprise value can be regarded as the economic value of innovation quality.The results show that venture capital participation has a significant and positive effect on innovation quality of enterprises.Current R&D investment shows no positive effect on innovation quality of enterprises,and even negative effects at some point.In other words,increasing R&D investment does not significantly increase the economic value of enterprise innovation quality,but rather,excessive R&D investment reduces the quality of enterprise innovation.There is a lag in the promoting effect of R&D investment.Further research shows that the characteristics of venture capital have significant moderating effects on the relationship between R&D investment and enterprise innovation quality,among which venture capital with state-owned background can strengthen the impact of R&D investment on enterprise innovation quality.