风险投资、政府补贴与企业技术创新  

Venture Capital,Government Subsidies and Enterprise Technological Innovation

作　　者：向为民 文旭初 何琪 XIANG Wei-min;WEN Xu-chu;HE Qi(School of Management Science and Engineering,Chongqing Technology and Business University,Chongqing 400067;School of Business Administration,Chongqing Technology and Business University,Chongqing 400067;State Power Investment Group Industrial Fund Management Co.,Ltd.,Beijing 100044)

机构地区：[1]重庆工商大学管理科学与工程学院,重庆400067 [2]重庆工商大学工商管理学院,重庆400067 [3]国家电投集团产业基金管理有限公司,北京100044

出　　处：《软科学》2022年第1期77-83,共7页Soft Science

基　　金：国家自然科学基金项目(71974136);重庆市社会科学规划重点项目(02019ZDGL06);重庆市教育委员会人文社会科学研究项目(19SKGH079)。

摘　　要：基于2009~2019年创业板中763家上市公司样本,将分组样本和总样本相结合,采用面板数据,建立普通多元线性回归模型和多元调节回归模型进行实证研究。结果发现:企业技术创新水平与风险投资持股比例呈正相关关系;企业技术创新水平与政府创新补贴呈正相关关系;对于企业技术创新水平的作用,风险投资与政府创新补贴相互促进;市场竞争越大,风险投资对企业技术创新的促进力度越大;政府补贴对企业技术创新的促进力度在市场竞争程度不同的行业中没有显著差异。最后,提出了相应的政策建议。Based on the sample of 763 the listed companies on the China Growth Enterprise Market from 2009 to 2019,the grouped sample and the total sample are combined,and panel data are used to establish an ordinary multiple linear regression model and a multiple adjusted regression model for empirical research in this paper.Results show that the level of corporate technological innovation is positively correlated with the proportion of venture capital holdings.The level of corporate technological innovation is positively correlated with government innovation subsidies.For the role of corporate technological innovation,venture capital and government innovation subsidies promote each other.The larger the market competition,the greater the promotion of enterprise technological innovation by venture capital have.The promotion of enterprise technological innovation by government subsidies has no significant difference among industries with different levels of market competition.In the end,it puts forward some corresponding policy recommendations.

关 键 词：风险投资 政府创新补贴 技术创新 市场竞争 

分 类 号：F273.1[经济管理—企业管理] F832.48[经济管理—国民经济]