风险投资助推硬科技企业成果转化:中科创星“西光模式”的案例研究  

Venture Capital-driven Transformation of Scientific Achievements in Hard Technology Enterprises:A Case Study of the Xiguang Model of Zhongke Chuangxing

作　　者：郭鑫 余湄[2] 边江泽[2] 乔晗 张晓旭 Guo Xin;Yu Mei;Bian Jiangze;Qiao Han;Zhang Xiaoxu(School of Economics and Management,University of Chinese Academy of Sciences,Beijing 100190;School of Finance,University of International Business and Economics,China Center for Capital Market and Policy Research,University of International Business and Economics,Beijing 100029;Academy of Mathematics and Systems Science,Chinese Academy of Sciences,Beijing 100190)

机构地区：[1]中国科学院大学经济与管理学院,北京100190 [2]对外经济贸易大学金融学院/对外经济贸易大学中国资本市场与政策研究中心,北京100029 [3]中国科学院数学与系统科学研究院,北京100190

出　　处：《管理评论》2024年第9期261-273,共13页Management Review

基　　金：国家自然科学基金面上项目(71872171,72071046,72073027);国家社会科学基金项目(22VRC055);中央高校基本科研业务费专项资金(ZD6-01)。

摘　　要：科技创新驱动发展战略背景下,探究如何充分发挥科技孵化器的作用,加速硬科技企业的成果转化具有重要的现实意义。本文以中科创星“西光模式”为研究案例,探究硬科技企业的科技成果转化的路径与机理以及风险投资在其中的重要作用。研究发现:引入风险资本能够加速硬科技企业创新与发展。同时,企业估值增值能够吸引更多资本进入,形成资本带动创新的新循环发展模式。但是硬科技企业具有开发风险大、开发周期长的特点,而且科技成果转化需要持续的资金投入,因此硬科技企业的发展需要借助国家政策、金融、财政等相关渠道的力量。并且,解决硬科技企业的“融资难”问题,不仅要通过国有资本的杠杆作用,引导更多社会资本参与,同时也需要充分发挥市场化资源配置的作用。案例企业通过“人才+技术+资本+服务”四位一体的科技成果产业化模式助推硬科技企业的发展,并实现了自身的壮大,进一步提升了社会服务能力。本文的研究为中国特色的硬科技企业发展做了理论铺垫,并为相关决策部门提供了政策参考。In the development strategy driven by technological innovation,exploring how to fully leverage the role of technology incubators and accelerate the achievement transformation of hard technology enterprises has important practical significance.This paper takes the “Xiguang Model” of Zhongke Chuangxing as a research case to explore the path and mechanism of the transformation of scientific and technological achievements in hard technology enterprises,as well as the important role of venture capital in its model.It is found that introducing venture capital can accelerate the innovation and development of hard technology enterprises.At the same time,the appreciation of enterprise valuation can attract more capital to enter,forming a new circular development model of capital driven innovation.However,hard technology enterprises have the characteristics of high development risks and long development cycles,and the transformation of scientific and technological achievements requires continuous financial investment.Therefore,the development of hard technology enterprises needs to rely on relevant channels such as national policies and financial finance.Moreover,to solve the “financing difficulties” of hard technology enterprises,it is not only necessary to guide more social capital to participate through the leverage of state-owned capital,but also to fully leverage the role of market-oriented resource allocation.The case enterprise has promoted the development of hard technology enterprises through the “talent+technology+capital+service” four in one technological achievement industrialization model,and achieved its own growth,further enhancing its social service capabilities.The research in this paper lays the foundation for the development theory of hard technology enterprises with Chinese characteristics and provides a policy basis for the relevant decision-making departments.

关 键 词：硬科技 西光模式 风险投资 成果转化 

分 类 号：F426.6[经济管理—产业经济] F832.48F273.1