风险投资对就业率的影响及作用路径研究  

The Effects and Path of Venture Capital on Employment Rate

作　　者：倪宣明 陈檬檬 赵慧敏[2] 李宏岩 NI Xuanming;CHEN Mengmeng;ZHAO Huimin;LI Hongyan(School of Software and Microelectronics,Peking University,Beijing 100871,China;School of Business,Sun Yat-Sen University,Guangzhou 510275,China)

机构地区：[1]北京大学软件与微电子学院,北京100871 [2]中山大学管理学院,广州510275

出　　处：《计量经济学报》2022年第4期909-929,共21页China Journal of Econometrics

基　　金：国家自然科学基金(71991474);中央高校基本科研业务费专项资金(31620527)。

摘　　要：风险投资能够在一定程度上缓解创新创业企业普遍面临的资金限制问题.近年来我国风险投资市场资金总量逐渐加大,在推动创业企业发展的同时,也在一定程度上对我国地方就业率产生影响.本文基于我国2011-2019年风险投资的投资数据和各省份的发展数据构建省份平衡面板数据,研究我国风险投资对就业率的影响,发现风险投资对当地就业率的影响表现为先促进后抑制的倒U型关系.同时该影响在经济水平相差较大的地区表现出不同的特征,在东部和中部地区,风险投资对就业率表现为先促进后抑制的倒U型影响;而在西部和东北部地区,风险投资能够显著促进地区就业.本文进一步以技术创新水平作为中介变量探究其影响路径,发现风险投资对就业率的影响是以技术创新作为完全中介发挥作用的.Venture capital can alleviate the problem of capital restriction faced by innovative enterprises.In recent years,the total amount of capital in Chinese venture capital market has gradually increased,which not only promotes the development of startups,but also affects the employment rate to a certain extent.Based on the investment data of venture capital from 2011 to 2019 and the development data of each province,this paper constructs the balanced panel data of provinces to study the effect of venture capital on the employment rate in China,and finds that the impact of venture capital on the regional employment rate shows an inverted U-Shaped relationship,where venture capital firstly promotes and then inhibits employment rate.In the heterogeneity test,it is found that the impact of venture capital on regional employment rate shows different characteristics in the regions with different economic levels.In the eastern and central regions,the impact of venture capital on employment rate shows an inverted U-Shaped effect.But in the west and northeast regions,venture capital can significantly boost regional employment.This paper then takes technological innovation level as the mediating variable to explore its impact path and finds that the effect of venture capital on employment rate is fully mediated by technological innovation.

关 键 词：风险投资 就业率 技术创新 中介效应 

分 类 号：F832[经济管理—金融学] F249.2