风险投资与企业创新链:作用机理及经济后果  

Venture Capital and Enterprise Innovation Chain: Mechanism and Economic Consequences

作　　者：杨松令[1] 吕紫薇 刘亭立[1] 石倩倩[1] Yang Songling;Lv Ziwei;Liu Tingli;Shi Qianqian

机构地区：[1]北京工业大学经济与管理学院

出　　处：《统计研究》2024年第3期88-99,共12页Statistical Research

基　　金：国家社会科学基金一般项目“新时代背景下跨层次公司社会网络对双元创新的影响研究”(18BGL090)。

摘　　要：本文将企业创新链分为投入端、产出端和收益端,以2010—2022年新三板企业数据为样本,采用PSM-DID模型研究风险投资(VC)驱动企业创新链的作用机理及其经济后果。研究结果表明,VC介入能够促进企业创新链各端发展。机制分析发现,VC通过在企业创新链投入端的引智功能促进其产出端的提升,进而推动其收益端的增长;VC的引资功能则表现出显著的行业异质性,在战略性新兴产业中,VC引资能够促进其产出端和收益端增长,而在非战略性新兴产业中存在渠道阻塞。此外,经济政策不确定性在VC介入与企业创新链发展中呈现调节效应。经济后果的分析表明,VC通过驱动企业创新链的发展,推动企业实现“登陆新三板—上市至北京证券交易所—转板至沪深交易所”的发展路径。本文研究对于推动企业科技与资本的结合,助力多层次资本市场发展,优化创新链与产业链具有重要意义。This paper divides the enterprise innovation chain into the input end,the output end and the income end.Taking NEEQ enterprises from 2010 to 2022 as samples,the PSM-DID model is used to sort out the mechanism of the enterprise innovation chain driven by venture capital(VC)and its economic consequences.The results show that VC intervention drives the development of each end of enterprise innovation chain.The mechanism analysis shows that VC promotes the improvement of its output end and the growth of its income end through introducing wisdom at the input end of enterprise innovation chain.VC’s investment attracting function shows significant industry heterogeneity.In strategic emerging industries,VC’s investment attracting can promote the growth of its output end and income end,while in non-strategic emerging industries,there is channel blocking.In addition,economic policy uncertainty has the moderating effect on VC involvement and firm innovation chain development.The analysis of economic consequences shows that VC drives the development of enterprise innovation chain,and then promotes enterprises to achieve the development path of“listing on the NEEQ,listing on the Beijing Stock Exchange,and switching to the Shanghai and Shenzhen Stock Exchanges”.The research results are of great significance for promoting the combination of enterprise technology and capital,facilitating the development of multi-level capital market,and optimizing innovation and industrial chains.

关 键 词：风险投资 企业创新链 战略性新兴产业 北京证券交易所 

分 类 号：F832.48[经济管理—金融学]