私募股权投资与企业技术创新——来自创业板制造业的经验证据

Private Equity Investment and Enterprise’s Technical Innovation—Empirical Evidence from Listed Manufacturing Companies on GEM

摘要:

选取2009—2014 年在创业板上市的制造业相关数据，研究私募股权(private equity ，PE) 与企业技术创新能 力的关系。研究发现，PE 与企业技术创新能力之间存在显著正相关关系，即PE 的参与可以显著提高企业技术创新 能力。进一步研究发现，PE 的特征同样影响企业技术创新水平，外资背景、持股比例越大、持股时间越长以及联 合投资的PE 参与的企业技术创新水平越高。结论表明PE 在提升企业技术创新能力中有积极作用，建议政府加强 对PE 的监督与指导，鼓励更多的企业引入PE 投资。

Abstract:

This paper investigates the relation between private equity and enterprise’s technological innovation using the data of Chinese listed firms in the manufacturing industry on GEM during the period from 2009 to 2014. The results show that the private equity investments can effectively impulse enterprise’s technological innovation. Further research indicates that companies invested by PEs with such features as foreign background，larger investment scale， longer holding period and alliance investment tend to have strong technological innovation performance. The results provide evidence for the authority to promulgate PE relevant policies and for companies to introduce PEs to be their stockholders.