摘要
风险投资与创新存在特征耦合,两者的良性互动对于区域创新发展具有重要意义,但现有国内外文献对内在相互作用机制的认识并不统一。使用1995-2014年中国31个省(含自治区、直辖市)的面板数据探讨了风险投资和创新的时空协同关系,并应用面板回归模型深入分析了两者相互作用的内在机理结果表明:风险投资对创新具有“作用效应”,并存在两类作用路径,分别通过风险投资的融资功能和增值服务实现,但风险资本排斥进入研发活动,资本的逐利性也导致其抑制创新,而增值服务则能有效促进创新,因此“作用效应”的最终影响取决于这两类反向路径的强弱关系;创新对风险投资具有“选择效应”,表明创新是风险投资甄别“标的”企业的有效信号,能够刺激风险投资行为的发生,但并不影响风险投资的金额数量。
Innovation has become a fundamental driving force for enterprise development and regional economic transformation and upgrading,and venture capital is an important supporting factor for promoting innovation. Sharing similar properties,both venture capital and innovation are high-level economic activities that combine high risk and high returns. Different from ordinary producer services,venture capital also concerns the business content of"underlying"enterprises in terms of financial communication,industrial technology,strategic consulting and enterprise management. It is often involved in the innovation and production process of the company because of a keen sense of the market prospects for corporate innovation. Therefore,venture capital and innovation may be synchronic in the time dimension.In the era of knowledge economy,innovation is becoming more open and inclusive. Because of the increasing intensity of knowledge information interaction and spillover between different innovation subjects,innovation activities often exhibit characteristics of spatial agglomeration. The co-location represents the spatial and temporal interaction between venture capital and innovation. At present,innovation has become the core driving force for China’s economic transformation and upgrading. The Chinese venture capital industry started late but developed quite rapidly. Understanding the relationship and mechanism of venture capital and innovation correctly helps to provide useful guidance for relevant practices,and it is of great significance to promote effective combination and benign interaction between the two.Based on reviewing the relevant literature,this paper proposed a theoretical framework on how venture capital interacts with innovation through two types of effects. The‘treatment effect’is the effect of venture capital on innovation. It includes two kinds of influence paths. One is through the financial mechanism related to capital,and the other is through the value-added services that are not necessarily relate
作者
林晓
徐伟
杨凡
Lin Xiao;Xu Wei;Yang Fan(Institute for Global Innovation and Development,East China Normal University,Shanghai 200062,China;School of Urban and Regional Science,East China Normal University,Shanghai 200062,China;Geography Department,University of Lethbridge,Lethbridge T1K3M4,Alberta,Canada;Institute of Information,Shanghai Academy of Social Sciences,Shanghai 200235,China)
出处
《科研管理》
CSSCI
CSCD
北大核心
2019年第7期119-130,共12页
Science Research Management
基金
国家自然科学基金项目“全球创新资源转移的空间过程、格局与机制研究”(编号:41471108,起止时间:2015.01-2018.12)
国家留学基金委项目资金
关键词
风险投资
创新
相互作用
时空关系
影响路径
venture capital
innovation
interaction
spatial-temporal relationship
influence path
