风险投资与企业技术创新:产品市场竞争的调节作用

摘要/Abstract

摘要： 以委托代理理论和信息不对称理论为基础，本文研究了风险投资对企业技术创新投入和产出的影响，并进一步分析了产品市场竞争作为重要的外部治理机制和市场竞争机制，如何调节风险投资与企业技术创新之间的关系。利用我国创业板上市公司2009—2015年的混合截面数据进行实证检验和分析，结果表明：相较于无风险投资参与的企业，有风险投资参与的企业创新投入与创新产出均较高，且风险投资参与的程度与创新投入和产出正相关。在进一步分析产品市场竞争对风险投资和技术创新之间关系的调节作用后发现：产品市场竞争程度的提高会进一步增强风险投资对企业技术创新的促进作用。

关键词: 风险投资, 创新投入, 创新产出, 产品市场竞争

Abstract: Taking the theoretical perspectives of agency theory and information asymmetry, this study examines the impact of venture capital (including the presence and degree of venture capital participation) on firm technological innovation (including innovation input and output). The moderating role that product market competition plays in the venture capital-technological innovation link is further investigated as it acts as an important external governing and competition mechanism. Using the mixed cross-sectional data of China's GEM listed firms from 2009 to 2015, our empirical analysis reveals that compared with firms that do not have venture capital participation, both innovation input and output are relatively higher for firms with the presence of venture capital participation. Moreover, the degree of venture capital participation is positively related to innovation input and output. Additionally, this study finds that product market competition enhances the positive effects of venture capital on firm technological innovation.

Key words: venture capital, innovation input, innovation output, product market competition

宋竞, 胡顾妍, 何琪. 风险投资与企业技术创新:产品市场竞争的调节作用[J]. 管理评论, 2021, 33(9): 77-88.

Song Jing, Hu Guyan, He Qi. Venture Capital and Firm Technological Innovation: The Moderating Role of Product Market Competition[J]. Management Review, 2021, 33(9): 77-88.

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