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风险资本对于企业技术创新的作用是重要的学术和实践问题。论文以创业板上市公司为样本,研究风险资本专业化投资对被投资企业技术创新的影响。研究发现,风险资本能够显著促进企业技术创新,并且风险资本行业专业化程度越高,企业技术创新水平越高。进一步检验发现,风险资本的行业专业化对高科技企业技术创新的影响更大;阶段和地域聚焦投资强化了行业专业化对企业技术创新的影响;同时,行业专业化提高了风险资本进行早期阶段和近距离投资的倾向,不同专业化之间存在部分相互强化关系。论文从专业化角度,揭示了风险资本促进企业技术创新的能力机制。
The role of venture capital in corporate technological innovation is an important academic and practical issue. The paper takes GEM listed companies as a sample to study the impact of venture capital specialization on technological innovation of invested enterprises. The study found that venture capital can significantly promote technological innovation, and the higher the degree of specialization of venture capital industry, the higher the level of technological innovation in enterprises. Further examination shows that the specialization of venture capital industry has a greater impact on technological innovation of high-tech enterprises; the focus on investment in phases and regions has strengthened the impact of industrial specialization on technological innovation of enterprises; meanwhile, the professionalization of industries has increased the early stages of venture capital And the tendency of close investment, there is some mutual reinforcement between different specializations. From the perspective of specialization, the dissertation reveals the ability mechanism of venture capital to promote technological innovation in enterprises.