风险资本阶段性投资对企业研发投入影响的研究

发布时间：2018-11-18 15:00

【摘要】：利用创业板及中小板上市公司数据,以每轮投资规模和投资时间间隔衡量阶段性投资,研究风险资本的阶段性投资对企业研发投入强度的影响。研究发现:(1)每轮投资规模与投资时间间隔均与研发投入强度显著正相关;(2)在对样本进一步细分后,发现对于不同投资阶段,阶段性投资对研发投入强度的影响存在明显差异,即对于早期投资阶段,每轮投资规模与研发投入强度显著正相关,投资时间间隔与研发投入强度显著负相关;而对于后期投资阶段,每轮投资规模与研发投入强度没有显著相关性,投资时间间隔与研发投入强度显著正相关。说明风险资本不仅通过阶段性投资缓解了企业创新活动中的融资约束问题,还通过调整投资时间间隔来调整监督强度,促进企业的创新活动投入。
[Abstract]:Based on the data of listed companies in the gem and the small and medium sized board, the paper measures the investment by stages according to the scale and time interval of each round of investment, and studies the influence of the phased investment of venture capital on the R & D investment intensity of enterprises. The results show that: (1) the scale and time interval of each round of investment are significantly positively correlated with the intensity of R & D investment; (2) after further subdividing the samples, it is found that for different investment stages, the impact of stage investment on R & D investment intensity is significantly different, that is, for the early investment stage, the scale of each round investment and R & D investment intensity are significantly positive correlation; The time interval between investment and R & D investment intensity is significantly negative correlation; However, for the later investment stage, there is no significant correlation between the investment scale and the R & D investment intensity, and the investment interval is positively correlated with the R & D investment intensity. It is shown that venture capital not only alleviates the financing constraints in enterprise innovation activities through phased investment, but also adjusts the intensity of supervision by adjusting the time interval of investment to promote the investment in innovation activities of enterprises.
【作者单位】：西安交通大学管理学院;西安理工大学经济与管理学院;
【基金】：国家自然科学基金面上项目(71373202,71173166) 陕西省软科学项目(2015KRM056)
【分类号】：F273.1

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