融资约束、创业投资与企业创新能力

发布时间：2018-06-03 14:46

本文选题：融资约束 + 创业投资　；参考：《财会通讯》2017年36期

【摘要】：本文选取2011-2015年我国中小板、创业板上市的617家公司上市前三年和上市后三年的2916个数据为样本,对创业投资对于企业创新的作用,以及创业投资的参与对于缓解融资约束,提升企业创新能力的影响进行了实证检验。研究表明:我国企业仍普遍存在严重的融资约束;创业投资的参与能够提高企业的创新能力;与非创业投资支持的样本相比,创业投资支持的样本缓解企业所受到的融资约束,提升企业创新能力的效果显著更好。创业投资对于融资约束样本缓解融资约束,提升创新能力的作用显著为正,而对于非融资约束样本上述作用则不存在,且回归结果不显著。
[Abstract]:This paper selects 2916 data from the first three years and three years after the listing of 617 companies listed on the growth Enterprise Market (gem) in 2011-2015 as a sample to analyze the effect of venture capital on enterprise innovation, and the participation of venture capital in alleviating financing constraints. The influence of improving the innovation ability of enterprises is tested empirically. The research shows that: there are still serious financing constraints in Chinese enterprises; the participation of venture capital can improve the innovation ability of enterprises; compared with the sample of non-venture capital support, the sample of venture capital support alleviates the financing constraints of enterprises. The effect of improving the innovation ability of enterprises is much better. The effect of venture capital on the financial constraint samples to ease the financing constraints and improve innovation ability is significantly positive, but for the non-financing constraint samples, the above effects do not exist, and the regression results are not significant.
【作者单位】：海南热带海洋学院;
【基金】：吉林省科技发展计划软科学研究项目“吉林省科技与金融的协同演化机制和相互融合路径研究”(项目编号:20160418082FG) 吉林省教育厅“十三五”社会科学研究项目“吉林省科技创新与科技金融的协同演化机制与提升对策研究”(项目编号:吉教科文合字[2016]第449号)的阶段性研究成果
【分类号】：F273.1;F275;F832.4

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