联合风险投资对战略性新兴产业企业技术创新能力的影响研究

发布时间：2018-06-07 01:25

本文选题：联合风险投资 + 战略性新兴产业　；参考：《江南大学》2017年硕士论文

【摘要】：风险资本作为高新技术企业发展的重要支柱,专注于投资创新性高的项目。不仅能够为创新创业型企业提供运营资金,还能参与被投资企业的后续管理,为其提供价值增值服务。相比一般的成熟型企业,创新创业型企业需要面临技术、市场、管理等诸多问题,具有较大的不确定性。为了有效降低投资过程中可能存在的风险,越来越多的风险投资机构趋向于采取联合投资策略,即与投资伙伴一起分担投资风险,共享投资收益。与单独投资相比,联合投资可以综合各投资机构的资源优势和信息优势,共同对风险企业进行协同管理,从而有效降低风险,实现互惠共赢。战略性新兴产业作为我国高新技术产业的典型代表,它是进行产业结构调整,促进经济转型的重要突破点。以战略性新兴产业企业为样本,探讨联合风险投资对目标企业技术创新能力的影响具有十分重要的战略意义。本文从风险投资机构的联合动机角度出发,以战略性新兴产业为研究对象,剖析了联合风险投资作用于战略性新兴产业企业技术创新能力的机制。相比于前人的研究,在理论和实证方面都有所丰富。在理论研究方面,现有研究主要是从有无风险资本视角去探讨风险资本的参与度对技术创新的影响,并且仅涉及到治理结构单层次。相比单独投资,考虑到联合投资既有资源优势也有额外的成本,本文从风险资本是否联合的视角出发,并从治理结构这个维度深层次分析研究了联合风险资本对技术创新能力的影响,并且将治理结构细分为股权结构、董事会结构。从实证角度看,已有文献多以截面模型并从国家和行业的角度分析,本文则以创业板市场上战略性新兴产业企业作为样本,利用其中105家企业2012-2015年的数据,分别运用多元线性回归模型和负二项回归模型依次对风险企业的技术创新投入和技术创新产出进行实证分析。另外,本文还考虑了自变量对发明专利影响的时滞效应。实证分析结果表明:无论是从技术创新投入还是技术创新产出的角度看,联合风险投资均正向促进战略性新兴产业企业的技术创新能力,这一结论与已有研究观点相符。另外,风险投资机构的参与度对战略性新兴产业企业的技术创新也有正向作用,但是随着联合风险投资机构的介入,风险投资机构的持股比例对目标企业技术创新的作用效果会受到边际报酬递减规律的影响。为了进一步从治理结构的角度研究联合风险投资对企业技术创新的作用效果,本文又探讨了联合风险投资在这个维度产生的交互作用对技术创新投入和产出带来的影响,结果显示:联合风险投资在股权结构和董事会结构角度对技术创新能力的正向影响仅部分成立。在治理结构角度的研究结果与已有的部分文献关于治理结构和技术创新之间的关系不完全一致,对其原因进行了深入剖析。实证结果还表明,资产规模和资产负债率这些控制变量也会影响企业的技术创新能力。最后,分别从风险投资机构、创业企业、政府机构的角度提出了针对性的政策建议,并指出本研究可能存在的不足,展望了联合风险投资未来的研究方向。
[Abstract]:As an important pillar of the development of high-tech enterprises, venture capital is focused on projects with high investment and innovation. It can not only provide operating funds for innovative and entrepreneurial enterprises, but also participate in the follow-up management of the invested enterprises, and provide value added services for them. Compared with the general mature enterprises, the innovative and entrepreneurial enterprises need to face the technology. In order to effectively reduce the possible risks in the process of investment, more and more venture capital institutions tend to adopt joint investment strategies, namely sharing investment risk with investment partners and sharing investment returns. Compared with single investment, joint investment can integrate investment institutions. As a typical representative of China's high and new technology industry, the strategic emerging industry is an important breakthrough point for the adjustment of the industrial structure and the economic transformation. The strategic emerging industry is a sample of the strategic new industrial enterprises. The impact of venture investment on the technological innovation ability of the target enterprises is of great strategic significance. From the perspective of the joint motivation of venture capital institutions, this paper takes strategic emerging industries as the research object, and analyzes the mechanism of joint venture investment on technological innovation ability of strategic emerging industrial enterprises. In the field of theoretical research, the current research is mainly about the impact of risk capital participation on technological innovation from the perspective of risk free capital, and it only involves a single level of governance structure. Compared with individual investment, it is considered that joint investment has both resource advantages and additional costs. From the perspective of the joint venture capital, and from the dimension of governance structure, this paper analyzes the influence of joint venture capital on technological innovation ability, and subdivides the governance structure into equity structure and the board structure. From the empirical perspective, the literature has been analyzed by the cross section model and from the perspective of the state and industry. Taking the strategic emerging industrial enterprises in the gem as a sample, using the data of 105 enterprises for 2012-2015 years, this paper uses multiple linear regression model and negative two regression model respectively to make an empirical analysis on the technological innovation input and technological innovation output of venture enterprises. The results of the empirical analysis show that both from the perspective of technological innovation input and technological innovation output, the joint venture investment is promoting the technological innovation ability of strategic emerging industrial enterprises. This conclusion is consistent with the existing research viewpoint. In addition, the participation degree of venture capital institutions is the strategic emerging production. The technological innovation of the enterprise also has a positive effect, but with the involvement of the joint venture capital institution, the effect of the shareholding ratio of the venture capital institution on the technological innovation of the target enterprise will be influenced by the law of diminishing marginal returns. With the effect, the impact of the interaction of joint venture capital on the input and output of technological innovation is discussed. The results show that the positive impact of joint venture investment on the technological innovation ability is only partly established in the perspective of the ownership structure and the board structure. Part of the literature about the relationship between governance structure and technological innovation is not completely consistent, and the reasons are deeply analyzed. The empirical results also show that the assets scale and asset liability rate can also affect the technological innovation ability of the enterprise. Finally, it is proposed from the perspective of venture capital institutions, venture enterprises and government institutions. Pertinent policy recommendations, pointing out the possible shortcomings of the study, and looking forward to the future research direction of joint venture capital.
【学位授予单位】：江南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.44;F273.1

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