文献类型：期刊文献

中文题名：风险投资参与、创新投入与企业价值增值

英文题名：Venture capital,innovation investment and corporate value- adding

作者：金永红[1];蒋宇思[1];奚玉芹[2]

机构：[1]华东理工大学商学院,上海200237;[2]上海对外经贸大学工商管理学院,上海201620

年份：2016

卷号：37

期号：9

起止页码：59

中文期刊名：科研管理

外文期刊名：Science Research Management

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2014】；CSSCI:【CSSCI2014_2016】；

语种：中文

中文关键词：风险投资;创新投入;价值增值

外文关键词：venture capital;innovation investment;value-adding

摘要：现有文献研究了风险投资(VC)参与对创业企业创新投入数量的影响,但没有研究VC参与对创业企业创新投入效率的影响,即VC参与是否通过提高创业企业创新投入来提升创业企业的价值增值。本文运用中国创业板上市公司数据,通过建立多元线性回归模型进行实证研究,发现有VC持股的公司,其创新投入水平要显著地高于没有VC持股的公司,且VC持股比例与公司的创新投入水平成正相关关系。进一步研究发现,有VC持股的公司,其企业创新投入对价值增值水平提升有显著促进作用,说明VC参与通过提升企业创新投入而对公司的价值增值带来显著的正面效应,提高了企业创新投入的效率。本文的结论进一步证实了VC作为技术进步催化剂的作用。
Although the effects of venture capital involvement on innovation investment and value appreciation of start- ups have been discussed respectively,current literature does not touch the issue about the efficiency of innovation investment,that is,whether VC involvement increases the value of start- ups by improving the level of innovation investment of start- ups. Based on the data from Chinese GEM,this paper sets up multivariate linear regression models to study it empirically. It is found that the innovation investments of companies supported by VC are higher significantly than those without support from VC,and there is a positive relationship between the shareholding ratio of VC and the innovation investments of start- ups. Furthermore,in the companies supported by VC,the innovation investment improves significantly the increase of the companies’ value. It is verifies that VC involvement incurs positive effect on value adding of start- ups by improving innovation investment. The findings here approve further the view that VC is the catalyzer of technical progress.