风险投资对战略性新兴产业融资的溢出作用研究

Spillover Effects of Venture Capital on Financing Strategic Emerging Industries

摘要:

本文基于2009年到2014年间我国A股上市公司的微观数据,运用实证回归分析的方法检验了创业风险投资对我国战略性新兴产业融资的溢出作用。研究发现：风险投资的介入对于战略性新兴产业融资具有显著的正向带动作用,拥有风险投资背景的战略性新兴企业更容易获得以短期债务融资为代表的外部债务融资以及外部权益融资,而且风险投资的融资带动作用对于非国有战略性新兴企业更有效。

Abstract:

Based on the empirical study of specific data of listed A-share companies from 2009 to 2014, this paper verified the spillover effect of VC investment on the financing of national strategic emerging industries. The conclusions showed that there was notable positive impact of VC investment on the national strategic emerging industries, which was proved by the fact that enterprises funded by VC capital within the strategic emerging sectors were more likely to get debt financing (especially short-term loan) and equity financing. In addition, the driving effect of VC capital on non-state-owned enterprises was stronger than that of state-owned enterprises.