创业投资介入特性对企业创新绩效影响---基于动态内生性视角的经验证据

The influence of venture investment intervention characteristics on enterprise innovation performance: empirical evidence from the perspective of dynamic endogeneity

摘要:

本文以2012-2017年有创业投资背景的创业板上市公司为样本,选用广义矩估计方法,检验创业投资介入对被投企业创新绩效的影响,并探讨其作用机制。研究显示,创业投资持股比例和介入强度未提高被投企业的创新绩效,联合介入与创新绩效存在正向作用,但结果不显著。对创新程度进行分类研究,发现创业投资的持股比例、介入强度以及联合介入均对被投企业的突破式创新绩效具有明显抑制作用,对渐进式创新绩效具有促进作用。创业投资对被投企业的创新行为具有选择性。

Abstract:

Taking the GEM listed companies with the background of venture capital investment in 2012-2017 as a sample, the Generalized method of moments was used to test the impact of venture capital on the innovation performance of the invested companies, and to explore its mechanism. The research shows that shareholding ratio and intervention intensity of venture capital investment did not improve the innovation performance of the invested enterprises, and there is a positive effect between joint investment and innovation performance, but the result is not significant.Classification research according to different degrees of innovation,found that the shareholding ratio, intervention intensity and joint intervention of venture capital have negative effect to radical innovation performance of the invested companies, but can enhance the incremental innovation performance, venture capital investment The innovative behavior is selective. Venture capital is selective to the company"s innovative behavior.