中国风险投资与高新技术产业创新
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摘要
近年来,中国的风险投资行业蓬勃发展,在中国的经济环境下风险投资能否像其在欧美发达国家那样对国家创新体系的建设,高新技术产业的发展发挥其应有的功能?本文从理论和实证的角度研究中国风险投资与高新技术产业创新的关系：在理论研究上,本文通过机制适应,金融契约,资源互补的角度分析认为风险投资能够促进高新技术产业的创新并且对风险投资的创新效应进行分解；在实证分析上,在通过对中国风险投资行业的发展历程和问题分析的基础上建立多元回归模型,通过回归分析得出中国风险投资并不能促进我国高新技术产业全要素生产率和技术效率的提高,R&D投入能够促进我国高新技术产业全要素生产率和技术效率的提高,但是在R&D投入增加的情况下,风险投资/R&D投入比例增加能够比较显著地提高我国高新技术产业全要素生产率和技术效率；本文实证分析中还得出我国高新技术产业专利申请量的增加与风险投资不存在相关性关系,但与R&D投入显著相关。在理论和实证研究之后,本文基于实证与理论研究提出了引导中国风险投资支持高新技术产业创新的宏观、微观等方面政策建议。
In recent years, China's venture capital industry developed vigorously, does venture capital in the Chinese economic environment can be like the developed countries in Europe and America, which plays their due function and make contribution to the construction of national innovation system and the development of high-tech industries? This article analysis the question from the point of view of theoretical and empirical research venture capital and high technology industrial relations:in theoretical way, this paper analysis risk investment to promote the innovation of the high and new technology industries through mechanism adaptation, financial contracts, resources complementary angles; in the empirical analysis, after the research of Chinese venture capital industry including the development history and problems,i come up with a multiple regression model, based on the regression analysis, we find that venture capital in China cannot promote the of China's high-tech industry total factor productivity and technology efficiency increase, R&D input can promote our country's hi-tech industry total factor productivity and technology efficiency increase, but when we increase R&D input, by increasing of the VC/R&D input we can significantly improve the increase of the proportion of China's high-tech industry total factor productivity and technology efficiency; Another empirical analysis in high and new technology industry indicates that there does not exist correlation relationship between Chinese patent filings and venture capital investment, but there is significant correlation with R&D input. After the theoretical and empirical studies, this paper puts forward macroscopic and microscopic advises such as policy suggestions to guides the venture capital to support the high and new technology of industrial innovation.
In recent years, China's venture capital industry developed vigorously, does venture capital in the Chinese economic environment can be like the developed countries in Europe and America, which plays their due function and make contribution to the construction of national innovation system and the development of high-tech industries? This article analysis the question from the point of view of theoretical and empirical research venture capital and high technology industrial relations:in theoretical way, this paper analysis risk investment to promote the innovation of the high and new technology industries through mechanism adaptation, financial contracts, resources complementary angles; in the empirical analysis, after the research of Chinese venture capital industry including the development history and problems,i come up with a multiple regression model, based on the regression analysis, we find that venture capital in China cannot promote the of China's high-tech industry total factor productivity and technology efficiency increase, R&D input can promote our country's hi-tech industry total factor productivity and technology efficiency increase, but when we increase R&D input, by increasing of the VC/R&D input we can significantly improve the increase of the proportion of China's high-tech industry total factor productivity and technology efficiency; Another empirical analysis in high and new technology industry indicates that there does not exist correlation relationship between Chinese patent filings and venture capital investment, but there is significant correlation with R&D input. After the theoretical and empirical studies, this paper puts forward macroscopic and microscopic advises such as policy suggestions to guides the venture capital to support the high and new technology of industrial innovation.
引文
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[52]黄宗远,企业创新关系的治理机制与产业技术特征关系研究[J],北京交通大学学报(社会科学版)2006.9,Vo15(3)。
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[54]李先江,风险投资与高新技术企业的关系研究[J],武汉大学学报(哲学社会科学版)2008(1)：043-048。
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[57]吕炜,论风险投资机制的技术创新原理[J],经济研究,2002(2)。
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[59]王雷、党兴华,R&D经费支出、风险投资与高新技术产业发展——基于典型相关分析的中国数据实证研究[J],研究与发展管理,2008.8(4)。
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[2]William, B., What you give is what you get:Investment in European biotechnology.2006. p. pp274-283.
[3]Bhide, A.V., The origins and evolution of new businesses.2000, Oxford University Press:New York.
[4]Burns, L.R., M.G. Housman, and C.A. Robinson, Market Entry and Exit by Biotech and Device Companies Funded by Venture Capital.2009. p. p76-86.
[5]Caselli, S., S. Gatti, and F. Perrini, Are Venture Capitalists a Catalyst for Innovation?.2009. p. pp.92-111.
[6]Champenoisa Claire, E.D.H.O., What kind of German biotechnology start-ups do venture capital companies and corporate investors prefer for equity investments?.2006. p. pp505-518.
[7]Chemmanur, T., K. Krishnan, and D. Nandy, How does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface. 2009, Review of Financial Studies (RFS):Boston College.
[8]Douglas, C., Government policy towards entrepreneurial finance:Innovation investment funds.2007. p. pp.193-235.
[9]Engel Dirk, K.M., Firm-level implications of early stage venture capital investment- An empirical investigation.2007. p. pp.150-167.
[10]Jr Fllrida, R.&.S.D., Venture capital formations, investment, and regional industrialization.1993. p. pp434-451.
[11]Gebhardt, G. A Soft Budget Constraint Explanation for the Venture Capital Cycle. in 2006. University of Munich.
[12]Geronikolaou, G. and George A. Papachristou. Venture Capital and Innovation in Europe.2008. Aristotle University of Thessaloniki.
[13]Gerke Wolfgang and M. Ferdinand, Venture capital, initial public offerings and political economics:the case of Germany. International Journal of Entrepreneurship and Innovation Management. Milton Keynes,2006. Vol. 6(Iss.4,5):p. pp4-29.
[14]Gilbert, R.J. and D.M.G. Newbery, Preemptive Patenting and the Persistence of Monopoly. American Economic Review,1982.72:p. pp 514-526.
[15]Gompers, P. and J. Lerner, 'The Venture Capital CyCle'.1st edition ed.1999: MIT Press.
[16]Christoph, G., Making use of the unused:shelf warmer technologies in research and development. Technovation,2006.26:p. pp770-774.
[17]Gompers, P. and J. Lerner, Venture Capital Revolution. Journal of Economic Perspectives,2001.15(2):p. ppl45-168.
[18]Hellmann, T. and M. Puri, The Interaction between Product Market and Financing Strategy:The Role of Venture Capital. Review of Financial Studies, 2000.13(4):p. pp959-984.
[19]Jacobsson, S.C.O. and J. Philipson, Indicators of technological activities-comparing educational, patent and R&D statistics in the case of Sweden. Research Policy,1996. Volume 25(Issue 4):p. pp573-585.
[20]Callahan, J. and S. Muegge. Venture Capital's Role in Innovation:Issues, Research and Stakeholder Interests, in Carleton University.2002.
[21]Avidor, J., Building an innovation economy:Public Policy Lessons From Israel. Northwestern Law and Economics Research Paper,2011.5:p. ppl 1-18.
[22]Josh Lerner. Boom and bust in the venture capital industry and the impact on innovation, in Harvard nom Working Paper.2003.
[23]Keuschnigg C., Venture Capital Backed Growth. Journal of Economic Growth,2004.9(2):p. pp239-261.
[24]Van der Mohnen P, P.F.C.L., Financial constraints and other obstacles:Are they a threat to innovation activity?. Economist-netherlands,2008. Volume 156(lssue 2):p. pp201-214.
[25]Niosi, J., et al., National systems of innovation:in search of a workable concept. Technology In Society,1993.15(2):p. pp207-227.
[26]SamPsa, S. and Sorenson, Venture capital as catalyst to commercialization. Research Policy,2010. Volume39(Issue10):p. pp1348-1360.
[27]Kortum, S. and Josh Lerner. Does Venture Capital Spur Innovation?. in NBER Working paper 6846.2001. Cambridge, MA.
[28]Kortum, S. and Josh Lerner, Assessing the contribution of venture capital to innovation. Rand Journal of Economics,2000.31:p. pp674-692.
[29]Tang, M. and Y. Chyi. Law Environments,Venture Capital and the Total Factor Productivity Growth of Taiwanese Industry, in National TsingHua University working papers.2008.
[30]Tredennick, N., An engineer's view of venture capitalists.2001.
[31]M, T., The Expected Roles Of Business Angels In Seed/Early Stage University Spin-offs In Japan:Can Business Angels Act As Saviors?. Asia Pacific Business Review. London,2008. Vol.14(Iss 3):p. pp425.
[32]Tykvova T. Venture Capital in Germany and its impact on innovation, in the2000 EFMA Conference.2000. Athens.
[33]Hirukawa, U.&. Venture capital and industrial innovation. in Working Paper, University of Wisconsin,2008.
[34]Ueda and Masako, Banks versus Venture Capital:Project Evaluation, Screening, and Expropriation. Journal of Finance,2004.59(2):p. pp601-621.
[35]Ueda and Masako. Venture Capital and productivity, in Working Paper, University of Wisconsin.2003.
[36][36]. M, U. and M. Hirukawa. Venture Capital and Productivity.2003. University of Wisconsin, USA.
[37]Ueda and Hirukawa. 'Venture Capital and Innovation:Which is First?.2008. University of Wisconsin.
[38]Masako, U.&., Banks versus Venture Capital:Project Evaluation, Screening, and Expropriation. Journal of Finance,2004.59(2):p. pp601-621.
[39]Ueda and Masako. Venture Capital and productivity.2003. University of Wisconsin.
[40]F, V., J.R. L, and D. H, How Venture Capital Shapes Emerging Bio-clusters:A Cross-country Comparison. European Planning Studies.2008. Vol.16(Issue 3):p. pp441-463,23P.
[41]Widding, L.O., M.T. Mathisen, and O.'. Madsen, University-Affiliated Venture Capital Funds:Funding of University Spin-Off Companies'. International Journal of Technology Transfer Commercalization,2009. Vol.8(lssue 2/3):p. pp229-245.
[42]W.J., The dynamic economic engine at Silicon Valley and US Government programmes in financing innovations. Technovation,2006.26:p. pp1081-1089.
[43]Jarunee, W., Venture capital financing in the Canadian innovation system. International Journal of Technology Policy and Management, Geneva,,2006. Vol.6(Iss.1):p. pp33.
[44]Youtie J, S.P.B.A., A case study of the transformation of university roles in regional technological and economic development. Research Policy,,2008. Volume 37(Issue 8):p. pp1188-1204.
[45]Zucker, L.G., M.R. Darby, and M.B. Brewer, Intellectual Human Capital and the Birth of U. S. Biotechnology Enterprises. American Economic Review,1998. 88(1):p.pp290-306.
[46]陈治、张所地,我国风险投资对技术创新的效率研究[J],科技进步与对策,2010(7)。
[47]崔文杰,高新技术产业发展与风险投资[J],财经问题研究,2004(3).
[48]戴淑庚、曾维翰,风险投资对我国高科技产业发展的绩效研究——基于DEA方法的区域比较视角[J],厦门大学学报(哲学社会科学版),2010(6)
[49]杜传文,风险投资与R&D投资促进企业技术创新比较研究[J],科技进步与对策,2011,28(15)。
[50]郭庆旺、贾俊雪,中国全要素生产率的估算：1979—2004[J],经济研究,2005(6)。
[51]胡春霖,风险投资对技术创新作用的实证研究[D],对外经济贸易大学硕士论 文,2009。
[52]黄宗远,企业创新关系的治理机制与产业技术特征关系研究[J],北京交通大学学报(社会科学版)2006.9,Vo15(3)。
[53]黄宗遠、刘旗,技术创新资本作用机理的研究[J],北京交通大学学报(社会科学版)2011,10(1)。
[54]李先江,风险投资与高新技术企业的关系研究[J],武汉大学学报(哲学社会科学版)2008(1)：043-048。
[55]龙勇、王陆鸽,风险投资的非资本增值服务与技术创新绩效的关系研究[J],科技进步与对策,2010.7(13)。
[56]龙勇、杨晓燕,风险投资对技术创新能力的作用研究[J],《科技进步与对策》,2009(23)。
[57]吕炜,论风险投资机制的技术创新原理[J],经济研究,2002(2)。
[58]王建梅、王筱萍,风险投资促进我国技术创新的实证研究[J],科技进步与对策,2011,28(8)。
[59]王雷、党兴华,R&D经费支出、风险投资与高新技术产业发展——基于典型相关分析的中国数据实证研究[J],研究与发展管理,2008.8(4)。
[60]吴献金、陈晓乐,中国汽车产业全要素生产率及影响因素的实证分析[J],财经问题研究,2011(3)。
[61]武巧珍,风险投资支持高新技术产业自主创新的路径分析[J],管理世界,2009(7)。
[62]武巧珍,高技术企业成长与风险投资关系分析,《生产力研究》,2008(16)。
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