联合风险投资对目标企业技术创新能力的影响——基于深圳创业板上市企业的经验分析  

Influence of United Venture Capital Investment on Technology Innovation Capacity of Target Enterprise:Empirical Research on Shenzhen GEM

作　　者：詹正华 田洋洋 王雷 

机构地区：[1]江南大学商学院,江苏无锡214122

出　　处：《技术经济》2015年第6期24-30,共7页Journal of Technology Economics

基　　金：国家自然科学基金项目"基于社会资本的联合创业投资控制权治理及其创新绩效作用机理"(71102093);江苏省科技厅软科学基金项目"江苏科技金融产品创新及创业投资发展研究"(BR2011007)

摘　　要：利用2011—2013年深圳创业板上市公司的数据,通过多元回归分析,从技术创新投入和产出两个方面探讨了联合风险投资对目标企业技术创新能力的影响。结果显示:联合风险投资正向促进目标企业的R&D投入、发明专利数和专利总数,但是风险资本持股比例过高会适得其反;联合风险投资与R&D投入的交互效应与目标企业的专利总数正相关,而在董事会角度上的交互效应与目标企业的专利总数负相关;联合风险投资分别与R&D投入和风险资本加入董事会的交互效应对发明专利数的影响都不显著。Using the data of the companies listed in Shenzhen GEM during 2011 -2013 ,this paper studies the impacts of united venture capital investment on target company＆#39;s technological innovation capability from two aspects of technological innovation input and output through the multiple regression analysis.The empirical results show as follows ：united venture capital investment promote enterprise′s technological innova‐tion capacity in R＆amp;D investment ,invention patent and total amount of patents ,but its high proportion of shareholding would be counterproduc‐tive ;the interaction effect between R＆amp;D investment and united venture capital investment is positively related to total amount of patents ,and the interaction effect on the board of directors is negatively related to total amount of patents ;the interaction effect of united venture capital in‐vestment respectively with R＆amp;D investment and venture capital into the board of directors on the number of invention patents are not signifi‐cant .

关 键 词：风险投资 联合投资 研发投入 技术创新 

分 类 号：F832.51[经济管理—金融学] F275F273.1