政府引导基金对企业技术创新的影响——基于风险投资机构专业化视角

The impact of government guiding funds on enterprise technology innovation: based on the perspective of venture capital institution specialization

摘要:

以新三板挂牌企业数据为样本，基于风险投资机构专业化视角研究了政府引导基金对企业技术创新的影响。研究发现，与没有引导基金持股的企业相比，有引导基金持股的企业技术创新表现更好；将引导基金委托的风险投资机构专业化因素纳入考察后发现，只有当被投资企业处于企业发展早期阶段时，从事早期阶段专业化投资策略的风险投资机构能显著促进企业技术创新。另外，当被投资企业与风险投资机构地理位置相邻时，从事早期阶段专业化投资策略的风险投资机构更能显著促进企业技术创新，表明风险投资机构阶段专业化与地域专业化能够协同发挥作用。从风险投资机构专业化角度，揭示了引导基金促进企业技术创新的作用机制。

Abstract:

Taking the data of enterprises listed on the NEEQ as a sample, this paper studies the impact of government guiding funds on enterprise technological innovation from the perspective of venture capital institutions.It is found that: compared with the enterprises without government guiding fund shareholding, the enterprises with government guiding fund shareholding perform better in technological innovation. After the specialized factors of venture capital institutions entrusted by the government guiding fund are included in the investigation, it is found that only when the enterprise is in the early stage , venture capital institutions with early stage specialized investment strategies can significantly promote enterprise technological innovation. Furthermore,when the enterprise is geographically adjacent to the venture capital institution, the venture capital institution with specialized investment strategies at early stage can significantly promote the technological innovation of the enterprise, indicating that the stage specialization and regional specialization of venture capital institution can play a synergistic role. From the perspective of the specialization of venture capital institutions, this paper reveals the mechanism of government guiding funds to promote enterprise technological innovation.