风险投资IPO退出对企业创新的影响——基于我国科技型上市企业的实证分析

发布时间：2018-03-07 16:11

本文选题：企业创新　切入点：风险投资　出处：《北京联合大学学报(人文社会科学版)》2017年04期 　论文类型：期刊论文

【摘要】：风险投资IPO退出会为企业创造良好的融资条件,增加对企业创新活动的资金支持;但也可能由于风险投资机构的"动机扭曲",为企业创新发展带来损害。以我国风险投资IPO退出事件为研究样本,基于我国科技型上市企业数据,采用随机效应面板回归与面板泊松回归的方法,对风险投资IPO退出特征变量与企业创新投入和创新产出变量进行实证分析,结果表明,企业IPO规模与企业创新行为整体呈现显著正相关,风险投资持股机构数量、风险投资对企业股份持有期与企业发明专利申请数显著正相关,风险投资回报系数与企业研发投入、专利有效数显著正相关。
[Abstract]:The exit of venture capital IPO will create good financing conditions for enterprises and increase the financial support for enterprises' innovation activities. However, it is also possible that the "motivation distortion" of venture capital institutions will cause harm to the innovation and development of enterprises. Taking the IPO withdrawal from venture capital in China as the research sample, based on the data of China's sci-tech listed enterprises, By using the method of stochastic effect panel regression and panel Poisson regression, the empirical analysis of venture capital IPO exit characteristic variable and innovation input and innovation output variable is carried out. The scale of enterprise IPO is positively correlated with the whole innovation behavior of enterprise, the number of venture capital holding institutions, the ownership period of venture capital and the number of patent applications for invention are significantly positive correlation, and the return coefficient of venture capital and enterprise R & D investment. The effective number of patents is significantly positive correlation.
【作者单位】：北京联合大学商务学院;
【基金】：北京市人才强教长城学者人才培养项目“科技金融网络演化对科技型企业竞争优势的影响研究”(项目编号:42210991503106) 北京自然科学基金项目“科技金融网络的结构、演化及创新机制研究”(项目编号:9142006) 北京市哲学社会科学规划研究基地一般项目“ECFA背景下京台金融合作模式研究”(项目编号:14JDJGB044)
【分类号】：F273.1;F832.51

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