| 风险投资参与、创新投入与企业价值增值 |
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| 引用本文： | 金永红,蒋宇思,奚玉芹.风险投资参与、创新投入与企业价值增值[J].科研管理,2016,37(9):59-67. |
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| 作者姓名： | 金永红 蒋宇思 奚玉芹 |
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| 作者单位： | 1.华东理工大学商学院，上海200237;;
2.上海对外经贸大学工商管理学院，上海201620 |
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| 基金项目： | 国家社科基金项目“虚拟社区知识组织研究” |
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| 摘 要： | 现有文献研究了风险投资(VC)参与对创业企业创新投入数量的影响,但没有研究VC参与对创业企业创新投入效率的影响,即VC参与是否通过提高创业企业创新投入来提升创业企业的价值增值。本文运用中国创业板上市公司数据,通过建立多元线性回归模型进行实证研究,发现有VC持股的公司,其创新投入水平要显著地高于没有VC持股的公司,且VC持股比例与公司的创新投入水平成正相关关系。进一步研究发现,有VC持股的公司,其企业创新投入对价值增值水平提升有显著促进作用,说明VC参与通过提升企业创新投入而对公司的价值增值带来显著的正面效应,提高了企业创新投入的效率。本文的结论进一步证实了VC作为技术进步催化剂的作用。
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| 关 键 词： | 风险投资 创新投入 价值增值 |
| 收稿时间： | 2014-07-24 |
Venture capital,innovation investment and corporate value-adding |
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| Jin Yonghong,Jiang Yusi,Xi Yuqin.Venture capital,innovation investment and corporate value-adding[J].Science Research Management,2016,37(9):59-67. |
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| Authors: | Jin Yonghong Jiang Yusi Xi Yuqin |
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| Institution: | 1. School of Business, East China University of Science and Technology, Shanghai 200237, China; ;
2. School of Management, Shanghai University of International Business and Economics, Shanghai 201620, China |
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| Abstract: | This article, which is based on the systematic review and comment of existing research results of venture capital's efficiency at home and abroad, made empirical analysis of venture capitalists' influence on R&D of a business and on its ability to promote value creation, and of whether VC’s join would increase the ability of R&D to promote value creation. What is more, it also made a comparison between those two effects, in order to get a more clear and accurate comprehension of the role of venture capitalists in the development of pioneering enterprises. By means of empirical approach, it researches all the existing data of listed companies on GEM, and finds that companies which are hold by venture capitalists, compared to those hold by other kinds of institutional investors, are much more interested in innovation investments. In addition, VCs' proportions of shareholding are positively correlated to the companies R&D expends. At the same time, although the efficiency of innovation input really need to be enhanced when aims to make enterprise value appreciation, VC shareholders would have positive influence on increment of value of the enterprises, which is made by innovation; and both would then positively influenced by the increase of VCs' proportions of shareholding. |
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| Keywords: | venture capital innovation investment value-adding |
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