风险投资对技术创新的作用研究

发布时间：2018-03-24 16:37

本文选题：风险投资　切入点：技术创新　出处：《中国社会科学院研究生院》2008年博士论文

【摘要】： 改革开放以来,中国利用与发达国家的技术差距,充分发挥后发优势,以“引进——吸收——再创新”的方式获得了技术的巨大进步,实现了近30年高速经济增长。经济高速增长带来了中国要素禀赋结构的快速提升,这意味着中国的后发优势正在缩小,同时也表明自主技术创新能力在中国未来经济增长中将逐步开始发挥主导性作用。影响自主创新能力的因素众多,然而金融的作用却一直没有受到重视。事实上,金融特别是风险投资可能是造就美国高科技领先地位的最大功臣(European Commission,1995)。本文主要研究了风险投资对技术创新的作用机制及其大小。文章主体部分从理论与实证两个方面入手,在宏观和微观水平上均论证了风险投资对技术创新存在正向促进作用;而企业现有专利水平对企业能否获得风险投资没有显著影响。理论分析方面。风险投资对技术创新的作用是多方面和多渠道的,然而现有的文献往往只强调其中一种,而未能全面概括这种作用。作者试图从一个新的视角——效应分解——来看待风险投资对技术创新的作用,即将这种作用分解为资本增加效应和创新倾向提高效应,其中创新倾向提高效应进一步分解为结构次效应和技术次效应。通过分解,使这三种效应之和能够囊括风险投资对技术创新的全部作用。实证分析方面。收集整理了中国相关数据,完成了宏观和微观两个经验估计。宏观方面,利用2003-2005年中国省际横截面数据和混合横截面数据估计了风险投资对技术创新的作用,克服了以往研究采用总量时间序列数据导致样本不足的问题,从而获得了更可信的研究结论。微观方面,利用1992-2007年中国402个风险投资事件的相关数据,考察了风险投资对238个企业的技术创新状况是否存在影响。结果表明中国的风险投资对企业技术创新存在正向的推动作用,而企业的技术创新水平对风险投资的可获得性并没有明显影响。同时,我们还专门研究了一种特殊的风险投资——公司风险投资对技术创新的作用。现实中的大企业常常将公司风险投资作为一种技术创新战略,因此我们重点分析公司实施风险投资战略对公司自身创新的影响,而不是分析风险投资对被投企业创新的影响。案例分析结果表明,公司风险投资对公司自身创新的影响因具体情况而异。本文最后在概括主要结论的基础上,讨论了该领域未来进一步研究的方向。
[Abstract]:Since the reform and opening up, China has made full use of the technological gap with developed countries to give full play to its advantage in late development, and has made great progress in technology by "introducing, absorbing and re-innovating". Rapid economic growth over the past 30 years has brought about a rapid rise in the structure of China's factor endowment, which means that China's late-development advantage is shrinking. It also shows that the independent technological innovation ability will gradually begin to play a leading role in China's future economic growth. There are many factors that affect the independent innovation ability, but the role of finance has been neglected. In fact, Finance, especially venture capital, may be the biggest contributor to America's high-tech leadership, the European Commission. This paper mainly studies the mechanism and magnitude of venture capital's action on technological innovation. The main part of this paper starts with two aspects: theory and demonstration, and proves that venture capital has positive promoting effect on technological innovation at both macro and micro levels. However, the existing patent level has no significant effect on whether the enterprise can obtain venture capital. Theoretical analysis. The role of venture capital in technological innovation is multi-faceted and multi-channel, but the existing literature often only emphasizes one of them. The author tries to look at the effect of venture capital on technological innovation from a new perspective, that is, capital increasing effect and innovation propensity enhancement effect. By decomposition, the sum of these three effects can include the whole function of venture capital to technological innovation. Empirical analysis. Collected and collated the relevant data in China, completed both macro and micro empirical estimates. Macroscopically, using cross-sectional data and mixed cross-sectional data from 2003 to 2005 to estimate the impact of venture capital on technological innovation. It overcomes the problem that the total amount of time series data leads to the shortage of samples in previous studies, and thus obtains more credible conclusions. Microscopically, using the data of 402 venture capital events in China from 1992 to 2007, The effect of venture capital on technological innovation of 238 enterprises is investigated. The results show that venture capital in China has a positive role in promoting technological innovation of enterprises. However, the level of technological innovation has no obvious influence on the availability of venture capital. At the same time, we also study a special venture capital-the role of corporate venture capital on technological innovation. In reality, large enterprises often regard corporate venture capital as a kind of technology innovation strategy. Therefore, we focus on the analysis of the impact of the implementation of the venture capital strategy on the innovation of the company itself, rather than the impact of the venture capital on the innovation of the invested enterprises. The impact of venture capital on the innovation of the company varies according to the specific circumstances. Finally, on the basis of summarizing the main conclusions, the future research direction of this field is discussed.
【学位授予单位】：中国社会科学院研究生院
【学位级别】：博士
【学位授予年份】：2008
【分类号】：F273.1;F830.59

【引证文献】