宁波市创业投资发展研究
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摘要
在供给侧结构性改革、实施创新驱动战略和推进大众创业万众创新的背景下,创业投资与技术创新的高效结合,是实现区域经济转型以及形成经济增长新动能的重要抓手。文章以宁波为例,在回顾国内外相关文献的基础上,系统归纳宁波市创业投资发展历程、发展特征与发展趋势,描述性统计分析宁波市创业投资发展规模、投资流向与投资效果。在Christian Schr?der创业投资供求模型基础上采用不变弹性效用函数(CES)拓展研究创业投资发展理论影响因素,并用宁波数据进行剖析。最后提出促进创业投资持续健康发展的"宁波对策"。
Under the background of the supply-side structural reform, the implementation of innovation-driven strategy and promotion of mass entrepreneurship and innovation, the efficient combination of venture capital and technological innovation is an important pathway to realize regional economic transformation and form new momentum of economic growth. This paper, on the basis of reviewing the relevant literatures, takes Ningbo as an example, systematically summarizes the development process, characteristics and trends of Ningbo venture capital, and makes a descriptive statistical analysis of its development scale, investment direction and investment effect. Based on the Christian Schr?der's supply-demand model of venture capital, this paper discusses the influencing factors of Ningbo venture capital development using CES utility function. Finally, this paper puts forward"Ningbo Countermeasures"to promote the sustainable and healthy development of venture capital.
Under the background of the supply-side structural reform, the implementation of innovation-driven strategy and promotion of mass entrepreneurship and innovation, the efficient combination of venture capital and technological innovation is an important pathway to realize regional economic transformation and form new momentum of economic growth. This paper, on the basis of reviewing the relevant literatures, takes Ningbo as an example, systematically summarizes the development process, characteristics and trends of Ningbo venture capital, and makes a descriptive statistical analysis of its development scale, investment direction and investment effect. Based on the Christian Schr?der's supply-demand model of venture capital, this paper discusses the influencing factors of Ningbo venture capital development using CES utility function. Finally, this paper puts forward"Ningbo Countermeasures"to promote the sustainable and healthy development of venture capital.
引文
[1] Davila A,Foster G,Gupta M. Venture capital financing and the growth of startup firms[J]. Journal of Business Venturing,2003,18(6):689-708.
[2] Cochrane J H. The Risk and Return of Venture Capital[J]. Social Science Electronic Publishing,2005,75(1):3-52.
[3] Hsu D H. Experienced entrepreneurial founders,organizational capital,and venture capital funding[J]. Research Policy,2007,36(5):722-741.
[4] Nahata R. Venture capital reputation and investment performance[J]. Journal of Financial Economics,2008,90(2):127-151.
[5] Ljungqvist A,Hochberg Y V,Lu Y. Whom You Know Matters:Venture Capital Networks and Investment Performance[J]. Social Science Electronic Publishing,2007,62(1):251-301.
[6] Stam W,Elfring T. Entrepreneurial Orientation and New Venture Performance:The Moderating Role of Intra-And Extraindustry Social Capital[J]. Academy of Management Journal,2008,51(1):97-111.
[7] Ahlstrom D,Bruton G D. Venture Capital in Emerging Economies:Networks and Institutional Change[J]. Entrepreneurship Theory&Practice,2006,30(2):299-320.
[8] Wang L,Wang S. Economic freedom and cross-border venture capital performance[J]. Journal of Empirical Finance,2012,19(1):26-50.
[9] Cumming Douglas,Dai Na. Local bias in venture capital investments[J]. Journal of Empirical Finance,2010,17(3):362-380.
[10] Tian X. The causes and consequences of venture capital stage financing[J]. Journal of Financial Economicsuan,2011,101(1):132-159.
[11] TykvováTereza,Schertler A. Does Syndication With Local Venture Capitalists Moderate the Effects of Geographical and Institutional Distance?[J]. Journal of International Manage-ment,2014,20(4):406-420.
[12] Li Y,Vertinsky I B,Li J. National distances,international experience,and venture capital investment performance[J]. Journal of Business Venturing,2014,29(4):471-489.
[13]李成,张鹏.我国风险投资的制度缺陷及其改进[J].经济社会体制比较,2005(2):54-59.
[14]钱苹,张帏.我国创业投资的回报率及其影响因素[J].经济研究,2007(5):78-83.
[15]王兰芳,王苏生.公开市场信号对创业投资决策和绩效的影响[J].经济学(季刊),2010(1):184-208.
[16]周莉,梅静,唐霞.创业投资项目回报率及其影响因素研究——以创业板上市公司为例[J].北京工商大学学报:社会科学版,2013(6):89-96.
[17]张玉华,李超.中国创业投资低于集聚现象及其影响因素研究[J].中国软科学,2014(12):93-102.
[18]吴新海,马俊,罗国锋,等.创业投资的资金规模及其影响因素研究[J].软科学,2014(12):93-102.
[19]邓超,孙壮志.湖南创业投资公司项目运营能力评价[J].经济地理,2015,35(12):135-140.
[20]鲍英善,朱方伟.强化我国创业投资金融支持的对策研究[J].经济纵横,2017(9):969-74.
[21]何涌. R&D能促进企业创新质量的提升吗?——基于风险投资的调节作用[J].经济经纬,2019(4):118-125.
[22]孟方琳,田增瑞,贾晓萍,等.“双创”背景下我国创业投资体制的演进及策略研究[J].宏观经济管理,2019(6):30-36.
[23] Christian Schr?der. Financial System and Innovations:Determinants of Early Stage Ventural Capital in Europe[R]. EIIW Discussion Paper Disbei167,Universit?tsbibliothek Wuppertal,University Library,2009.
(1)宁波辖区注册有3 000家各类基金,在梅山保税岛区注册并在中基协备案有368家,在国家发改委备案的有160家,创业投资微观运营数据一方面很难全面挖掘,另一方面基于保密考虑,不方便公开陈述,故选择21家政府创业投资作为分析样本。
(1)由于篇幅要求,影响创业投资的供给与需求模型推导及模型证明省略,有需要可与作者联系。
[2] Cochrane J H. The Risk and Return of Venture Capital[J]. Social Science Electronic Publishing,2005,75(1):3-52.
[3] Hsu D H. Experienced entrepreneurial founders,organizational capital,and venture capital funding[J]. Research Policy,2007,36(5):722-741.
[4] Nahata R. Venture capital reputation and investment performance[J]. Journal of Financial Economics,2008,90(2):127-151.
[5] Ljungqvist A,Hochberg Y V,Lu Y. Whom You Know Matters:Venture Capital Networks and Investment Performance[J]. Social Science Electronic Publishing,2007,62(1):251-301.
[6] Stam W,Elfring T. Entrepreneurial Orientation and New Venture Performance:The Moderating Role of Intra-And Extraindustry Social Capital[J]. Academy of Management Journal,2008,51(1):97-111.
[7] Ahlstrom D,Bruton G D. Venture Capital in Emerging Economies:Networks and Institutional Change[J]. Entrepreneurship Theory&Practice,2006,30(2):299-320.
[8] Wang L,Wang S. Economic freedom and cross-border venture capital performance[J]. Journal of Empirical Finance,2012,19(1):26-50.
[9] Cumming Douglas,Dai Na. Local bias in venture capital investments[J]. Journal of Empirical Finance,2010,17(3):362-380.
[10] Tian X. The causes and consequences of venture capital stage financing[J]. Journal of Financial Economicsuan,2011,101(1):132-159.
[11] TykvováTereza,Schertler A. Does Syndication With Local Venture Capitalists Moderate the Effects of Geographical and Institutional Distance?[J]. Journal of International Manage-ment,2014,20(4):406-420.
[12] Li Y,Vertinsky I B,Li J. National distances,international experience,and venture capital investment performance[J]. Journal of Business Venturing,2014,29(4):471-489.
[13]李成,张鹏.我国风险投资的制度缺陷及其改进[J].经济社会体制比较,2005(2):54-59.
[14]钱苹,张帏.我国创业投资的回报率及其影响因素[J].经济研究,2007(5):78-83.
[15]王兰芳,王苏生.公开市场信号对创业投资决策和绩效的影响[J].经济学(季刊),2010(1):184-208.
[16]周莉,梅静,唐霞.创业投资项目回报率及其影响因素研究——以创业板上市公司为例[J].北京工商大学学报:社会科学版,2013(6):89-96.
[17]张玉华,李超.中国创业投资低于集聚现象及其影响因素研究[J].中国软科学,2014(12):93-102.
[18]吴新海,马俊,罗国锋,等.创业投资的资金规模及其影响因素研究[J].软科学,2014(12):93-102.
[19]邓超,孙壮志.湖南创业投资公司项目运营能力评价[J].经济地理,2015,35(12):135-140.
[20]鲍英善,朱方伟.强化我国创业投资金融支持的对策研究[J].经济纵横,2017(9):969-74.
[21]何涌. R&D能促进企业创新质量的提升吗?——基于风险投资的调节作用[J].经济经纬,2019(4):118-125.
[22]孟方琳,田增瑞,贾晓萍,等.“双创”背景下我国创业投资体制的演进及策略研究[J].宏观经济管理,2019(6):30-36.
[23] Christian Schr?der. Financial System and Innovations:Determinants of Early Stage Ventural Capital in Europe[R]. EIIW Discussion Paper Disbei167,Universit?tsbibliothek Wuppertal,University Library,2009.
(1)宁波辖区注册有3 000家各类基金,在梅山保税岛区注册并在中基协备案有368家,在国家发改委备案的有160家,创业投资微观运营数据一方面很难全面挖掘,另一方面基于保密考虑,不方便公开陈述,故选择21家政府创业投资作为分析样本。
(1)由于篇幅要求,影响创业投资的供给与需求模型推导及模型证明省略,有需要可与作者联系。