摘要
引导创业企业开展创新活动是创业投资政府引导基金发挥引导机制的重要维度。文章首先基于市场失灵理论和资源基础理论,提出创业投资政府引导基金引导科技型创业企业创新的激励效应假说、累积效应假说和迟滞效应假说;然后将科技型中小企业创业投资引导基金投资保障的创业企业名录与新三板挂牌企业名单匹配,筛选获得2008-2014年间至少获得一次引导基金投资保障且截至2016年已在新三板挂牌的50家创业企业,以此作为研究样本,使用固定效应模型,检验了引导基金对创业企业创新产出的影响。研究发现,受引导基金支持的创业企业比未受引导基金支持的创业企业有更多创新产出;获得引导基金投资保障的次数越多,创业企业创新产出越多;创业企业创新产出和引导基金累计保障年限之间存在正U型关系,进一步的门限估计检验表明门槛值为5年。研究结论为制定有利于创业企业创新的公共政策提供了经验证据。
Guiding entrepreneurial firm innovation is an important dimension of venture capital governmental guiding fund to play the guiding role. This paper first proposes the hypotheses of incentive effects,cumulative effects,and hysteresis effects based on the market failure theory and resource based theory. Then,it matches the full listing obtained from technology-based firm Innfund website with enterprises listed on National Equities Exchange and Quotations by the year 2016. After that it screens out those which had been sponsored at least once by Innfund investment protection during 2008 to 2014. Using this panel data,the paper adopts fixed effect model and examines guiding funds＇ influence on entrepreneurial innovation output. The result shows that firms subsidized by guiding fund have more innovative output than those didn＇t get the fund,and the more the investment protection,the more enterprise innovation output. The article also finds that there is a positive U relationship between the firms innovation output and the accumulative guarantee period of the guiding fund and the threshold estimation shows threshold value is five years. The findings provide empirical evidence for policy implications to improve entrepreneurial firm innovation.
作者
程聪慧
王斯亮
CHENG Cong-hui;WANG Si-liang(School of International and Public Affairs,Shanghai Jiao Tong University,Shanghai 200030,China;Law School,Hunan University,Changsha 410082,China)
出处
《科学学研究》
CSSCI
CSCD
北大核心
2018年第8期1466-1473,共8页
Studies in Science of Science
关键词
政府引导基金
创业投资
投资保障
科技型中小企业
创新产出
governmental guiding funds
venture capital
investment protection
small and medium technology-based firms
innovation output
