摘要
本文利用中国企业面板数据,分析了创业投资对创新绩效的影响。本文以专利申请数量和专利质量(发明专利申请、有效专利数、国际专利分类号IPC数和专利权利要求数)衡量企业创新绩效,回归结果表明创业投资显著促进了创新绩效;对于外部融资依赖度更高、高新技术密集度更高的行业以及产权保护更好的地区,创业投资对企业创新绩效的促进更显著。本文进一步区分创业投资机构的特征,发现非国有创业投资对创新绩效的促进作用显著大于国有创业投资;高声誉、高网络资本的创业投资机构对创新绩效的促进作用更显著。
This paper investigates the impact of venture capital on innovation efficiency. The sample consists of China＇ s firm - level panel data during 2002 - 2013. The empirical results show that venture capital has significantly positive effects on innovation efficiency, which is measured by patent applications and patent quality including invention patent applications, valid patents, the number of IPCs, and the number of claims. For firms of industries which are more dependent on external finance and are more high - tech intensive, and firms in regions with better property right protection, the impact of venture capital on corporate innovation efficiency is more significant. The characteristics of venture capital firms also matter. It is found that non - state -owned venture capital increases innovation efficiency more profoundly than state -owned venture capital does. And, more reputable and better networked venture capital firms have more significant impacts on innovation efficiency.
出处
《金融研究》
CSSCI
北大核心
2017年第1期177-190,共14页
Journal of Financial Research
基金
国家自然科学基金面上项目(项目批准号:71672106和71372042)
国家自然科学基金青年项目(项目批准号:71502095和71302076)
上海财经大学创新团队支持计划的资助
教育部重点研究基地重大项目(项目批准号:15JJD630008)的阶段性研究成果
关键词
创业投资
创新绩效
专利申请
专利质量
Venture Capital, Innovation Efficiency, Patent Application, Patent Quality
