风险投资对我国技术创新的作用及其效率评价

发布时间：2018-03-30 12:08

本文选题：技术创新　切入点：风险投资　出处：《浙江师范大学》2014年硕士论文

【摘要】：技术创新活动是一个高投入、高风险和高收益的生产过程,由于高风险,技术创新活动难以从传统融资渠道获得资金支持,技术创新活动面临着严重的资金约束问题。已有研究结果表明,风险投资不仅能为技术创新提供资本服务和增值服务,而且还能通过设计新的契约机制,为技术创新提供制度支持和利益激励,从而能显著的促进技术创新活动。但是,在实证研究中,风险投资对于技术创新的作用远未达到一致,具体而言有三种情况,即正效应、负效应和不存在任何效应。理论和实证研究结果为何出现如此大的差别,是本文研究的出发点。在梳理已有研究结果的基础上,本文首先分析了风险投资对我国技术创新作用的机理,指出风险投资对我国技术创新的作用可以分解为三种效应：边际产出效应、资本增加效应和增值服务效应,由于边际产出效应可能为正,也可能为负,而资本增加效应和增值服务效应都为正,三者累计的结果就会出现三种情况：正效应、负效应和不存在任何效应。这一结果对已有文献中理论与实证结果的明显差异做出了解释。在实证研究方面,本文以我国7个地区的面板数据为研究样本,将风险投资资本存量、国内RD资本存量、技术溢出RD资本存量和RD人员作为技术创新的投入,以专利申请量为技术创新的产出,通过计量分析,得出风险投资对我国技术创新存在正效应的结论,但同时也发现,对于技术创新的贡献,风险投资的作用仅为国内RD资本存量的1/8,远远小于风险投资对美国技术创新的作用。更进一步,本文采用数据包络分析法(DEA)评价了风险投资对我国技术创新作用的效率,结果表明我国大部分地区的风险投资效率均较低,投入产出远未达到最优状态。除了东北和华北地区的个别年份以外,其余地区的技术有效性均呈现无效状态,规模有效性也处于递减状态。这一结果对前面的计量分析结论提出了有力的支撑,并且指出我国风险投资行业发展还大有潜力。最后,对于风险投资行业的发展,本文提出了四点建议：一是完善退出渠道,加强多层次资本市场的建设；二是加强技术市场建设,完善技术产品化机制；三是加强知识产权保护,完善创新激励机制；四是加大对种子期的项目的投资力度,大力发展“天使投资”。
[Abstract]:Technological innovation is a production process with high investment, high risk and high profit. Because of the high risk, it is difficult for technological innovation to obtain financial support from traditional financing channels. The research results show that venture capital can not only provide capital service and value-added service for technological innovation, but also design new contractual mechanism. To provide institutional support and benefit incentives for technological innovation, which can significantly promote technological innovation activities. However, in empirical research, the role of venture capital on technological innovation is far from consistent, specifically, there are three situations, namely, positive effect. Why there is such a big difference between theoretical and empirical research results is the starting point of this paper. Based on the existing research results, this paper first analyzes the mechanism of the role of venture capital in technological innovation in China, and points out that the role of venture capital on technological innovation in China can be divided into three effects: marginal output effect. Capital increase effect and value added service effect, because marginal output effect may be positive or negative, and capital increase effect and value added service effect are both positive, there are three kinds of cumulative results: positive effect. The negative effect and no effect exist. This result explains the obvious difference between the theoretical and empirical results in the literature. In the empirical research, this paper takes the panel data of seven regions of China as the research sample, taking the capital stock of venture capital, domestic R D capital stock, technology spillover R D capital stock and R D personnel as the input of technological innovation. Taking the amount of patent application as the output of technological innovation, through econometric analysis, it is concluded that venture capital has positive effect on technological innovation in China, but at the same time, the contribution to technological innovation is also found. The role of venture capital is only 1 / 8 of the domestic R D capital stock, far less than the role of venture capital on American technological innovation. Furthermore, this paper uses data Envelopment Analysis (DEAA) to evaluate the efficiency of venture capital on technological innovation in China. The results show that the efficiency of venture capital is low in most areas of China. The input-output is far from the optimal state. Except for the individual years in the Northeast and North China, the technical effectiveness of the other regions is invalid. The scale efficiency is also in a decreasing state. This result provides a strong support for the previous econometric analysis conclusions and points out that there is great potential for the development of venture capital industry in China. Finally, for the development of venture capital industry, this paper puts forward four suggestions: one is to perfect the exit channel, to strengthen the construction of multi-level capital market, the other is to strengthen the construction of technology market and perfect the mechanism of technology production. Third, strengthen the protection of intellectual property and perfect the innovation incentive mechanism; fourth, increase the investment in the seed stage projects and vigorously develop "angel investment".
【学位授予单位】：浙江师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.48;F124.3

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