风险投资背景异质性对于中小企业技术创新影响的实证研究

An Empirical Study on the Impact of Risk Investment Background Heterogeneity on SMEs’ Technological Innovation

随着中小企业板与创业板的设立,风险投资企业大量涌现出来,成为了中小企业的重要资金来源。但目前我国上市公司投机现象严重,缺乏高成长性、高创新度的优质企业,风险投资机构对企业技术创新程度的影响被广泛关注。本文以创业板上市公司为样本,研究了风险投资背景异质性对技术创新的影响。研究发现,风险投资对企业创新存在显著正向影响,进一步细分风险投资背景数据发现,政府背景的风投机构对企业创新存在显著正向影响,而其他背景的机构对企业创新并无显著影响,同时,风险投资经验也有效地促进了被投资企业研发支出增长。本文针对以上现象进行深入探讨,并提出了对策建议。

With the establishment of the SMB board and the GEM,a large number of venture capital institutions have emerged and become one of the important sources of funding for SMBs.At present,the speculative phenomenon of listed companies in China is serious,lacking high-growth,high-innovation quality enterprises,so the impacts of venture capital institutions are widely concerned on the degree of technological innovation of enterprises.This paper takes the listed companies of GEM as samples to discuss the influence of background heterogeneity of venture capital institutions on technological innovation.The paper finds that venture capital participation has a significant positive impact on R&D investment and expenditure.It is found that compared with private and foreign-capital background venture capital institutions which have non-significant impact on innovation,government-based venture capital institutions have significant positive impact on corporate innovation by subdividing venture capital background.At the same time,venture investment experience has effectively promoted the growth of R&D expenditures of invested companies.This paper discusses the above phenomena in depth and proposes countermeasures.