风险投资对区域技术创新的影响探析 ——基于中国近二十年数据的经验分析

Analysis of the influence of venture capital on regional technological innovation -- based on the empirical analysis of China's data over the past two decades

摘要:

区域技术创新作为由国家创新内化而来的具体活动，承载了一个国家的核心竞争力。本文通过理论剖析发现风险投资通过资金救济、裙带支持以及风险分担等手段可极大地推动区域技术创新，通过我国1998-2017年数据对风险投资对我国区域技术创新之间的动态关系进行Johansen检验发现：风险投资、政府科技投入以及区域技术创新三者存在协整关系，且风险投资对区域技术创新的影响具有显著滞后性，通过VAR模型得出最优滞后期；通过脉冲响应及方差分解分析发现风险管理资本总额对专利申请授权量产生正向的影响，但贡献率不及政府科技投入，基于此提出了相关的建议。

Abstract:

Regional technological innovation, as a specific activity derived from the internalization of national innovation, bears the core competitiveness of a country. This article through the theoretical analysis found through venture capital funds, crony support and risk sharing methods can greatly promote regional technology innovation, through the data from 1998 to 2017 in our country to invest in risk to the dynamic relations between the regional technology innovation in China Johansen inspection found that the risk of investment and government investment in science and technology as well as the regional technology innovation, there is a cointegration relationship, and the impact on regional technology innovation risk investment has significant hysteresis, through VAR model, the optimal lag; Through impulse response and variance decomposition analysis, it is found that the total risk management capital has a positive impact on the amount of patent application authorization, but the contribution rate is not as high as the government's investment in science and technology.