风险投资背景、持股比例对初创企业技术创新产出的影响——研发投入的中介效应
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摘要
为研究风险投资对初创企业技术创新产出的影响,基于中介效应模型,结合数据包络分析方法和静态面板回归分析方法,对创业板上市公司样本进行了实证分析。研究发现:有风险投资参与的初创企业技术创新产出高于无风险投资参与的初创企业,且风险投资持股比例越高,对初创企业创新的促进作用越显著。不同背景的风险投资对初创企业技术创新产出的影响不同:政府风险投资和外资风险投资持股比例越高的初创企业全要素生产率越高,且政府背景风险投资最为有效,外资背景风险投资次之;研发投入在风险投资与技术创新之间发挥部分中介作用,即风险投资通过直接作用和间接作用共同影响初创企业技术创新产出。
As an important element of the capital market,venture capital provides significant financial support for the enterprise's technological innovation.Through an empirical study on firms listed on the GEM,this paper used the DEA and Static panel method to analyze the impact of venture capital background and shareholding ratio on the technological innovation output of start-ups.The main findings are as follows:Venture capitals promote technological innovation output,the higher venture capital proportion start-ups have,the more innovation output they will gain;Different background venture capitals have different effects on the technological innovation output of start-ups,the higher government background venture capital and foreign venture capital proportion start-ups have,the higher the total factor productivity they will have;The government background venture capitals are the most effective,the foreign investment background risk investment follows by;In this process,R&D investment plays a significant intermediary effect,which means venture capital affects the technological innovation output of start-ups through direct and indirect ways.
As an important element of the capital market,venture capital provides significant financial support for the enterprise's technological innovation.Through an empirical study on firms listed on the GEM,this paper used the DEA and Static panel method to analyze the impact of venture capital background and shareholding ratio on the technological innovation output of start-ups.The main findings are as follows:Venture capitals promote technological innovation output,the higher venture capital proportion start-ups have,the more innovation output they will gain;Different background venture capitals have different effects on the technological innovation output of start-ups,the higher government background venture capital and foreign venture capital proportion start-ups have,the higher the total factor productivity they will have;The government background venture capitals are the most effective,the foreign investment background risk investment follows by;In this process,R&D investment plays a significant intermediary effect,which means venture capital affects the technological innovation output of start-ups through direct and indirect ways.
引文
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[24]杨宝,袁天荣.风险资本介入,研发投资与创新绩效关系研究[J].科技进步与对策,2013,30(13):83-86.
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[27]GUERINI M,QUAS A.Governmental venture capital in Europe:screening and certification[J].Journal of Business Venturing,2016,31(2):175-195.
[28]BERTONI F,TYKVOVA T.Does governmental venture capital spur invention and innovation?evidence from young European biotech companies[J].Research Policy,2015,44(4):925-935.
[29]YAN A,HUBNER G,LOBET F.How does governmental versus private venture capital backing affect a firm's efficiency?Evidence from Belgium[J].Social Science Electronic Publishing,2015,30(4):508-525.
[30]蔡地,陈振龙,刘雪萍.风险投资对创业企业研发活动的影响研究[J].研究与发展管理,2015,27(5):1-11.
[31]陈伟,曹黎娟.风险投资的政府背景对IPO的影响[J].经济与管理研究,2013(2):62-71.(4):421-465.
[20]GERONIKOLAOU G,PAPACHRISTOU G.Venture cap-
[32]余琰,罗炜,李怡宗,等.国有风险投资的投资行为和投资成效[J].经济研究,2014(2):32-46.
[33]胡志颖,丁园园,郭彦君,等.风险投资网络、创新投入与创业板IPO公司成长性---基于创新投入中介效应的分析[J].科技进步与对策,2014(10):90-94.
[34]CROCE A,MARTI J,MURTINU S.The impact of venture capital on the productivity growth of European entrepreneurial firms:'screening'or'value added'effect[J].Journal of Business Venturing,2013,28(4):489-510.
[35]GOMPERS P,LERNER J.Short-term America revisited?boom and bust in the venture capital industry and the impact on innovation[J].Innovation Policy and the Economy,2003,3:1-27.
[36]ROSENBUSCH N,BRINCKMANN J,MULLER V.Does acquiring venture capital pay off for the funded firms?a meta-analysis on the relationship between venture capital investment and funded firm financial performance[J].Journal of Business Venturing,2013,28(3):335-353.
[37]马文聪,侯羽,朱桂龙.研发投入和人员激励对创新绩效的影响机制---基于新兴产业和传统产业的比较研究[J].科学学与科学技术管理,2013,34(3):58-68.
[38]CHEMMANUR T J,LOUTSKINA E,TIAN X.Corporate venture capital,value creation,and innovation[J].Social Science Electronic Publishing,2011,27(8):2434-2473.
[39]GIANNETTI M,Liao G,Yu X.The brain gain of corporate boards:evidence from China[J].The Journal of Finance,2015,70(4):1629-1682.
[40]BARON R M,KENNY D A.The moderator-mediator variable distinction in social psychological research:conceptual,strategic,and statistical considerations[J].Journal of Personality and Social Psychology,1986,51(6):1173.
[41]杨林,俞安平.企业家认知对企业战略变革前瞻性的影响:知识创造过程的中介效应[J].南开管理评论,2016,19(1):120-133.
[2]FLORIDA R L,KENNEY M.Venture capital-financed innovation and technological change in the USA[J].Research Policy,1988,17(3):119-137.
[3]KORTUM S,LERNER J.Assessing the contribution of venture capital to innovation[J].Rand Journal of Economics,2000,31(4):674-692.
[4]POPOV A,ROOSENBOOM P.Venture capital and patented innovation:evidence from Europe[J].Economic Policy,2012,27(71):447-482.
[5]FARIA A P,BARBOSA N.Does venture capital really foster innovation[J].Economics Letters,2014,122(2):129-131.
[6]成思危.风险投资与技术创新[J].求是,1999,17(24):23-26.
[7]邵同尧,潘彦.风险投资、研发投入与区域创新---基于商标的省级面板研究[J].科学学研究,2011,29(5):793-800.
[8]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):73-76.
[9]杨晔,谈毅,邵同尧.风险投资与创新:激励、抑制还是中性?---来自中国省级面板的经验证据[J].经济问题,2012(3):9-13.
[10]赵武,李晓华,朱明宣,等.风险投资、研发投入对技术创新产出的差异化影响研究[J].科技管理研究,2015(7):1-5.
[11]TIMMONS J A,BYGRAVE W D.Venture capital's role in financing innovation for economic growth[J].Journal of Business Venturing,1986,1(2):161-176.
[12]AMIT R,GLOSTEN L,MULLER E.Challenges to theory development in entrepreneurship research[J].Journal of Management Studies,1993,30(5):815-834.
[13]BERNSTEIN S,GIROUD X,TOWNSEND R R.The impact of venture capital monitoring[J].The Journal of Finance,2016,71(4):1591-1622.
[14]DUTTA S,FOLTA T B.A comparison of the effect of angels and venture capitalists on innovation and value creation[J].Journal of Business Venturing,2016,31(1):39-54.
[15]龙勇,刘誉豪.风险投资的非资本增值服务与高新技术企业技术能力关系的实证研究[J].科技进步与对策,2013,30(3):63-67.
[16]苟燕楠,董静.风险投资背景对企业技术创新的影响研究[J].科研管理,2014,35(2):35-42.
[17]焦跃华,黄永安.风险投资与公司创新绩效---基于创业板公司的经验分析[J].科技进步与对策,2014(10):84-89.
[18]许昊,万迪昉,徐晋.风险投资背景、持股比例与初创企业研发投入[J].科学学研究,2015,33(10):1547-1554.
[19]HIRUKAWA M,UEDA M.Venture capital and innovation:which is first[J].Pacific Economic Review,2011,16ital and innovation in Europe[J].Modern Economy,2012,3(4):454.
[21]ARVANITIS S,STUCKI T.The impact of venture capital on the persistence of innovation activities of start-ups[J].Small Business Economics,2014,42(4):849-870.
[22]LAHR H,MINA A.Venture capital investments and the technological performance of portfolio firms[J].Research Policy,2016,45(1):303-318.
[23]邓俊荣,龙蓉蓉.中国风险投资对技术创新作用的实证研究[J].技术经济与管理研究,2013(6):49-52.
[24]杨宝,袁天荣.风险资本介入,研发投资与创新绩效关系研究[J].科技进步与对策,2013,30(13):83-86.
[25]GOMPERS P A.Grandstanding in the venture capital industry[J].Journal of Financial Economics,1996,42(1):133-156.
[26]LERNER J.When bureaucrats meet Entrepreneurs:the design of effective public venture capital programs[J].Economic Journal,2002(112):73-84.
[27]GUERINI M,QUAS A.Governmental venture capital in Europe:screening and certification[J].Journal of Business Venturing,2016,31(2):175-195.
[28]BERTONI F,TYKVOVA T.Does governmental venture capital spur invention and innovation?evidence from young European biotech companies[J].Research Policy,2015,44(4):925-935.
[29]YAN A,HUBNER G,LOBET F.How does governmental versus private venture capital backing affect a firm's efficiency?Evidence from Belgium[J].Social Science Electronic Publishing,2015,30(4):508-525.
[30]蔡地,陈振龙,刘雪萍.风险投资对创业企业研发活动的影响研究[J].研究与发展管理,2015,27(5):1-11.
[31]陈伟,曹黎娟.风险投资的政府背景对IPO的影响[J].经济与管理研究,2013(2):62-71.(4):421-465.
[20]GERONIKOLAOU G,PAPACHRISTOU G.Venture cap-
[32]余琰,罗炜,李怡宗,等.国有风险投资的投资行为和投资成效[J].经济研究,2014(2):32-46.
[33]胡志颖,丁园园,郭彦君,等.风险投资网络、创新投入与创业板IPO公司成长性---基于创新投入中介效应的分析[J].科技进步与对策,2014(10):90-94.
[34]CROCE A,MARTI J,MURTINU S.The impact of venture capital on the productivity growth of European entrepreneurial firms:'screening'or'value added'effect[J].Journal of Business Venturing,2013,28(4):489-510.
[35]GOMPERS P,LERNER J.Short-term America revisited?boom and bust in the venture capital industry and the impact on innovation[J].Innovation Policy and the Economy,2003,3:1-27.
[36]ROSENBUSCH N,BRINCKMANN J,MULLER V.Does acquiring venture capital pay off for the funded firms?a meta-analysis on the relationship between venture capital investment and funded firm financial performance[J].Journal of Business Venturing,2013,28(3):335-353.
[37]马文聪,侯羽,朱桂龙.研发投入和人员激励对创新绩效的影响机制---基于新兴产业和传统产业的比较研究[J].科学学与科学技术管理,2013,34(3):58-68.
[38]CHEMMANUR T J,LOUTSKINA E,TIAN X.Corporate venture capital,value creation,and innovation[J].Social Science Electronic Publishing,2011,27(8):2434-2473.
[39]GIANNETTI M,Liao G,Yu X.The brain gain of corporate boards:evidence from China[J].The Journal of Finance,2015,70(4):1629-1682.
[40]BARON R M,KENNY D A.The moderator-mediator variable distinction in social psychological research:conceptual,strategic,and statistical considerations[J].Journal of Personality and Social Psychology,1986,51(6):1173.
[41]杨林,俞安平.企业家认知对企业战略变革前瞻性的影响:知识创造过程的中介效应[J].南开管理评论,2016,19(1):120-133.