与研发投入相比,风险投资作为高新技术产业的一种新型融资手段,在促进技术创新方面的作用备受争议。为此,采用我国1994-2012年风险投资、科技投入与创新产出的数据,运用线性回归和PLS回归实证分析风险投资、研发投入等对创新产出的差异化影响。实证结果表明：风险投资、研发投入均对创新产出有正向促进作用,但风险投资额对创新产出的贡献率较低,研发经费支出额对专利产出的弹性系数是风险投资额弹性系数的2倍。尽管风险投资额对创新产出有正向影响,但对不同创新产出的影响也存在差异,在以专利申请量和注册商标量分别为解释变量的模型中,风险投资额对注册商标量的作用更为显著。这种结果的出现与我国风险投资业发展的各项机制不完善有关。

Compared with the R D investment, venture capital as a new type of high-tech industries means of financing, in promoting the role of technological innovation controversial. Therefore, our 1994-2012 annual risk investment, science and technology investment and innovation output data, using linear regression and partial least squares regression (PLS) empirical analysis of risk investment, R D investment and so on differentiated impact of innovation output. The empirical results show that: Venture capital and R D investment has a positive impact on innovation output, but venture has a lower contribution rate related to the amount of R D input, R D expenditure on patent output elasticity even higher risk investment elasticity of two times. Although the risk of investment has a positive impact on innovation, the different effects of different innovation , in order to patent applications and registered trademarks, respectively, as the explanatory variable in the model, the risk investment for a registered trademark the amount of more significant role. R D expenditures relative to the amount of risk investment in technological innovation outputs, The emergence of this result with the development of venture capital industry in the mechanisms imperfections.

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陕西省社科基金项目“陕西省中小型科技企业成长的金融支持研究”（12D033）；陕西省社科界重大理论和现实问题项目“丝绸之路经济带战略下提升陕西金融创新能力研究”（2014Z142）；陕西省自然科学基础研究计划项目“包容性创新的机理与促进机制研究”（2014JM2-7134）；西安市科技局软科学项目“促进西安金融资本市场发展研究”（SF1310-3）