雪中送炭:双边匹配视角下风投对企业创新的支持作用解构

寿柯炎; 彭雪蓉; 赵齐禹

doi:10.19571/j.cnki.1000-2995.2026.10.015

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科研管理 ›› 2026, Vol. 47 ›› Issue (10) : 149-159. DOI: 10.19571/j.cnki.1000-2995.2026.10.015 CSTR: 32148.14.kygl.2026.10.015

雪中送炭:双边匹配视角下风投对企业创新的支持作用解构

寿柯炎 ¹ ,
彭雪蓉 ²^,³^,⁴ ,
赵齐禹 ⁵

作者信息 +

Helping in times of need: A deconstruction of venture capital's support for corporate innovation from a two-sided matching perspective

Shou Keyan ¹ ,
Peng Xuerong ²^,³^,⁴ ,
Zhao Qiyu ⁵

Author information +

文章历史 +

摘要

在国家明确提出系统性提升资本市场对实体经济支持效能的背景下,更细致地剖析风投类直接融资究竟是通过资本选择效应(筛选高创新企业)还是治理效应(优化创新战略)促进企业创新至关重要。与以往单纯采用倾向得分匹配(PSM)等方法克服内生性问题的研究不同,本研究以2010年—2019年沪深A股上市的1946家企业为初始样本,在普通回归基础上创新性地构建双边匹配模型,系统解析了风投机构与企业达成投资交易的选择机理,更直观和有效地剔除了选择效应对结论的干扰。结果显示:第一,风投确实促进了企业研发投入这一创新战略,但存在滞后性且受选择效应干扰;第二,风投与高研发投入创新战略的企业适配能更好地促进企业创新,无滞后性且未受选择效应过度干扰;第三,选择效应主要产生负向干扰,其对企业创新的支持更接近“雪中送炭”而非“锦上添花”。由此,本研究细化了考虑内生性后风投促进企业创新的理论认知,并警示风投机构应从选择源头关注该问题。

Abstract

Under the context that the state has explicitly proposed to systematically enhance the capital market's support for the real economy, it is crucial to more meticulously analyze whether venture capital, as a form of direct financing, promotes corporate innovation through the capital selection effect (screening for high-innovation enterprises) or the capital governance effect (optimizing innovation strategies). Compared with traditional studies that simply use PSM and other methods to overcome endogeneity problems, this study takes 1946 companies listed on the A-shares from 2010 to 2019 as the initial sample. Based on ordinary regression, it innovatively constructs a two-sided matching model to parse the selection mechanism through which VC institutions and enterprises reach investment deals, and more intuitively and effectively eliminates the interference of selection effect on the conclusion. The results show that:first, venture capital does promote corporate R&D investment as an innovation strategy, but there is a lag, and it is subject to interference from the selection effect; second, the strategic fit between VCs and high R&D investment enterprises can better promote corporate innovation, without lag and with no interference from the selection effect; third, the selection effect mainly produces negative interference, and its support for corporate innovation is closer to "helping in times of need" rather than "adding icing on the cake". Therefore, this study refines the theoretical understanding of how VC promotes corporate innovation after considering endogeneity, and warns VC institutions to start paying attention to this issue from the source of selection.

导出引用

寿柯炎, 彭雪蓉, 赵齐禹. 雪中送炭:双边匹配视角下风投对企业创新的支持作用解构[J]. 科研管理. 2026, 47(10): 149-159 https://doi.org/10.19571/j.cnki.1000-2995.2026.10.015

Shou Keyan, Peng Xuerong, Zhao Qiyu. Helping in times of need: A deconstruction of venture capital's support for corporate innovation from a two-sided matching perspective[J]. Science Research Management. 2026, 47(10): 149-159 https://doi.org/10.19571/j.cnki.1000-2995.2026.10.015

中图分类号： F832.48

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