风险投资对中小企业自主创新影响的实证研究——基于中小企业板的经验数据  

Empirical study of the effect of the venture capital on the independent innovation of SMEs:Based on the data from SME board

作　　者：王玉荣[1] 李军[1] 

机构地区：[1]对外经济贸易大学国际商学院,北京100029

出　　处：《山东科技大学学报（社会科学版）》2009年第1期47-52,共6页Journal of Shandong University of Science and Technology(Social Sciences)

摘　　要：以中国中小企业板的上市公司为样本,应用描述性统计分析、相关分析及回归分析方法,对企业专利申请数、风险投资股东持股比例以及公司的研发投入占营业收入的比率指标进行了分析,结果显示:有风险投资背景公司的申请专利数要远远高于非风险投资背景公司的申请专利数;有风险投资背景公司的自主创新效果差异性较大,年申请专利数最多的达到119项,也有一部分企业为零;有风险投资背景公司企业的研究开发费用占主营业务收入的比重明显高于非风险投资背景的上市公司;风险投资股东持股比例与企业自主创新资本投入强度呈正相关关系,即风险投资在技术创新投入活动中发挥了相对积极的影响,但与企业自主创新效果指标之间呈现不显著的负相关关系。Taking the listed companies in the SME board as a sample, we analyze the relationship between the numbers of the patent application, the proportion of the venture capital holding and the ratio of the R＆D investment to sales revenue by using descriptive statistical analysis, correlation analysis and regression analysis. The results indicate that the companies with venture capital apply much more patents than those without venture capital, and that the independent innovation effect of the former is largely different from each other, with the patent application ranging from 0-119. In addition, it shows that the former has invested significantly higher ratio of the R＆D investment to sales revenue than the latter, and that the proportion of the venture capital holding has positive relationship with the independent innovation investment, which means venture capital plays relatively positive roles in the technological innovation, but has invisible negative relationship with the indexes of the independence innovation effect.

关 键 词：风险投资 中小企业 自主创新 

分 类 号：F830.59[经济管理—金融学]