摘要
从融资约束视角出发,基于信息不对称理论,运用沪深上市企业2013~2019年的经验数据,探讨了风险投资机构参与对企业创新意愿的具体影响。研究发现:风险投资机构参与对企业创新意愿有显著的提升作用,并且随着风险投资机构持股比例的提高,企业的创新意愿也随之增强;信息透明度在风险投资对企业创新意愿的影响中起正向调节作用;风险投资对企业创新意愿的影响效应及信息透明度的调节作用,在国有企业与民营企业中存在明显的差异性。
The specific impact of the participation of venture capital institutions on enterprises’desire to innovate were investigated using the 2013~2019 empirical data of companies listed on Shanghai and Shenzhen stock exchanges based on the theory of information asymmetry from the perspective of financing constraints.The results show that venture capital institutions’participation significantly boosts enterprises’desire to innovate,especially as the venture capital institutions have their shareholding ratio increased;information diaphaneity positively promotes the influence of venture capital on enterprises’desire to innovate;there is an obvious difference between state-owned enterprises and private enterprises in the effect of venture capital on enterprises’desire to innovate and the moderating role of information diaphaneity.
作者
姜双双
刘光彦
JIANG Shuangshuang;LIU Guangyan(Liaoning Technical University,Huludao,Liaoning,China;Shandong Technology and Business University,Yantai,Shandong,China)
出处
《管理学报》
CSSCI
北大核心
2021年第8期1187-1194,共8页
Chinese Journal of Management
基金
国家社会科学基金资助项目(20BJ041)。
关键词
风险投资
信息透明度
企业创新意愿
venture capital
information diaphaneity
enterprise innovation intention
