政府背景风险投资对企业创新质量的影响——基于创业板制造企业的实证研究  

Government-backed Venture Capital and Enterprise Innovation Quality:an Empirical Study Based on GEM Manufacturing Enterprises

作　　者：宁靓[1] 杨艺 马美玉 Ning Jing;Yang Yi;Ma Meiyu(School of Management,Ocean University of China,Qingdao 266100,China;School of Mathematics and Statistics,Qingdao University,Qingdao 266071,China)

机构地区：[1]中国海洋大学管理学院,山东青岛266100 [2]青岛大学数学与统计学院,山东青岛266071

出　　处：《中国海洋大学学报(社会科学版)》2025年第2期84-99,共16页Journal of Ocean University of China(Social Sciences)

基　　金：国家社会科学基金项目“数字化绿色化协同驱动制造业高质量发展的效应及机制研究”(24BGL014)。

摘　　要：政府背景风险投资作为鼓励企业开展创新活动的重要融资机制之一,其运作效果一直饱受争议。基于我国创业板制造企业数据,研究了政府背景风险投资与企业创新质量间的关系,考察了管理者权力和市场竞争对二者关系的调节作用以及二者的联合调节效应,并进一步探讨了不同地区金融发达程度及地方政府创新偏好的异质性影响。研究结果表明:政府背景风险投资的参与有效促进了创业板制造企业创新质量的提升;管理者权力与市场竞争分别抑制和强化了政府背景风险投资对企业创新质量的促进作用;市场竞争和管理者权力具有联合调节效应,即市场竞争程度越高,管理者权力对政府背景风险投资与企业创新质量正向关系的抑制作用越明显;政府背景风险投资在金融欠发达和政府创新偏好较弱地区,对企业创新质量的提升作用更显著。The operational effectiveness of government-backed venture capital,as one of the important financing mechanisms to encourage enterprises to carry out innovative activities,has been controversial.Based on the data of Growth Enterprise Market(GEM)manufacturing enterprises,this paper studies the relationship between government-backed venture capital and enterprise innovation quality,and investigates the moderating effect of managerial power and market competition,as well as their joint moderating effect.Furthermore,the paper explores the heterogeneity of financial development and local government innovation preference in different regions.The results show that the participation of government-backed venture capital can effectively promote the improvement of GEM manufacturing enterprises′innovation quality.Managerial power mitigates the promoting effect of government-backed venture capital on enterprise innovation quality while market competition reinforces the promoting effect.Market competition and managerial power have a joint regulating effect,and the fiercer the market competition,the more obvious the negative regulating effect of managerial power on government-backed venture capital and enterprise innovation quality is.Government-backed venture capital plays a more significant role in improving the quality of enterprise innovation in areas with less developed finance and weaker government preference for innovation.

关 键 词：政府背景风险投资 企业创新质量 管理者权力 市场竞争 

分 类 号：F273.1[经济管理—企业管理]