科研管理

科研管理 ›› 2016, Vol. 37 ›› Issue (9): 59-67.

• 论文 • 上一篇    下一篇

风险投资参与、创新投入与企业价值增值

金永红1,蒋宇思1，奚玉芹2   

  1. 1.华东理工大学商学院，上海200237;
    2.上海对外经贸大学工商管理学院，上海201620
  • 收稿日期:2014-07-24 修回日期:2016-01-20 出版日期:2016-09-20 发布日期:2016-09-20
  • 通讯作者: 金永红
  • 基金资助:

    国家社科基金项目“虚拟社区知识组织研究”

Venture Capital, Innovation Investment and Corporate value-Adding

Jin Yonghong1, Jiang Yusi1, Xi Yuqin2   

  1. 1. School of Business, East China University of Science and Technology, Shanghai 200237, China; 
    2. School of Management, Shanghai University of International Business and Economics, Shanghai 201620, China
  • Received:2014-07-24 Revised:2016-01-20 Online:2016-09-20 Published:2016-09-20

摘要： 风险投资（VC）的主要投资对象是高科技企业，其对被投资企业的创新投入和价值增值显然应该有积极的影响。现有文献研究了VC参与对创业企业创新投入的影响以及VC参与对创业企业价值增值的影响，但没有研究VC参与是否通过提升创业企业创新投入来影响创业企业的价值增值。本文通过对中国创业板上市公司数据进行实证研究，发现有风险投资持股的公司，其创新投入水平要显著地高于没有风险投资者持股的公司，且风险投资者持股比例与公司的创新投入水平成正相关关系。同时，虽然公司创新投入效率还有待提高，但有风险投资持股的公司，其企业创新投入对价值增值水平提高有显著促进作用，风险投资持股比例与企业创新投入对价值增值水平提高的促进作用间也存在显著正相关关系，说明风险投资的参与通过提升企业创新投入而对公司的价值增值带来显著的正面效应。本文的结论进一步证实了VC作为技术进步催化剂的作用。

关键词: 风险投资, 创新投入, 价值增值

Abstract: This article, which is based on the systematic review and comment of existing research results of venture capital's efficiency at home and abroad, made empirical analysis of venture capitalists' influence on R&D of a business and on its ability to promote value creation, and of whether VC’s join would increase the ability of R&D to promote value creation. What is more, it also made a comparison between those two effects, in order to get a more clear and accurate comprehension of the role of venture capitalists in the development of pioneering enterprises. By means of empirical approach, it researches all the existing data of listed companies on GEM, and finds that companies which are hold by venture capitalists, compared to those hold by other kinds of institutional investors, are much more interested in innovation investments. In addition, VCs' proportions of shareholding are positively correlated to the companies R&D expends. At the same time, although the efficiency of innovation input really need to be enhanced when aims to make enterprise value appreciation, VC shareholders would have positive influence on increment of value of the enterprises, which is made by innovation; and both would then positively influenced by the increase of VCs' proportions of shareholding.

Key words: venture capital, innovation investment, value-adding