风投机构行业专业化投资强度对企业创新能力的影响

发布时间：2018-07-23 14:26

【摘要】：风险投资既能缓解创业企业融资困难,又能为创业企业提供管理支持和资源整合等附加价值服务。以2009-2014年中国创业板上市企业为研究样本,构建行业专业化投资强度指标,实证检验我国风险投资机构行业专业化投资强度与目标企业研发创新能力的关系。研究发现,无论从研发创新资源(研发投入强度、研发人员占比)还是研发创新成果(授权专利数)角度,风投机构行业专业化投资强度对目标企业研发创新能力都具有显著正向影响。进一步研究发现,风投机构行业专业化投资强度与目标企业研发创新成果(授权专利数)呈倒"U"型关系。最后,从风险投资机构投资策略选择、目标企业融资决策以及创业板审核监管机制3个方面提出对策建议。
[Abstract]:Venture capital can not only alleviate the financing difficulties of venture enterprises, but also provide additional value services such as management support and resource integration. Taking the listed enterprises of China's gem from 2009-2014 as the research sample, this paper constructs the index of the investment intensity of industry specialization, and empirically tests the relationship between the investment intensity of the industry specialization of venture capital institutions and the R & D innovation ability of the target enterprises. The study found that, whether from the perspective of R & D innovation resources (R & D investment intensity, R & D personnel share) or R D innovation achievements (number of authorized patents), The investment intensity of venture capital institutions has a significant positive impact on the R & D innovation ability of target enterprises. It is found that the relationship between the investment intensity of venture capital institution and the R & D innovation achievement (number of authorized patents) of the target enterprise is inverted "U" type. Finally, some suggestions are put forward from three aspects: the choice of investment strategy of venture capital institution, the financing decision of target enterprise and the supervision mechanism of gem audit.
【作者单位】：中南大学商学院;
【基金】：国家自然科学基金项目(71473275)
【分类号】：F832.48;F273.1

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