创业投资介入特性对企业创新绩效影响路径研究——基于动态内生性视角的经验证据  

Influence Path of Venture Capital Intervention Characteristics on Enterprise Innovation Performance: Empirical Evidence from the Perspective of Dynamic Endogeneity

作　　者：赵淑芳 Zhao Shufang(Joint Postdoctoral Program,College of Economic and Social Development,Nankai University and Chinese Academy of Science and Technology for Development,Beijing 100083,China;Inner Mongolia University of Finance and Economics,Hohhot 010080,China)

机构地区：[1]南开大学经济与社会发展研究院与中国科学技术发展战略研究院联合博士后工作站,北京100038 [2]内蒙古财经大学,呼和浩特010080

出　　处：《科技管理研究》2020年第20期142-147,共6页Science and Technology Management Research

基　　金：国家自然科学基金面上项目“内生性风险可控视角下信用债CDS违约风险缓释效应目标跟踪实现的鲁棒优化研究”(71761029)。

摘　　要：以2012—2017年我国有创业投资背景的创业板上市公司为样本,选用广义矩估计方法检验创业投资介入对被投企业创新绩效的影响,并探讨其作用机制。研究显示:创业投资持股比例和介入强度未提高被投企业创新绩效,联合介入与创新绩效存在正向作用,但回归结果不显著;对创新程度进行分类研究发现,创业投资的持股比例、介入强度以及联合介入均对被投企业的突破式创新绩效具有一定的抑制作用,对渐进式创新绩效具有促进作用。研究表明,创业投资对被投企业的创新行为具有选择性。Taking the GEM listed companies with venture capital background from 2012 to 2017 in China as samples, this paper uses generalized moment estimation method to test the impact of venture capital intervention on the innovation performance of the invested enterprises, and explores its mechanism of action. The research shows that shareholding ratio and intervention intensity of venture capital investment don’t improve the innovation performance of the invested enterprises, and there is a positive effect between joint investment and innovation performance, but the result is not significant. According to the classification of innovation degree, it is found that the shareholding ratio, intervention intensity and joint intervention of venture capital have a certain inhibitory effect on the breakthrough innovation performance of the invested enterprises, and have a promoting effect on the progressive innovation performance. The research shows that venture capital has selectivity to the innovation behavior of the invested enterprises.

关 键 词：创新绩效 投资策略 动态内生性 

分 类 号：F83[经济管理—金融学] F224