风险投资对上市公司创新的影响研究

发布时间：2018-05-08 09:45

本文选题：风险投资 + 风险投资的特征　；参考：《南京财经大学》2014年硕士论文

【摘要】：21世纪以来,随着我国经济的增长,中小企业的发展势头也极为迅猛,已有逐渐成为国民经济增长新支撑点的趋势。但中小企业(尤其是高新技术中小企业)由于其自身的限制,很难通过传统的融资渠道(如银行贷款)获得发展所需的资金,恰好风险投资(简称VC)作为一种新型的权益资本,专注于投资高成长性或创新性很强的企业或行业,以获得与其风险相匹配的高额收益,于是,风险投资便成了中小企业融资的首选。而高新技术企业的特征之一就是其创新性,因而研究风险投资对中小企业创新的作用有重要的意义。对于风险投资,本文从两个方面考虑：一是风险资本的投入对于上市公司创新有无影响；二是风险投资的特征,包括风险投机机构的持股比例、投资阶段、投资方式、投资背景以及机构的声誉因素等对上市公司创新的影响；对于上市公司的创新活动又分别从创新投入以及创新产出两个方面来考虑,因此本文的研究共可分为四个部分。本文以深圳中小企业板信息技术产业以及制造业上市公司数据为样本,通过构建OLS回归模型和负二项回归模型对风险投资与上市公司创新之间的关系进行了实证研究。研究结果表明,风险投资的参与对公司创新投入和创新产出均有显著的正向影响,同时风险投资对创新产出的作用存在滞后效应；而拥有外资背景且声誉较高的风险投资机构持股比例越高、进入公司阶段越早(即选择成长期进入)、选择联合投资方式对上市公司的创新能力影响越大。研究还表明,公司的RD以及技术人员投入对创新投入有显著影响,公司的规摸、发展能力指标对创新产出有显著影响,公司所处行业以及盈利能力指标对创新投入以及创新产出都有影响,且公司的RD投入对创新的影响要大于风险投资。
[Abstract]:Since the 21st century, with the economic growth of our country, the development of small and medium-sized enterprises is also very rapid, which has gradually become the new support point of national economic growth. However, due to their own limitations, SMEs (especially high-tech SMEs) are difficult to obtain the funds needed for development through traditional financing channels (such as bank loans). Focusing on enterprises or industries with high growth or innovation in order to achieve high returns matching their risks, venture capital has become the first choice for SMEs to finance. One of the characteristics of high-tech enterprises is their innovation, so it is of great significance to study the role of venture capital in the innovation of small and medium-sized enterprises. For venture capital, this paper considers from two aspects: one is whether the investment of venture capital has an impact on the innovation of listed companies, the other is the characteristics of venture capital, including the proportion of shares held by venture capital institutions, the investment stage, and the investment mode. The impact of investment background and institutional reputation factors on the innovation of listed companies. The innovation activities of listed companies are considered from innovation input and innovation output, so this paper can be divided into four parts. Based on the data of information technology industry and manufacturing listed companies in Shenzhen SME board, this paper makes an empirical study on the relationship between venture capital and innovation of listed companies by constructing OLS regression model and negative binomial regression model. The results show that the participation of venture capital has a significant positive impact on both innovation input and innovation output, and the effect of venture capital on innovation output has a lag effect. The higher the shareholding ratio of venture capital institutions with foreign capital background and high reputation is, the earlier they enter into the company stage (that is, they choose to enter the stage of growth, and the choice of joint investment mode has a greater impact on the innovation ability of listed companies. The research also shows that R D and the input of technicians have a significant impact on innovation investment, and the company's planning and development ability index have a significant impact on innovation output. The industry and profitability of the company have an impact on innovation input and innovation output, and R D investment has more impact on innovation than venture capital.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.48;F273.1

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