摘要
企业的突破性创新对于提升企业竞争力、推动经济高质量发展具有重要意义。基于中国2010—2020年风险投资数据和上市公司数据,本文实证研究了风险投资对中国企业突破性创新的影响。研究发现:风险投资对于企业突破性创新具有显著的提升作用。风险投资主要通过缓解融资约束、提升管理经验和提高风险承担能力来促进企业突破性创新。异质性检验发现,风险投资对于非国有企业、东部地区企业和处于高新技术行业企业突破性创新的推动作用更为明显。本文的研究结论为进一步完善风险投资监管政策、提高风险投资发展水平和加大对于企业突破性创新的政策倾斜等方面提供了参考。
The breakthrough innovation of enterprises is of great significance in enhancing their competitiveness and promoting high-quality economic development.Based on China’s venture capital investment data and listed company data from 2010 to 2020,this study empirically investi⁃gates the impact of venture capital investment on breakthrough innovation of Chinese enterprises.The research finds that venture capital investment has a significant role in enhancing the breakthrough inno⁃vation of enterprises.Venture capital investment mainly promotes breakthrough innovation by allevi⁃ating financing constraints,enhancing management experience and improving risk-taking ability.Het⁃erogeneity tests reveal that the stimulating effect of venture capital investment on breakthrough innova⁃tion is more pronounced for non-state-owned enterprises,enterprises in the eastern region,and enterprises in high-tech industries.The findings of this paper provide a reference for further improving the regulation policies of venture capital investment,enhancing the development level of venture capital investment and increasing the policy support for breakthrough innovation of enterprises.
作者
王龙
张腾
林文敏
Wang Long;Zhang Teng;Lin Wenmin
出处
《宏观经济研究》
CSSCI
北大核心
2024年第6期43-58,共16页
Macroeconomics
基金
国家社会科学基金青年项目(21CTJ015)
国家自然科学基金专项项目(72141309)的资助。
