联合风险投资对制造业企业技术创新能力的影响  

The Influence of Syndicate Venture Capital on Manufacturing Enterprise's Technology Innovation Capacity

作　　者：詹正华 田洋洋 王雷 ZHAN Zheng-hua TIAN Yang-yang WANG Lei

机构地区：[1]江南大学商学院 [2]江南大学商学院金融研究所

出　　处：《科学决策》2016年第10期47-62,共16页Scientific Decision Making

基　　金：国家自然科学基金项目(项目编号:71102093)

摘　　要：基于联合风险资本为企业带来的增值服务,本文研究了联合风险投资机构的介入可能给制造业企业技术创新能力所带来的影响,并通过深圳创业板市场中制造业企业2011-2014年的数据进行了实证检验分析。研究结果表明,联合风险投资的介入正向促进制造业企业的技术创新能力,但持股比例过高会产生抑制作用;并进一步检验了联合风险投资的介入分别与以股权结构、董事会结构以及管理层激励为代表的公司治理结构产生的交互效应对制造业企业技术创新能力的影响。Based on syndicate venture capital＇s services in value added, this article studies the impacts of syndicate venture capital on manufacturing enterprise＇s technology innovation capability, using2011-2014 data of manufacturing enterprise to do empirical analysis, which based on Shenzhen GEM＇s companies. The regression results show syndicate venture capital＇s involvement has a significantly positive influence on the manufacturing enterprise＇s technology innovation capability, but its high proportion of shareholding would be counter productive., and further study shows the interaction effects of syndicate venture capital from all kinds of dimensions of corporate governance including ownership structure, board structure and management incentive on manufacturing enterprise＇s technology innovation capability.

关 键 词：联合风险投资 治理结构 技术创新 交互效应 

分 类 号：F830.59[经济管理—金融学]