政府引导基金能促进技术创新吗？——基于我国科技型初创企业的实证研究

›› 2020, Vol. 32 ›› Issue (3): 110-121.

政府引导基金能促进技术创新吗？——基于我国科技型初创企业的实证研究

黄嵩¹, 倪宣明¹, 张俊超¹, 赵慧敏²

1. 北京大学软件与微电子学院, 北京 100871;
2. 中山大学管理学院, 广州 510275

收稿日期:2019-10-08 出版日期:2020-03-28 发布日期:2020-04-08
通讯作者: 倪宣明(通讯作者),北京大学软件与微电子学院,博士
作者简介:黄嵩,北京大学软件与微电子学院副教授,博士;张俊超,北京大学软件与微电子学院硕士研究生;赵慧敏,中山大学管理学院副教授,博士
基金资助:
国家社会科学基金重大项目（17ZDA086）。

Can Government-sponsored Venture Capital Promote the Technological Innovation: An Empirical Study of Chinese High-tech Start-up Enterprises

Huang Song¹, Ni Xuanming¹, Zhang Junchao¹, Zhao Huimin²

1. School of Software and Microelectronics, Peking University, Beijing 100871;
2. School of Business, Sun Yat-Sen University, Guangzhou 510275

Received:2019-10-08 Online:2020-03-28 Published:2020-04-08

摘要/Abstract

摘要：

政府引导基金作为我国实施创新驱动发展战略的重要帮手，是否通过不同方式帮助了科技型初创企业的发展，提升了企业的技术创新水平，从而推动了国家技术进步?本文通过对2010-2017年间各类创业投资基金对科技型初创企业的投资数据进行实证分析，验证了政府引导基金对企业技术创新水平的促进作用，并探究了不同情况下促进作用的差异。实证结果显示：政府引导基金能够促进科技型初创企业进行技术创新，且效果优于独立型创业投资基金；采用间接投资方式设立的政府引导基金效果好于采用直接投资的方式；政府引导基金与其他基金联合投资效果好于各基金单独投资；政府引导基金作为领投方的效果好于作为跟投方的情形。因此，我国政府引导基金可采用间接投资的方式，以领投方的身份与其他基金联合投资，更好地支持科技型初创企业进行技术研发与创新。

关键词: 政府引导基金, 技术创新, 创业投资

Abstract:

As an important promoter of the strategy of innovation-driven development in China, did government-sponsored venture capital (GVC) funds support these high-tech start-up enterprises through different ways to promote their technological innovation level and indirectly improve the rate of technological progress of China? In this paper, we use panel data of GVC investment and corresponding non-public enterprises during 2010-2017 to examine whether GVC can encourage and stimulate high-tech start-up enterprises to conduct technological innovations and the effect difference among different operating patterns. The empirical results show that GVC can promote the high-tech start-up enterprises' technological innovation better than IVC, indirect investment performs better than direct investment in GVC's pattern, joint investment performs better than individual investment, GVC as a leading investor performs better in a joint investment. Therefore, China's GVCs can adopt the indirect investment pattern and serve as a leading investor in the joint investment towards the high-tech start-up enterprises to provide better support for SMEs' technological innovation.

Key words: government-sponsored venture capital, technological innovation, venture capital

黄嵩, 倪宣明, 张俊超, 赵慧敏. 政府引导基金能促进技术创新吗？——基于我国科技型初创企业的实证研究[J]. , 2020, 32(3): 110-121.

Huang Song, Ni Xuanming, Zhang Junchao, Zhao Huimin. Can Government-sponsored Venture Capital Promote the Technological Innovation: An Empirical Study of Chinese High-tech Start-up Enterprises[J]. , 2020, 32(3): 110-121.

参考文献

[1] 倪宣明,武康平,黄嵩. 私募基金合伙人契约研究[J]. 经济理论与经济管理, 2015,34(4):104-112
[2] 黄波,陈晖,黄伟. 引导基金模式下协同创新利益分配机制研究[J]. 中国管理科学, 2015,23(3):66-75
[3] 顾婧,任珮嘉,徐泽水. 基于直觉模糊层次分析的创业投资引导基金绩效评价方法研究[J]. 中国管理科学, 2015,23(9):124-131
[4] 杨晔,朱晨,谈毅. 技术创新与中小企业雇佣需求——基于员工技能结构的再审视[J]. 管理科学学报, 2019,22(2):92-111
[5] Audretsch D. B., Bönte W., Keilbach M. Entrepreneurship Capital and Its Impact on Knowledge Diffusion and Economic Performance[J]. Journal of Business Venturing, 2008,23(6):687-698
[6] Gilson R. J., Black B. S. Venture Capital and the Structure of Capital Markets:Banks versus Stock Markets[J]. Journal of Financial Economics, 1998,47(3):243-277
[7] Michelacci C., Suarez J. Business Creation and the Stock Market[J]. Review of Economic Studies, 2004,71(2):459-481
[8] Gompers P. A. Optimal Investment, Monitoring, and the Staging of Venture Capital[J]. The Journal of Finance, 1995,50(5):1461-1489
[9] Noe T. H., Rebello M. J. Asymmetric Information, Managerial Opportunism, Financing, and Payout Policies[J]. The Journal of Finance, 1996, 51(2):637-660
[10] Carpenter R. E., Petersen B. C. Is the Growth of Small Firms Constrained by Internal Finance?[J]. Review of Economics and Statistics, 2002,84(2):298-309
[11] Auerswald P. E., Branscomb L. M. Valleys of Death and Darwinian Seas:Financing the Invention to Innovation Transition in the United States[J]. The Journal of Technology Transfer, 2003,28(3):227-239
[12] 徐向阳,陆海天,孟为. 风险投资与企业创新:基于风险资本专利信号敏感度的视角[J]. 管理评论, 2018,30(10):58-72
[13] 孙晓华,郭旭,王昀. 政府补贴、所有权性质与企业研发决策[J]. 管理科学学报, 2017,20(6):18-31
[14] 王兰芳,胡悦. 创业投资促进了创新绩效吗?——基于中国企业面板数据的实证检验[J]. 金融研究, 2017,(1):177-190
[15] 王晗,刘慧侠,董建卫. 政府引导基金参股创投基金能促进企业创新吗?——基于零膨胀负二项分布模型的实证研究[J]. 研究与发展管理, 2018,30(2):93-102
[16] Amit R., Brander J., Zott C. Why do Venture Capital Firms Exist? Theory and Canadian Evidence[J]. Journal of Business Venturing, 1998,13(6):441-466
[17] Gompers P., Lerner J. The Venture Capital Revolution[J]. Journal of Economic Perspectives, 2001,15(2):145-168
[18] Cumming D. J., Grilli L., Murtinu S. Governmental and Independent Venture Capital Investments in Europe:A Firm-level Performance Analysis[J]. Journal of Corporate Finance, 2014,42:439-459
[19] 王宇,朱翡,罗悦. 政府补贴对风险投资项目的激励影响与福利分析研究[J]. 系统工程理论与实践, 2019,39(10):2549-2558
[20] 陈三可,赵蓓. 研发投入、风险投资与企业融资约束——基于中国制造业上市公司的实证分析[J]. 管理评论, 2019,31(10):110-123
[21] 解学梅. 中小企业协同创新网络与创新绩效的实证研究[J]. 管理科学学报, 2010,13(8):51-64
[22] 倪宣明,黄嵩,石思睿. 政府对创业投资基金市场的引导路径探析[J]. 上海金融, 2018,(1):69-74
[23] 倪宣明,武晨,赵慧敏. 多期有限合伙制与公司制的道德风险和机制选择[J]. 应用数学学报, 2018,41(1):83-97
[24] Cumming D. J., MacIntosh J. G. Venture-capital Exits in Canada and the United States[J]. The University of Toronto Law Journal, 2003,53(2):101-199
[25] Grilli L., Murtinu S. New Technology-based Firms in Europe:Market Penetration, Public Venture Capital, and Timing of Investment[J]. Industrial and Corporate Change, 2014,24(5):1109-1148
[26] Brander J. A., Du Q., Hellmann T. The Effects of Government-sponsored Venture Capital:International Evidence[J]. Review of Finance, 2015,19(2):571-618
[27] Casamatta C., Haritchabalet C. Experience, Screening and Syndication in Venture Capital Investments[J]. Journal of Financial Intermediation, 2007,16(3):368-398
[28] Colombo M. G., Cumming D. J., Vismara S. Governmental Venture Capital for Innovative Young Firms[J]. The Journal of Technology Transfer, 2016,41(1):10-24
[29] 孟卫东,王利明,熊维勤. 创业投资引导基金中公共资本对私人资本的补偿机制[J]. 系统工程理论与实践, 2010,30(9):1572-1578
[30] 余琰,罗炜,李怡宗,等. 国有风险投资的投资行为和投资成效[J]. 经济研究, 2014,49(2):32-46
[31] 杨敏利,李昕芳,仵永恒. 政府创业投资引导基金的引导效应研究[J]. 科研管理, 2014,35(11):8-16
[32] 杨敏利,丁文虎,郭立宏,等. 双重网络嵌入对联合投资形成的影响——基于网络信号视角[J]. 管理评论, 2018,30(2):61-70
[33] Gallini N. T. The Economics of Patents:Lessons from Recent U.S. Patent Reform[J]. Journal of Economic Perspectives, 2002,16(2):131-154
[34] Mundlak Y. On the Pooling of Time Series and Cross Section Data[J]. Econometrica:Journal of the Econometric Society, 1978,46(1):69-85