创业投资机构持股、知识产权环境与企业研发绩效

发布时间：2018-05-24 00:49

本文选题：创投机构持股 + 管理参与　；参考：《浙江大学》2014年硕士论文

【摘要】：创业投资机构对于高科技企业的发展与成长有着重要的意义。一方面,创业投资机构在高科技企业成长的关键时期提供股权投资,为高科技企业的发展提供充足的动力。另一方面,创业投资机构会为高科技企业提供多元化的增值服务,帮助高科技企业确定战略目标,规划企业资源,提升管理运作水平,最终实现企业价值的增长。在这其中,创业投资机构持股与企业研发创新绩效的关系,逐渐成为学术界探讨的热点。本文以此为背景,选取了2009年-2012年中小板和创业板所有上市的企业,通过创业投资机构持股与否、持股比例、联合投资和管理参与的情况,探索了创业投资机构持股、管理参与程度与企业研发绩效的影响。本文引入地区知识产权保护水平、知识产权成果的市场转化率水平,考察地区知识产权保护对创业投资机构持股、联合投资和管理参与程度与企业研发绩效关系的调节作用。实证研究发现,被创业投资机构持股的企业,其研发绩效会更高,而持股比例越高,这种效应就越明显。同时,创业投资机构向被投资企业派驻董事等管理参与行为和创投机构的联合投资,也提升企业的研发绩效。本文研究发现,地区知识产权保护水平和知识产权成果市场化率水平对于创业投资持股的研发效应有着正向的调节作用。最后,本文对研究的结果进行了稳健性检验。
[Abstract]:Venture capital institutions are of great significance to the development and growth of high-tech enterprises. On the one hand, venture capital institutions provide equity investment in the key period of the growth of high-tech enterprises, and provide sufficient impetus for the development of high-tech enterprises. On the other hand, venture capital institutions will provide diversified value-added services to high-tech enterprises, help high-tech enterprises to set strategic goals, plan enterprise resources, improve management and operation level, and finally achieve the growth of enterprise value. Among them, the relationship between venture capital institution ownership and R & D innovation performance has gradually become a hot topic in academic circles. Based on this background, this paper selects all the enterprises listed on the small and medium-sized board and the growth enterprise board from 2009 to 2012, and explores the stock ownership of venture capital institutions through the situation of whether or not the venture capital institutions hold shares, the proportion of ownership, the joint investment and management participation. The impact of management involvement on R & D performance. This paper introduces the level of regional intellectual property protection and the market conversion rate of intellectual property achievements, and investigates the regulatory effect of regional intellectual property protection on the ownership of venture capital institutions, the degree of joint investment and management participation and the R & D performance of enterprises. The empirical study shows that the R & D performance of the firms owned by venture capital institutions will be higher, and the higher the shareholding ratio, the more obvious this effect will be. At the same time, the joint investment of venture capital institutions and venture capital institutions, such as the placement of directors to the invested enterprises, also improves the R & D performance of the enterprises. This paper finds that the level of regional intellectual property protection and the level of marketization of intellectual property achievement have a positive effect on the R & D effect of venture capital shareholding. Finally, the results of the study are tested for robustness.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F273.1

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