风险投资对创业板上市公司技术创新的影响研究

发布时间：2018-05-10 16:21

本文选题：风险投资 + 技术创新　；参考：《哈尔滨工业大学》2017年硕士论文

【摘要】：近几年来,中国风险投资业发展迅速,全社会技术创新活动硕果累累,但学术界有关风险投资与技术创新的关系的研究结论仍存在着很大的分歧。同时,主要功能是为中小企业提供融资平台和为风险投资提供退出渠道的创业板市场却频繁出现高估值和低业绩的现象。由于风险投资是中国创业板市场的主要投资方,如果其投资企业的主要目的是通过发行上市的方式快速造富,那么它们还会推动企业的技术创新吗?研究并回答上述问题,将能深化对风险投资与技术创新关的认识,同时也能为中国创业板上市和退市制度的革新提供参考。风险投资对技术创新的影响是本文研究的重点,为了更加深入的研究此问题,本文将技术创新过程细分为技术创新投入、技术创新知识产出、技术创新绩效等三个阶段。在对国内外关于风险投资与技术创新研究成果梳理的基础上,提出了本文的研究假设,建立了横截面回归模型和负二项式回归模型,并以2009年10月30日到2016年12月31日创业板上市的制造业企业为样本,采用横截面数据进行了实证研究。研究分析得出风险投资参与和风险投资持股比例的提高对创业板制造业上市公司技术创新投入均有正向影响,而对技术创新知识产出和绩效的提升均无显著影响。进一步研究发现,在有风险投资背景的基础上,风险投资机构数量对技术创新投入、知识产出和绩效均有显著的正影响,而外资背景风险投资与技术创新投入、知识产出和绩效均正相关,但回归结果并不显著。由于本文运用的是Pre-IPO阶段进入的风险投资数据,因此本文的研究结果说明在Pre-IPO阶段进入的风险投资对创业板制造业上市公司的技术创新影响不大。在研究结果的基础上,本文从创业板上市和退市制度革新的角度提出了进一步提高风险投资对技术创新促进作用的政策建议。
[Abstract]:In recent years, the venture capital industry in China has developed rapidly and the whole society has made great achievements in technological innovation activities. However, there are still great differences in the research conclusions about the relationship between venture capital and technological innovation in academic circles. At the same time, the main function is to provide financing platform for small and medium-sized enterprises and to provide exit channels for venture capital, but the gem market frequently appears the phenomenon of high valuation and low performance. Since venture capital is the main investor in China's gem market, if the main purpose of its investment enterprises is to make wealth quickly by issuing and listing, then will they still promote the technological innovation of enterprises? Studying and answering the above questions will deepen the understanding of the relationship between venture capital and technological innovation, and at the same time provide a reference for the innovation of listing and delisting system of China's gem. The impact of venture capital on technological innovation is the focus of this paper. In order to further study this problem, the process of technological innovation is divided into three stages: technical innovation input, technological innovation knowledge output and technological innovation performance. On the basis of combing the research results of venture capital and technological innovation at home and abroad, the research hypotheses of this paper are put forward, and the cross section regression model and negative binomial regression model are established. Taking the manufacturing enterprises listed on the gem from October 30, 2009 to December 31, 2016 as a sample, the empirical research is carried out using cross-sectional data. The research and analysis show that venture capital participation and the increase of the proportion of venture capital holding have a positive impact on the technology innovation investment of listed companies in gem manufacturing industry, but have no significant effect on the technological innovation knowledge output and performance improvement. Further study shows that the number of venture capital institutions has a significant positive impact on technological innovation input, knowledge output and performance on the basis of venture capital background, while venture capital and technology innovation investment in foreign capital background. Knowledge output and performance are positively correlated, but the regression results are not significant. Since this paper uses venture capital data from the Pre-IPO stage, the research results show that the venture capital entered in the Pre-IPO stage has little effect on the technology innovation of the listed companies in the gem manufacturing industry. On the basis of the research results, this paper puts forward some policy suggestions on how to further improve the role of venture capital in promoting technological innovation from the perspective of gem listing and delisting system innovation.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F273.1;F275

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