风险投资、空间溢出与异质创新

摘要/Abstract

摘要： 在熊彼特增长理论框架下，基于中国省级面板数据，利用贝叶斯法设定空间计量模型，从区域层面考察了风险投资对不同类型创新的影响。研究发现：第一，风险投资总体上有助于提升区域前沿性创新水平，表现为对前沿性创新的直接效应和全局溢出效应，但对区域适应性创新并没有任何影响。第二，风险投资对前沿性创新的影响多半来自其溢出效应，如果忽略了风险投资的空间外部性，则容易低估其对前沿性创新的边际贡献。第三，不同类型风险投资推动区域创新过程存在显著差异。其中，外资风险投资能够提升所在地区的前沿性创新水平，民营风险投资仅能提升所在地区的适应性创新水平，国有风险投资既能提升所在地区的前沿性创新水平，又存在显著的正向全局溢出效应。

关键词: 风险投资, 前沿性创新, 适应性创新, 空间溢出, 空间计量模型

Abstract: With Schumpeterian Growth Theory, this paper investigates the heterogeneous effects of venture capital investments (VCs) on two types of innovation using a spatial econometrics approach with the dataset covering 30 regions of China from 2005 to 2014. The empirical results show that VCs can promote regional frontier innovation in general, but have no effect on regional adaptive innovation. Since a large part of total effects comes from its global spillover effect, the externality of VCs should be taken into consideration to estimate their contribution to regional frontier innovation. The impacts of foreign vs. governmental vs. private VCs on regional innovation are heterogeneous. More specially, foreign VCs can significantly promote local frontier innovation, while private VCs can significantly foster local adaptive innovation. The governmental VCs can not only boost local frontier innovation, but also has a positive global spillover effect on frontier innovation.

Key words: venture capital, frontier innovation, adaptive innovation, spatial spillover, spatial econometric models

陈鑫, 陈德棉, 叶江峰. 风险投资、空间溢出与异质创新[J]. 管理评论, 2021, 33(4): 102-112.

Chen Xin, Chen Demian, Ye Jiangfeng. Venture Capital, Spatial Spillover and Heterogeneous Innovation[J]. Management Review, 2021, 33(4): 102-112.

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