摘要
科技企业在成长过程中缺乏可抵押资产而倾向于选择股权融资为创新项目筹集资金。本文利用中关村企业2005-2015年连续观测数据,结合面板数据特征,分年度进行倾向得分匹配,分别检验上市融资、风险投资以及非上市股权融资三种股权融资形式对企业创新支持的影响效应和机制。实证结果显示:股权融资有效激励了企业创新;在小规模企业、初创型企业或者没有政府补助的企业中,股权融资对创新的激励效应显著;三种股权融资中,只有风险投资通过缓解研发项目的融资约束支持创新;风险投资对企业创新的激励机制主要体现在大规模企业、成熟期企业、获得银行贷款或者政府补贴的企业中。研究表明,作为市场化的科技资源配置手段,风险投资倾向于选择并培育成熟期或者有创新资源的企业促进创新;而对于创新资源相对不足的初创型企业来说,应充分发挥非市场化手段以促进股权投资的前移。
In the process of growth,technology enterprises lack of mortgage assets and tend to choose equity financing to raise funds for innovation projects.Based on the continuous observation data of Zhongguancun enterprises from 2005 to 2015,combining with the characteristics of panel data,this paper conducts the trend score matching by year,and tests the effect and mechanism of listed financing,venture capital and unlisted equity financing on enterprise innovation support.The empirical results show that:equity financing effectively stimulates enterprise innovation;in small-scale enterprises,start-up enterprises or enterprises without government subsidies,equity financing has significant incentive effect on innovation;among the three kinds of equity financing,only venture capital supports innovation by alleviating the financing constraints of R&D projects;the incentive mechanism of venture capital for enterprise innovation is mainly reflected in large-scale enterprises,mature enterprises,enterprises with bank loans or government subsidies.The research shows that,as a market-oriented means of science and technology resources allocation,venture capital tends to choose and cultivate mature enterprises or enterprises with innovative resources to promote innovation;while for start-up enterprises with relatively insufficient innovation resources,they should give full play to non market-oriented means to promote equity investment forward.
作者
王乾宇
崔静静
田人合
WANG Qian-yu;CUI Jing-jing;TIAN Ren-he(School of Economics and Management, Inner Mongolia University, Hohhot 010021, China;School of Economics and Management, Inner Mongolia University of Technology, Hohhot 010051, China;School of Public Management, Northwest University, Xi′an 710127,China)
出处
《商业研究》
CSSCI
北大核心
2020年第9期142-152,共11页
Commercial Research
基金
国家自然科学基金面上项目“创新经济体内生发展机制的理论与经验研究”,项目编号:71373258
国家自然基金青年项目“破解创新悖论——基于微观实证研究解析创新价值的实现机制”,项目编号:71804077
内蒙古自治区高等学校青年科技英才支持计划资助项目,项目编号:NJYT-20-B21。
关键词
股权融资
非上市公司股权融资
风险投资
上市融资
中关村
equity financing
equity financing of non listed companies
venture capital
IPO
Zhongguancun
