风险投资影响企业创新吗?--基于风险投资介入与退出双重视角的检验  

Does Venture Capital Affect Corporate Innovation?—Based on the Dual Perspective of Venture Capital Involvement and Exit

作　　者：徐虹 章欣然[3] XU Hong;ZHANG Xin-ran(School of Business,Anhui University of Technology,Maanshan Anhui 243032,China;Anhui Innovation-driven Development Institute,Anhui University of Technology,Maanshan Anhui 243032,China;School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073,China)

机构地区：[1]安徽工业大学商学院,安徽马鞍山243032 [2]安徽工业大学安徽创新驱动发展研究院,安徽马鞍山243032 [3]中南财经政法大学会计学院,武汉430073

出　　处：《安徽师范大学学报（社会科学版）》2022年第2期114-130,共17页Journal of Anhui Normal University(Hum.&Soc.Sci.)

基　　金：国家社会科学基金重点项目“信任嵌入视角下风险投资与企业创新的互动耦合机制研究”(19AJY006)。

摘　　要：有效发挥金融资本对企业创新的作用,是实施创新驱动发展战略的关键之一。文章选取2008—2017年中小板和创业板上市公司为研究对象,探究了风险投资机构的介入及其IPO退出对创业企业创新能力的影响,并在此基础上进一步考察了风险投资行业专长对上述影响可能造成的差异以及风险投资影响企业创新能力的内在动因。研究结果表明:风险投资机构的介入有助于企业创新能力的提高,而具有行业专长的风险投资机构更能有效发挥其积极作用;风险投资机构的IPO退出会给企业创新能力带来负面影响,且具有行业专长的风险投资机构IPO退出会对企业创新能力造成的负面影响更显著。风险投资机构提高被投资企业创新能力的动机在于获得更高的退出回报,而具有行业专长风险投资机构这一动机更加强烈。Giving full play to the role of financial capital in corporate innovation effectively is one of the keys to implementing innovation-driven development strategy.Based on the enterprises of SME Board and GEM from 2008-2017,this paper explored the influence of the involvement and exit of venture capital institutions on the innovation ability of start-ups.And on this basis,we examined the differences that the industry specialty of venture capital might have on the above impact and the motivation of venture capital institutions.The results showed that the involvement of venture capital institutions helped to improve the innovation capabilities of enterprises,and institutions with industry specialty could play their positive role more effectively;its exit through IPO would bring negative effects on enterprise innovation,and institutions with industry specialty would have more significant negative impacts on innovation capabilities.Further,we found that the motivation of venture capital institutions was to obtain higher returns,and the motivation of venture capital institutions with industry specialty was stronger.

关 键 词：风险投资 IPO退出 企业创新 行业专长 内在动因 

分 类 号：F275.5[经济管理—企业管理]