风险投资介入、投资策略与企业异质R&D创新——基于创业新兴指数样本公司的实证研究  

Impacts of venture capital on the heterogeneity of R&D Innovation:Empirical Evidence from Sample Companies of Entrepreneurial Emerging Index

作　　者：李云鹤[1] 王文婷[1] 

机构地区：[1]华东师范大学金融与统计学院,上海200241

出　　处：《科技进步与对策》2014年第21期76-82,共7页Science & Technology Progress and Policy

基　　金：国家社会科学基金青年项目(13CGL048);上海市哲学社会科学规划基金青年项目(2012EJB003)

摘　　要：利用创业新兴指数样本公司,实证考察了风险投资介入及其投资策略对企业异质研发创新的影响。结果表明:我国风险投资介入并未对企业异质研发创新产生显著影响;风险投资持股比重增大能显著促进公司常规式研发创新,而对探索式研发创新无显著促进效果;联合投资策略能够促进公司常规式研发创新,而对公司探索式研发创新的促进作用并不显著;单独投资策略对公司异质研发创新的促进作用不明显。这表明,我国风险投资对战略性新兴产业常规式创新具有一定的促进作用,但对探索式创新的促进效果不明显。Using the data of the sample Companies from Entrepreneurial Emerging Index ,the paper investigate the impacts of venture capital and venture capital＇s investing strategies on the heterogeneity of R＆D Innovation .The findings indicate that whether the companies backed by VC or not doesn＇t have significant difference in R＆D Innovation ,while VC with higher stockholdings will have significant positive effects on routine innovation ,but without significant effects on explora‐tory innovation .In terms of VC investing strategies ,VC investing by single has no effects on either type of R＂D Innova‐tion ;however ,VC investing by syndication takes on significant positive effects on routine innovation ,while its positive effect on exploratory innovation doesn＇t be significant .It is reflected that VC would promote the companies＇routine innova‐tion ,but exploratory innovation in entrepreneurial emerging companies .

关 键 词：风险投资 联合投资策略 单独投资策略 异质R& D创新 

分 类 号：F273.1[经济管理—企业管理]