风险投资对创业板企业技术创新效率影响的研究

发布时间：2018-07-10 02:14

本文选题：风险投资 + 技术创新效率　；参考：《苏州大学》2016年硕士论文

【摘要】：近年来,从微观角度研究风险投资与企业技术创新关系及其影响机理成为近几年国际学者研究的焦点和热点。技术创新对于企业和社会的意义不言而喻,技术创新是社会经济不断发展的内生动力,是企业保持领先的核心竞争力。我国风险投资自上世纪90年代萌芽以来,至今已成为经济链条中重要的一部分。2015年私募股权市场发生8365起投资案例,交易金额逾5000亿人民币创历史新高。由于当前我国的微观经济统计工作与发达国家相比存在差距,微观层面的风险投资数据匮乏,当前对风险投资的研究主要集中于理论分析和对宏观经济数据的实证研究,对于一个完整的风险投资研究体系而言,这是进一步探索的空间的。本文主要研究风险投资和企业技术创新效率之间的关系,首先从理论分析和实证研究两个方面梳理了风险投资和技术创新已有的论文文献,之后从理论和经济学模型分析的角度,同时采用处理效应模型,搜集大量非财务数据,用于剔除风险投资和技术创新效率之间的“自选择”效应,运用计量方法论证了我国风险投资对企业技术创新效率具有促进作用。为了深入的探究风险投资提高风险企业技术创新效率的内在机理,本文对公司治理对风险投资提高技术创新效率过程中可能存在的调节效应做了进一步的分析。为此,本文首先对公司治理调节风险投资对风险企业技术创新效率的机理进行了理论分析,并在基于创业板上市公司数据的实证分析中得到了验证,研究发现公司治理情况对于风险投资有显著的调节作用,进而影响风险投资对技术创新效率的促进效应。而进一步分析发现股权集中度对风险投资和技术创新效率有负向调节效应,股权集中会抑制风险投资对技术创新效率的促进作用;控制权集中度对风险投资和技术创新效率有负向调节效应,控制权的集中会抑制风险投资对技术创新效率的促进作用;而董事会规模对风险投资的调节效应没有得到证明。
[Abstract]:In recent years, the research on the relationship between venture capital and enterprise technological innovation and its influencing mechanism from a micro perspective has become the focus and hotspot of international scholars in recent years. The significance of technological innovation to enterprises and society is self-evident. Technological innovation is the endogenous driving force of the continuous development of social economy and the core competitiveness of enterprises. China's venture capital has become an important part of the economic chain since its inception in the 1990s. In 2015, 8365 investment cases occurred in the private equity market, with more than 500 billion yuan worth of transactions hitting a record high. Because of the gap between the microeconomic statistics in China and the developed countries, and the lack of venture capital data at the micro level, the current research on venture capital mainly focuses on theoretical analysis and empirical research on macroeconomic data. For a complete venture capital research system, this is the space for further exploration. This paper mainly studies the relationship between venture capital and the efficiency of enterprise technological innovation. Firstly, it combs the existing papers on venture capital and technological innovation from two aspects: theoretical analysis and empirical research. Then from the angle of theoretical and economic model analysis, we adopt the processing effect model to collect a large amount of non-financial data, which is used to eliminate the "self-selection" effect between venture capital and the efficiency of technological innovation. This paper demonstrates that venture capital plays an important role in promoting the efficiency of enterprise technological innovation by means of metrological method. In order to deeply explore the inherent mechanism of venture capital to improve the efficiency of technological innovation, this paper makes a further analysis of the regulatory effect that may exist in the process of improving the efficiency of technological innovation by corporate governance. Therefore, this paper firstly analyzes the mechanism of corporate governance regulating venture capital to the efficiency of venture enterprises' technological innovation, and it is verified in the empirical analysis based on the data of listed companies on the gem. It is found that corporate governance plays a significant role in regulating venture capital, and then affects the promoting effect of venture capital on the efficiency of technological innovation. Further analysis shows that the concentration of equity has a negative adjustment effect on the efficiency of venture capital and technological innovation, and the concentration of equity will inhibit the promotion of venture capital on the efficiency of technological innovation; The concentration of control right has negative regulation effect on venture capital and technological innovation efficiency, the centralization of control right will restrain the promoting effect of venture capital on technological innovation efficiency, but the regulatory effect of board size on venture capital has not been proved.
【学位授予单位】：苏州大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F273.1;F275;F832.51

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