风险投资对企业技术创新影响研究.doc

摘 要:目前，风险投资在国外对企业的技术创新进步起到了重要的作用。而在国内，风险投资与企业技术创新的关系仍然没有明确的定论。为了进一步的研究风险投资在国内对企业创新技术的影响，本文以2011年和2012年在国内创业板上市的江浙沪企业为样本进行了实证研究。我们将企业拥有专利个数、R&D投入指数、Tobin’s Q值作为被解释变量，有无风险投资股东背景作为解释变量，财务杠杆、企业成立年数和总资产作为控制变量，构建多元回归计量模型，对国内创业板的实际情况进行验证。结果发现，对于国内的创业板，是否拥有风险投资背景的股东与企业创新技术的关系并不显著。原因可能在于一方面当前创业板上市企业背后的风险投资股东所考察的重点并非企业的创新技术能力，而是在利用企业上市而达到快速圈钱的目的；另一方面我国的融资环境并不是十分理想。在此基础上，本文进一步提出了国内风险投资需要有制度化的管理规范，同时加强政府部门对风险投资机构进行严格的监督管理等建议，从而为我国风险投资领域创造个良好的投资环境。

关键词：风险投资；创业板上市公司；技术创新

ABSTRACT:Nowadays, venture capital plays an important role in the technology innovation of enterprise development in many countries. However, in China, there is no clear relationship between venture capital and technological innovation of enterprises.In order to study the effect of venture capital and innovation technology in China, we collected the data of the domestic Jiangsu, Zhejiang, Shanghai enterprises listed in the GEM in 2011and 2012 for the sample of empirical research.We treated the number of enterprise patent, R&D index, Tobin 's Q values as explained variables, shareholders with venture capital background as explanatory variables, and financial leverage, the years that enterprises set up and the total assets as control variables, to construct multiple regression model and to verify the actual situation.The results showed that, the venture capital background is not significant in relation to technological innovation.The reason may lie in the emphasis that current shareholders with venture capital background does not pay much attention to the technological innovation capability but they want to achieve money fast.On the other hand, our country's financing environment is not very ideal till now.On the basis of this paper, we further put forward the suggestions that the venture capital needs to build a standardized management system and the government departments carry out strict supervision and management of the venture capital institutions, so as to improve venture caiptal in China to create a favorable investment environment.

Keywords: Venture capital; Companies listed on GEM; technological innovation