风险投资是为科技企业和创新活动融通资金的重要渠道。本文对我国中小板上市公司的实证研究发现，无论从研发投入还是从专利数量上来看，有风险投资参与的企业在技术创新上的表现要显著好于无风险投资参与的企业。进一步的回归分析发现，在资本背景和经验背景不同的情况下，风险投资对企业技术创新的影响不同。政府背景风险投资的参与、公司背景风险投资的参与以及混合资本背景风险投资的参与与企业研发投入呈负相关关系。风险投资机构的经验越丰富对企业研发投入的影响越积极。
Abstract
Venture capital is a very important channel for technological firms and innovation activities to get finance. Through an empirical study on firms listed on the Small and Medium Enterprise Board in China, this paper finds that, seen either from R&D investment orfrom number of patents, the firms with venture capitaloutperform significantly the firms without venture capital in technological innovation. Further regression analysisfinds that, for difference on capital background and experience background, venture capitals have different influence on firms'technological innovation. The government-backed venture capital participation, the corporate-backed venture capital participation, and the participation of venture capital with mixed capital backgrounds have negative correlations with firms' R&D investment. The more experiences the venture capitals have, the more positive their influence on firms' R&D investment.
关键词
风险投资 /
资本背景 /
经验背景 /
技术创新
Key words
venture capital /
capital background /
experience background /
technological innovation
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基金
国家自然科学基金项目（71172146），国家社会科学基金项目（11CJY085），教育部新世纪优秀人才支持计划（NCET-12-0900）。
