风险投资对科创板上市企业技术创新产出的效应研究  

Research on the Effect of Venture Capital on the Technological Innovation Output of Listed Companies on the SSE STAR Market

作　　者：高宏霞[1] 王倩倩 Gao Hongxia;Wang Qianqian(School of Economics,Lanzhou University,Lanzhou 730000,China)

机构地区：[1]兰州大学经济学院,兰州730020

出　　处：《工业技术经济》2021年第11期11-19,共9页Journal of Industrial Technological Economics

摘　　要：本文以2019~2020年在科创板上市的企业为研究样本,探讨风险投资对科创板上市企业技术创新产出数量和质量的影响效应。通过Logit模型实证分析风险投资进入前对企业技术创新产出的选择效应;通过倾向得分匹配模型(PSM)和多元线性回归模型实证分析风险投资进入后对企业技术创新产出是否存在增值效应或攫取效应。研究发现:(1)风险投资进入前对科创板上市企业技术创新产出存在选择效应;(2)风险投资的参与以及风险投资的持股比例的增加都会显著地促进科创板上市企业技术创新产出数量和质量的提升,表明风险投资进入后对科创板上市企业技术创新产出存在较强的增值效应。This paper studies the impact of venture capital on the quantity and quality of technological innovation output of listed companies on the SSE STAR Market from 2019 to 2020.Logit model is used to empirically analyze the selection effect of ven⁃ture capital on technological innovation output.The PSMand multiple linear regression model are used to analyze whether there is a value-added effect or a grab effect on the technological innovation output.The results show that:(1)there is a selection effect on the technological innovation output of listed companies before venture capital enters;(2)The participation of venture capital and the increase of the shareholding ratio of venture capital can significantly promote the improvement of the quantity and quality of the technological innovation output of listed companies on the SSE STAR Market,indicating that venture capital has a strong value-added effect on the technological innovation output of listed companies on the SSE STAR Market.

关 键 词：科创板 技术创新 风险投资 选择效应 增值效应 LOGIT模型 

分 类 号：F273.1[经济管理—企业管理] F276.44[经济管理—国民经济]