创业投资机构持有时间对被投企业创新的影响  

Effect of Venture Capital Firm’s Holding Period on Enterprise Innovation

作　　者：乔魏 戴蕙阳 高建[1] Qiao Wei;Dai Huiyang;Gao Jian(School of Economics and Management ,Tsinghua University, Beijing 10084, China)

机构地区：[1]清华大学经济管理学院

出　　处：《技术经济》2019年第4期84-94,106,共12页Journal of Technology Economics

基　　金：高校人文社会科学重点研究基地重大项目“全球创新体系与全球创新中心”(17JJD630003);北京市自然科学基金“北京市高校科技成果转化激励机制研究”(9172021)

摘　　要：基于中国资本市场特殊的制度情境和创业投资机构影响企业创新的已有研究,考察了创业投资机构持有时间与被投企业创新的关系及其影响因素。采用最小二乘法对样本进行实证分析,研究发现:创业投资机构的持有时间越长,对被投企业创新投入的激励效果越好;创业投资机构声誉等特征能够正向调节二者的关系;被投企业角度的管理层股权激励也能够对二者产生正向调节作用。Based on data of listed companies on growth enterprise board and small and medium enterprise board from 2004 to 2018,this paper examines the relationship between venture capital firms(VCs)'s holding period and enterprise innovation in China's capital market.It uses ordinary linear square method for regressions to empirically analyze the sample,and finds that the holding period of VCs promotes the innovation input of listed companies;reputation,joint investment and experience of VCs can positively mediate the relationship between failure tolerance and firm innovation;from the perspective of listed companies,equity incentive for management can also positively mediate the relationship between them.

关 键 词：创业投资 企业创新 机构特征 创新激励 

分 类 号：F204[经济管理—国民经济]