政府创新补贴、风险投资与企业创新——基于信号传递的视角

摘要/Abstract

摘要： 坚持创新驱动发展是我国现阶段高质量发展的现实需求。企业作为创新活动的主体,研究政府创新补贴的信号传递作用及其影响企业创新的机制是政府和学界共同关注的焦点问题。本文利用2007—2016年非金融类沪深A股上市企业为研究样本,实证检验了政府创新补贴吸引后续风险投资并间接影响企业创新的作用,并分析了政府创新补贴与风险投资的关系。研究发现:政府创新补贴分别与风险投资的持股比例和投资规模呈显著负相关和正相关,从风险投资的异质性角度说明政府创新补贴能帮助初创企业向外释放积极信号,促进企业创新。并且政府创新补贴与风险投资的交叉项系数显著,表明风险投资与政府创新补贴具有协同效应。本文为完善企业创新服务体系提供了新的经验证据,为政府和企业决策者提供了建设性意见。

关键词: 政府创新补贴, 风险投资, 企业创新, 信号传递

Abstract: Currently innovation-driven advancement is the key for high-quality development in China. Since innovation activities occurs mainly in enterprises, the study of how the signal transmission effect of government subsidies for innovation affects enterprise innovation becomes a focus for both the government and the academia. This paper uses A-share listed non-financial enterprises from 2007 to 2016 as research samples to evaluate the effect of government subsidies for innovation in attracting subsequent venture capital and indirectly influencing enterprise innovation and to analyze the relationship between government subsidies for innovation and venture capital. The study finds that government subsidies for innovation are significantly negatively correlated and positively correlated with the shareholding ratio and investment amount of venture capital, respectively, which shows that government innovation subsidies can help start-ups to positively impress the public and promote enterprise innovation. Moreover, the intersection coefficient between government innovation subsidies and venture capital is significant, indicating that venture capital and government innovation subsidies have synergistic effects. This paper provides new empirical evidence for improving the enterprise service system for innovation, and provides constructive suggestions for decision makers in both government and enterprise.

Key words: government innovation grants, venture capital, corporation Innovation, signaling effect

赵宝芳, 陈晓丹. 政府创新补贴、风险投资与企业创新——基于信号传递的视角[J]. 管理评论, 2022, 34(12): 109-120.

Zhao Baofang, Chen Xiaodan. Government Innovation Grants, Venture Capital and Corporation Innovation——An Perspective Based on Signal[J]. Management Review, 2022, 34(12): 109-120.

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