国企进行风险投资能培育创业企业创新吗?

摘要/Abstract

摘要： 国企进行风险投资是国企改革和创新驱动发展等国家级战略的重要配套措施之一。然而,理论研究对这一主题关注较少,仅有的文献也只研究了国企进行风险投资对其自身创新的影响。本文主要研究国企进行风险投资能否培育创业企业创新并剖析其潜在机制。以2009-2016年得到风险投资支持的创业企业为样本,实证结果显示,国企进行风投能有效培育创业企业创新。利用异时双重差分模型降低潜在内生性后,以上结果依旧成立。机制检验显示:国企更能容忍失败、能提供更多技术知识和更多政府资源是其能有效培育创新的三大原因。研究结论揭示了国企在培育创新中的重要作用,对于国企改革和创新驱动发展战略的实施有一定指导意义。

关键词: 国有企业, 风险投资, 直接投资, 创业企业, 企业创新

Abstract: While encouraging state-owned enterprises (SOE) to participate in venture capital is one of the important supporting tools for the central government to implement its SOE reform, innovation-driven development and other relevant national strategies, theoretical researches have paid little attention to this, and the existing literature focuses only on the impact of SOEs' venture capital on their own innovation. In this paper, we study whether SOE venture capital can nurture start-ups' innovation and the underlying mechanism. Based on a sample of venture capital backed start-ups from 2009 to 2016, we find that SOE venture capital can promote start-ups' innovation effectively, and the results hold when using heterogeneous timing DID as identification strategy. The mechanism tests show that SOEs' tolerance for failure as well as their ability to provide more technological expertise and more government resources for start-ups are the main reasons why they can nurture innovation. Our study reveals the important role of SOE in fostering innovation and provides a certain guidance for the implementation of SOE reforms and strategy of innovation-driven development.

Key words: state-owned enterprises, venture capital, direct investment, start-ups, firm innovation

施国平. 国企进行风险投资能培育创业企业创新吗?[J]. 管理评论, 2023, 35(8): 157-170.

Shi Guoping. Can SOEs' Participating in Venture Capital Foster Start-ups' Innovation[J]. Management Review, 2023, 35(8): 157-170.

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