摘要
风险投资究竟如何影响中国科技企业创新效率?该文利用2011—2015年927家中国上市科技企业微观数据,采用倾向得分匹配法(PSM-DID)进行实证研究,并检验了风险投资对不同区域、不同所有制和融资约束科技企业创新效率的异质性影响。结果表明:风险投资显著提升了科技企业的创新效率,风险投资对东中部地区、内资企业以及融资约束程度高的科技上市企业的创新效率提升作用尤为明显。该文研究对于全面评估近年来中国风险投资业发展的经济效果及其对中国科技企业创新能力影响效应具有重要的政策启示意义。
Based on the PSM-DID method and the micro-data of 927 listed technology companies in China from 2010 to 2015, this paper finds out the significant enhancement of the innovation efficiency of science and technological enterprises due to venture capital. In addition, this paper examines the heterogeneity of risk investment on the innovation efficiency of different regions, different ownership and financing constraints as well. The results show that the positive effects of venture capital on the innovation of the listed companies in eastern and central regions, domestic-funded enterprises and those with high degree of financing constraints is particularly evident.
作者
于永达
陆文香
YU Yong-da LU Wen-xiang(School of Public Policy and Management, Tsinghua University 100084)
出处
《上海经济研究》
CSSCI
北大核心
2017年第8期47-60,共14页
Shanghai Journal of Economics
基金
国家社科基金项目"一带一路"框架下中国-中亚-西亚经济走廊建设中的金融合作问题研究(项目号:16BJY156)的资助
关键词
风险投资
科技企业创新效率
倾向得分匹配法
倍差法
Venture Capital
Innovation Efficiency of Technology Enterprise
Propensity Score Matching
Difference-In-Difference
