基于1997-2010年我国七大战略性新兴产业中的240家上市公司数据，研究企业技术创新绩效的影响因素，重点分析风险投资的特殊作用。研究发现（1）风险投资数量、风险投资的早期进入都能显著提高企业技术创新绩效；（2）研发投入及研发人员数量等传统研发资本也显著影响企业的技术创新绩效；（3）被投资企业所在地区、被投资企业是否进行国际化运营对企业技术创新作用都不显著。本文首次采用实证研究方法在企业层面分析风险投资对战略性新兴产业技术创新的作用，研究结论对政府发展战略性新兴产业的政策制定、对风险投资发展引导均有启示。

Based on the 240 listed companies data of the seven strategic emerging industries from 1997 to 2010 in China, this paper examined the factors which influence the technological innovation performance of an enterprise, and made an selective analysis for the special function of venture capital. Our study found that (1) The volume of venture investment and its early entry into the invested firm could significantly improve the firm’s technological innovation performance; (2) The traditional R&D capital, such as R&D Investment and the number of R&D researchers, also significantly influenced the firm’s technological innovation performance; (3) Neither the invested firm’s region nor whether the invested firm has international operation experiences had an significant effect on the firm’s technological innovation. This article empirically analyzed the venture capital’s effect on the technological innovation of emerging industries from the firm’s level for the first time. The conclusions of this study have implications for the policy making of government referring to strategic emerging industries, as well as the guidance for the development of venture investment.

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