风险投资对科技型上市公司技术创新能力影响研究

发布时间：2018-04-21 03:34

本文选题：风险投资 + 科技型企业　；参考：《西安石油大学》2017年硕士论文

【摘要】：当今世界科学技术是推动经济社会发展的决定性力量和赢得国际竞争的关键因素,创新是科技进步、企业成长的源泉,是实现经济转型与社会协调发展的重要支撑。一个国家唯独拥有强大的创新能力,才能在激烈的国际竞争中把握先机、赢得主动。近年来,一系列与创新主题相关的国家政策顺利出台,使得技术创新成为一股强大的源动力推动着科技型企业资源的优化配置和科技成果的加速转化。我国科技型企业作为技术创新的主力军,科技型企业生存发展的竞争标准恰恰是以技术创新能力的高低为基础进行衡量的。风险投资作为一种新的融资制度,以其高投入、高风险、高收益、投融资的灵活性、管理的严密性等优势与技术创新活动表现出高度融合的一体化状态,有效解决了科技型企业的融资难题,使得高科技企业的发展成为可能。在理论研究部分,本文通过对国内外相关文献资料的查阅和梳理,结合国内风险投资行业的总体发展状况,有关风险投资对技术创新能力的影响重点以企业融资理论、企业生命周期理论、现代企业理论作为研究基础,并将风险资本与技术创新的机制适应性、共生性引入到企业生命周期理论当中,为本文的实证研究搭建了一个相对应的基础理论分析框架,全面地阐释了风险资本在推动科技型企业技术创新能力方面的作用和影响。在实证研究部分,本文以创业板上市公司样本为研究对象,首先利用229家企业在2009-2016年的样本数据,采用多元线性回归模型实证检验了风险投资特征因素对技术创新能力的影响。研究结论表明风险投资背景、风险投资周期、风险投资规模这三大特征要素自身的差异性使得科技型企业在技术创新产出与技术创新效益方面的表现上具有不同的影响效果;其次选用175家具有风险投资背景的科技型企业在2010-2016年的经验数据,选择面板回归模型实证检验了股权结构对技术创新能力的影响。研究结论认为股权集中度与技术创新能力呈现负相关,股权制衡度与技术创新能力呈现正相关,并且非国有控股的科技型上市公司比国有控股的科技型上市公司更具有技术创新投资倾向;最后,实证研究结论围绕风险投资、股权结构以及外部宏观环境这三方因素如何发挥作用才能对技术创新活动进行合理有效的引导而展开讨论,在此基础上为风险投资推动科技型企业技术创新能力的有效提升提供相关的对策和建议。
[Abstract]:The science and technology of the world today is the decisive force to promote the economic and social development and the key factor to win the international competition. Innovation is the source of the progress of science and technology, the source of the growth of the enterprise. It is the important support for realizing the economic transformation and the coordinated development of the society. Only a country has a strong innovation ability to grasp the opportunity in the fierce international competition. In recent years, a series of national policies related to innovative themes have been successfully introduced, making technological innovation a powerful source of power to promote the optimal allocation of scientific and technological enterprise resources and the accelerated transformation of scientific and technological achievements. It is precisely based on the ability of technological innovation. As a new financing system, venture capital is highly integrated with high investment, high risk, high income, flexibility of investment and financing, tightness of management and technological innovation, which effectively solves the financing difficulty of scientific and technological enterprises. It makes the development of high-tech enterprises possible. In the part of theoretical research, this paper, through consulting and combing relevant documents at home and abroad, combined with the overall development of domestic venture capital industry, focuses on the theory of enterprise financing, the life cycle theory of enterprises, and the modern enterprise theory. As the research foundation, the paper introduces the adaptability of venture capital and technological innovation mechanism, and introduces the symbiosis into the enterprise life cycle theory. It sets up a corresponding basic theoretical analysis framework for the empirical study of this paper, and comprehensively explains the role and influence of venture capital in promoting technological innovation ability of scientific and technological enterprises. In the empirical part, this paper takes the sample of the GEM listed companies as the research object. First, using the sample data of 229 enterprises in 2009-2016 years, the multiple linear regression model is used to test the impact of the risk investment characteristics on the technological innovation ability. The difference between the three key elements of the model makes the technology enterprises have different effects on the performance of technological innovation output and technological innovation efficiency. Secondly, the scientific and technological enterprises with the venture capital background of 175 furniture are selected for 2010-2016 years' experience data, and the panel regression model is selected to verify the equity structure to the technology. The conclusion is that the degree of ownership concentration has a negative correlation with the technological innovation ability, and the balance of stock right has a positive correlation with the technological innovation ability, and the non state holding technology listed companies have more technological innovation tendency than the state-controlled technology listed companies. Finally, the empirical research conclusions revolve around the wind. The three factors, such as risk investment, equity structure and external macro environment, can play a role in the rational and effective guidance of technological innovation activities. On this basis, it provides relevant countermeasures and suggestions for promoting the effective promotion of technological innovation ability of scientific and technological enterprises by venture investment.

【学位授予单位】：西安石油大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275;F273.1

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