科研管理

科研管理 ›› 2017, Vol. 38 ›› Issue (11): 48-56.

• 论文 • 上一篇    下一篇

风险投资与上市企业创新投入:产权属性和制度环境的调节

庄新霞1,2,欧忠辉1,周小亮1,朱祖平1   

  1. 1福州大学经济与管理学院，福建 福州350108；
    2福建江夏学院经济贸易学院，福建 福州350108
  • 收稿日期:2017-02-05 修回日期:2017-06-13 出版日期:2017-11-20 发布日期:2017-11-20
  • 通讯作者: 欧忠辉
  • 基金资助:

    国家自然科学基金青年项目“产学研合作成效影响机理及提升策略研究”（71403054，2015.01-2017.12）；国家自然科学基金项目“企业管理质量:属性、测量、优化与演化研究”（71171054，2012.1-2017.12）；福建省社科规划项目“协同创新知识治理机制的构建及其对知识转移行为的影响研究”（FJ2016C050，2016.09-2018.07）。

Venture capital and innovation investment in listed firms: Moderating effects of property rights and institutional environment

Zhuang Xinxia1,2， Ou Zhonghui1， Zhou Xiaoliang1， Zhu Zuping1   

  1. 1. School of Economics and Management，Fuzhou University，Fuzhou 350108，Fujian，China; 
    2.School of Business and Economics，Fujian Jiangxia College，Fuzhou 350108，Fujian，China
  • Received:2017-02-05 Revised:2017-06-13 Online:2017-11-20 Published:2017-11-20

摘要： 作为一种新型的融资方式，风险投资与企业创新投入的关系存在一定争议。以中国10488家上市企业为样本，基于产权属性与制度环境的双重视角，采用Tobi模型和负二项回归模型研究了风险投资对企业创新投入的影响。研究结果表明：风险投资对上市企业创新投入具有显著促进作用；风险投资对上市企业创新投入的促进作用在非国有企业和制度环境较好的地区表现更为明显。进一步研究发现，风险投资通过增加企业创新投入促进企业的创新产出。本文对于认识风险投资在完善金融服务体系中的作用，促进资本市场发展，完善国家创新体系建设具有重要价值。

关键词: 风险投资, 创新投入, 产权属性, 制度环境, 创新产出

Abstract: AS a new means of financing, relationship between venture capital and innovation investment in enterprises has been thought to be controversial. On the basis of 10488 samples of Chinese listed firms,this paper analyzes the impact of venture capital on innovation investment from the perspectives of property right and institutional environment adopting the tobit regression model and negative binomial regression model. The results show that venture capital has a significantly positive impact on innovation investment in the listed enterprises,especially the non-state-owned ones and those in the regions with more favorable institutional environment. Further research also reveals that venture capital can promote innovation output by virtue of more innovation investment, which can be of great value to understand the role of venture capital in improving financial service system, promoting capital market development and bettering national innovation system.

Key words:  venture capital, innovation investment, property right, institutional environment, innovation output