高新技术企业创新风险投资绩效研究——以我国新能源上市企业为例  

Research on the Performance of Innovation Venture Capital in High Tech Enterprises——An Example from Chinese New Energy Companies

作　　者：王金涛 曲世友[1] 焦国伟[2] Wang Jintao;Qu Shiyou;Jiao Guowei(School of Management, Harbin Institute of Technology, Harbin 150000, China;School of Economics, Jilin University, Changchun 130000, China)

机构地区：[1]哈尔滨工业大学管理学院,哈尔滨150000 [2]吉林大学经济学院,长春130000

出　　处：《工业技术经济》2019年第10期66-73,共8页Journal of Industrial Technological Economics

摘　　要：本文基于2004~2017年新能源上市企业非平衡面板数据,利用固定效应和随机效应模型分析政府补贴、风险投资对创新绩效的影响机制。实证结果表明,政府补贴和风险投资对企业创新绩效均存在激励效应,其中研发投入能部分中介风险投资对创新绩效的影响,并完全中介政府补贴对创新绩效的影响。此外,企业的内部控制风险承受能力负向调节风险投资和政府补贴对企业研发投入的影响。This paper selects new energy enterprises from 2004 to 2017 as the research object,and empirically analyzes the impact of venture capital,government subsidies and R&D investment on the innovation performance of enterprises with fixed effect and random effect models.The results show that government subsidies,venture capital investment and R&D investment are positively correlated with enterprise innovation performance,and R&D investment is a mediator,which plays an intermediate role in the incentive effects of venture capital investment and government subsidies on enterprise innovation performance.In addition,enterprises’ internal control risk tolerance negatively regulates the impact of venture capital and government subsidies on enterprises’ R&D investment.

关 键 词：风险投资 政府补贴 研发投入 创新绩效 内部控制风险承受能力 新能源企业 

分 类 号：F273.1[经济管理—企业管理] F223[经济管理—国民经济]