财税政策与风险投资发展关系研究——基于中国各地区的经验证据

发布时间：2018-03-06 19:18

本文选题：风险投资　切入点：财税政策　出处：《证券市场导报》2014年02期 　论文类型：期刊论文

【摘要】：本文基于供求因素的讨论,构建了区域风险投资发展影响因素的分析框架,并利用我国2007~2012年的区域面板数据进行实证分析。结果表明,历史因素、企业创新产出和政府的财税政策是影响区域风险投资发展的三类因素。企业三个阶段的创新产出中,商业化产出对区域风险投资发展贡献最大,研发产出其次,产业化产出贡献最小。政府性风险资本投入超过60%后边际效应转为负向,在20~30%区间内作用最强。各类财税政策主要通过影响区域企业创新产出间接影响区域风险投资,各类财税政策效果的显著性和方向存在差异,但总体上,间接型财税支持政策比直接型的作用更显著。
[Abstract]:Based on the discussion of supply and demand factors, this paper constructs an analytical framework of the influencing factors of the development of regional venture capital, and makes an empirical analysis by using the regional panel data from 2007 to 2012 in China. The results show that the historical factors are historical factors. The enterprise innovation output and the government's finance and taxation policy are three kinds of factors that influence the development of regional venture capital. Among the three stages of enterprise innovation output, commercialized output contributes the most to the development of regional venture capital, and R & D output is the second. The contribution of industrialization output is the least. After government venture capital investment exceeds 60%, the marginal effect becomes negative, and the effect is strongest in the range of 20% or 30%. All kinds of fiscal and taxation policies affect regional venture capital indirectly mainly through the influence of innovation output of regional enterprises. There are significant differences in the effect and direction of all kinds of fiscal and taxation policies, but in general, indirect fiscal and tax support policies play a more important role than direct ones.
【作者单位】：天津财经大学经济学院;
【基金】：中国滨海金融协同创新项目(BJZX010101) 天津财经大学博士研究生创新基金(2012TCZ002)]
【分类号】：F832.5;F812.2;F224

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