摘要
本文以中国创业板高新技术企业为样本,实证检验了风险投资与技术创新的关系。研究发现,风险投资的参与并不能为高新技术企业带来更多技术创新资源,也不能促使高新技术企业创造更多技术创新成果和效益,风险投资未能促进高新技术企业的技术创新。这一结论与利用创业板的融资功能,提升我国高新技术企业技术创新能力的政策初衷不符。为了提升风险投资对高新技术企业技术创新能力的促进作用,创业板监管当局应当以技术创新和成长性为尺度,进一步改革和完善创业板发行审核、保荐、新股询价、股票禁售以及退市等制度。
It is generally accepted that Venture Capita（ VC ） would improve the technology innovations of Hitech enterprises. Using Hi-tech Enterprise in Growth Enterprise Market （GEM） of China as samples, this paper examined empirically the relationship between Venture Capita and technology innovations. The results indicated that the participation of Venture Capita had not significant positive impacts on the technology innovation of Hi-teeh enterprises. This finding does not conform to the original intentions of the policy to make use of GEM to promote innovation abilities of Hi-tech Enterprises in China. This finding also suggests, to promote the functions of the Venture Capita in improving innovation ability of Hi-tech enterprises, the regulatory authority of GEM should reform the GEM systems in issueing, auditing, delisting of stock.
出处
《经济管理》
CSSCI
北大核心
2011年第2期71-77,共7页
Business and Management Journal ( BMJ )
基金
国家自然科学基金青年项目"产权
政治关系与资源配置"(70902024)
