创业投资与地区经济发展--基于长三角地区上市公司的实证  

On the Relationship Between the Venture Investment and the Regional Economic Development: An Empirical Study Based on the Listed Companies of the Yangtze River Delta

作　　者：徐强 王婷[1] XU Qiang;WANG Ting(Business School,Nanjing University,Nanjing,Jiangsu,210093)

机构地区：[1]南京大学商学院,江苏南京210093

出　　处：《管理学刊》2018年第5期22-33,共12页Journal of Management

基　　金：教育部人文科学重点研究基地重大项目(17JJD630002)

摘　　要：由于我国经济增长的持续性受到经济结构不合理的制约,通过创业投资促进技术创新产业发展,培育新增长点的重要性愈发不容忽视。本文选取我国创业资本密集分布地长三角地区2001—2016年的面板数据,利用固定效应模型研究长三角区域创业投资对产业结构升级的作用,实证结果表明创业投资对产业结构的优化升级具有显著正向拉动作用。具体考察创业投资对企业经营治理的微观影响,在借鉴欧美发达国家创业资本发展经验的基础上,选取长三角地区77家上市公司作为样本,验证风险投资对于企业经营业绩变动的微观影响。长三角地区的创业投资可以有效抑制上市公司在IPO后普遍存在的经营业绩下降。As a response to the constraint of China＇s economic sustainable growth from the irrational economic structure,more importance should be attached to venture capital investment so as to promote the development of the technologicalinnovation industries and cultivate new growth points. The paper selects the panel data of China＇s venture capitalinvestment intensively distributed in the Yangtze River Delta from 2001 to 2016 and studies the role the venture capitalplays in the industrial structural upgrading in this region with the fixed effect model. The study shows the venture capitalinvestment exerts a significant positive pull effect on the optimization and upgrading of the industrial structure.A furtherstudy is conducted to investigate the influence the venture capital investment exerts on the micro-enterprise management,in which 77 listed companies in Yangtze River Delta are set samples to verify the influence the venture capital investmentexerts on the micro -enterprise management with a reference of the venture capital development experience of thedeveloped countries in Europe and America. The study shows venture capital investment in the Yangtze River Deltaregion can effectively curb the decline of operating performance that is common to listed companies after the IPO.

关 键 词：创业投资 长三角 产业升级 技术创新 

分 类 号：F279.2[经济管理—企业管理]