风险投资背景、持股比例与初创企业研发投入  

Venture capital's background,shareholding ratio and start-up firm's R&D input

作　　者：许昊[1] 万迪昉[1] 徐晋[2] 

机构地区：[1]西安交通大学管理学院,陕西西安710049 [2]麻省理工学院斯隆管理学院,美国波士顿02139

出　　处：《科学学研究》2015年第10期1547-1554,共8页Studies in Science of Science

基　　金：国家自然科学基金项目(71173166;71373202;71472151)

摘　　要：利用创业板上市公司数据,本文研究了风险投资背景、持股比例对初创企业研发投入的影响。研究发现:风险投资的支持促进了企业研发投入,不同背景风险投资对企业研发投入的影响不同;政府背景风险投资对企业研发投入无影响,民营和外资背景风险投资对企业研发投入有积极的促进作用,其中外资是最有效的投资者;风险投资的整体持股比例未能增加企业的研发投入,但外资背景风险投资的持股比例对企业研发投入有着显著的正向影响。进一步的分析表明,民营与外资背景风险投资构成了增强企业研发的有效联合投资,风险投资的早期进入和充分孵化均促进了企业的研发投入。Using data of GEM- listed firms,this paper studies the influence of venture capital＇s background and shareholding ratio on start- up firm＇s RD inputs. The study findings are as follows. The support of venture capital promotes firm＇s RD input,and venture capital with different background has distinct effect on firm＇s RD input. Government- backed venture capital has no effect on firm＇s RD input,whereas private- backed venture capital and foreign- backed venture capital exert positive influence on firm＇s RD input,among which foreign capital is the most effective investor. Venture capital＇s overall shareholding ratio fails to enhance firm＇s RD input; nevertheless,the shareholding ratio of foreign capital has a positive impact on firm＇s RD input. Further analysis shows that the syndication constituted by private- backed and foreign- backed venture capital promotes firm＇s RD input and that both venture capital＇s earlier entry and sufficient incubation boost firm＇s RD input.

关 键 词：风险投资 背景 持股比例 初创企业 研发投入 

分 类 号：F830.59[经济管理—金融学]