风险投资对于承担技术创新损失具有更高的风险容忍度,分析风险投资对创新绩效的作用机制和影响效应,对于完善风险资本市场和激励创新创业具有重要意义。基于2008到2015年28个OECD国家的跨国样本数据,探究了风险投资对创新绩效的影响,以及政府干预对此过程的调节作用。研究发现,多轮风险投资能够降低技术不确定性并提高其对创新失败的风险容忍度,进而有利于提高创新绩效；政府效率强化了风险投资对创新绩效的支持效应,政府监管弱化了风险投资对创新绩效的支持效应。上述结论意味着提高政府效率、适度放松政府监管可以提高风投机构的风险容忍度,强化风险投资对技术创新的支持效应,据此提出有助于完善风险资本市场发展及优化政府创新支持政策的对策建议。

Venture capital has a higher risk tolerance to bear the loss of technological innovation. Analyzing the mechanism and effect of venture capital on innovation performance is of great significance for perfecting venture capital market and stimulating innovation and entrepreneurship. Based on the transnational sample data of 28 OECD countries from 2008 to 2015, this paper explores the impact of venture capital on innovation performance and the regulatory effect of government intervention on this process. The results show that multi-round venture capital can reduce technological uncertainty and improve its risk tolerance of innovation failure, which is conducive to improving innovation performance; government efficiency strengthens the support effect of venture capital on innovation performance, and government regulation weakens the support effect of venture capital on innovation performance. The above conclusions imply that improving government efficiency and moderately relaxing government regulation can improve risk tolerance of venture capital institutions and strengthen the supporting effect of venture capital on technological innovation. Based on these conclusions, this paper puts forward some countermeasures and suggestions which are helpful to perfect the development of venture capital market and optimize the government innovation support policy.

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