风险投资、研发投入对技术创新产出的差异化影响研究  

Study on Venture Capital,R&D Investment in Technological Innovation Outputs Differentiated Impact

作　　者：赵武[1] 李晓华[1] 朱明宣[1] 庞加兰[2] 

机构地区：[1]西安电子科技大学经济与管理学院,陕西西安710071 [2]西安外国语大学经济金融学院,陕西西安710128

出　　处：《科技管理研究》2015年第7期1-5,11,共6页Science and Technology Management Research

基　　金：陕西省社科基金项目"陕西省中小型科技企业成长的金融支持研究"(12D033);陕西省社科界重大理论和现实问题项目"丝绸之路经济带战略下提升陕西金融创新能力研究"(2014Z142);陕西省自然科学基础研究计划项目"包容性创新的机理与促进机制研究"(2014JM2-7134);西安市科技局软科学项目"促进西安金融资本市场发展研究"(SF1310-3)

摘　　要：与研发投入相比,风险投资作为高新技术产业的一种新型融资手段,在促进技术创新方面的作用备受争议。为此,采用我国1994—2012年风险投资、科技投入与创新产出的数据,运用线性回归和PLS回归实证分析风险投资、研发投入等对创新产出的差异化影响。实证结果表明:风险投资、研发投入均对创新产出有正向促进作用,但风险投资额对创新产出的贡献率较低,研发经费支出额对专利产出的弹性系数是风险投资额弹性系数的2倍。尽管风险投资额对创新产出有正向影响,但对不同创新产出的影响也存在差异,在以专利申请量和注册商标量分别为解释变量的模型中,风险投资额对注册商标量的作用更为显著。这种结果的出现与我国风险投资业发展的各项机制不完善有关。Compared with the R＆amp;D investment,venture capital as a new type of high -tech industries means of financing, in promoting the role of technological innovation controversial.Therefore,our 1 994 -201 2 annual risk investment,science and technology investment and innovation output data,using linear regression and partial least squares regression （PLS） empirical analysis of risk investment,R＆amp;D investment and so on differentiated impact of innovation output.The empirical results show that：Venture capital and R＆amp;D investment has a positive impact on innovation output,but venture has a lower contribution rate related to the amount of R＆amp;D input,R＆amp;D expenditure on patent output elasticity even higher risk invest-ment elasticity of two times.Although the risk of investment has a positive impact on innovation,the different effects of dif-ferent innovation ,in order to patent applications and registered trademarks,respectively,as the explanatory variable in the model,the risk investment for a registered trademark the amount of more significant role.R＆amp;D expenditures relative to the amount of risk investment in technological innovation outputs,The emergence of this result with the development of venture capital industry in the mechanisms imperfections.

关 键 词：风险投资 研发投入 技术创新产出 差异化影响 

分 类 号：F276.44[经济管理—企业管理]