摘要
中小科技企业的创新发展对于促进国家创新战略的实施至关重要。风险投资作为"高能资本",是提高中小科技企业创新产出和增加研发投入的重要手段。本文以2007-2019年中小板和创业板的科技企业作为样本,使用Hayes提出的"条件过程模型"替代传统的有调节的中介模型,基于风险投资的调节作用对市场竞争程度影响中小科技企业创新产出进行了条件过程分析。实证研究发现:市场竞争程度通过研发投入的中介作用对企业创新产出产生抑制作用,风险投资可以调节条件过程模型中的每一个路径来促进企业的创新产出。按地区和规模对样本进行分类研究发现,不同地区和不同规模的中小科技企业创新产出的外部因素市场竞争程度和内部因素研发投入及风险投资的影响机制是有区别的。研究结论为中小科技企业的决策、风险投资公司的投资以及国家相关政策的调整提供启示和借鉴。
It is very important for the implementation of national innovation strategy to promote the innovation development of small and medium-sized science and technology enterprises.As"High-energy Capital",venture capital is an important means to promote innovation output performance and increase R&D input of small and medium-sized S&T Enterprises.In this paper,we use the"Conditional process model"proposed by Hayes to replace the traditional mediating model with the sample of the small and medium-sized enterprises in 2007-2019,based on the regulation of venture capital,this paper analyzes the conditional process of the influence of market competition on the innovation output of small and medium-sized sci-tech enterprises.It is found that the degree of market competition restrains the innovation output of enterprises through the mediating effect of R&D investment,and the venture capital can adj ust every path in the conditional process model to promote the innovation output of enterprises.A study that categorizes samples by region and size found that,the market competition degree of external factors and the influence mechanism of internal factors R&D investment and venture investment are different in different regions and different scales.The above conclusions provide enlightenment and reference for the decision-making of small and medium-sized science and Technology Enterprises,the investment of venture capital companies and the adjustment of relevant national policies.
作者
宋清
刘奕惠
SONG Qing;LIU Yihui(College of Economics and Management,Tianjin University of Science&Technology,Tianjin 300457,China)
出处
《中国软科学》
CSSCI
CSCD
北大核心
2021年第10期182-192,共11页
China Soft Science
基金
天津市哲学社会科学规划研究项目(TJGL20-014)。
关键词
中小科技企业
市场竞争程度
创新产出
条件过程模型
Technology-Based SMEs
market competition
innovation output
conditional process model
