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论文编号：	11754
作者编号：	2120172834
上传时间：	2020/6/20 14:24:52
中文题目：	风险投资、技术创新与企业绩效 ——基于新三板企业的实证分析
英文题目：	Venture Capital, Technology Innovation and Enterprise Performance: An Empirical Research on New Third Board
指导老师：	胡望斌
中文关键字：	风险投资;技术创新;企业绩效
英文关键字：	Venture Capital; Technology Innovation; Enterprise Performance
中文摘要：	在当前全球经济一体化与日益激烈的市场竞争的大背景之下，企业想要保持其产品活力与行业竞争力，技术创新是成为必然之选。近年来，学术界与实业界对于技术创新的关注持续上升，国家政府层面也相继出台多项技术创新鼓励政策，连续将技术创新列为国家发展战略的重要一环。但技术创新往往成本高、风险大，投资回报周期长，以营利为目的的企业最为关注的是经营绩效等财务指标，处于发展初期的新创企业更是急需找到提升经营绩效的有效路径，技术创新成为多数企业的共同选择。若技术创新与企业确实存在较为显著的正相关关系，那么是否存在调节变量能够调节两者的相关关系？若存在，是如何调节的？ 本研究聚集于全国中小企业股份转让系统（“新三板”），以2015-2018年挂牌于该板块的6092家新创企业，共计16442个样本为研究对象，通过梳理与学习相关领域核心理论与国内外学者历年研究成果，提出研究假设，采用描述性统计、因子分析、多元回归等计量统计方法，深入探索技术创新与企业绩效的相关性关系，以及风险投资对于两者关系的调节作用。 实证研究结果表明，对于“新三板”挂牌企业，（1）加大技术创新力度可显著正向影响企业绩效；（2）风险投资的介入与企业绩效呈显著正相关，且可显著正向调节技术创新与企业绩效的正相关关系，属于半调节变量；（3）风险投资持股比例与企业绩效无显著相关关系，但可显著正向调节技术创新与企业绩效的正相关关系，属于同质调节变量；（4）风险投资机构数据与企业绩效呈显著正相关，且可显著正向调节技术创新与企业绩效的正相关关系，属于半调节变量。
英文摘要：	Under the background of global economic integration and increasingly fierce market competition, technology innovation is the inevitable choice for enterprises to maintain their product vitality and industry competitiveness. In recent years, people's attention to technological innovation has continued to rise. At the national government level, a number of policies have been issued to encourage technological innovation, which has been listed as an important part of the national development strategy. However, technological innovation is often high cost, high risk, long investment return cycle. The key purpose for profit-making enterprises is to improve their performance. This dissertation focuses on the "New Third Board" and takes 16442 samples of 6092 new start-ups listed in the board from 2015 to 2018 as the research object. By combing and learning the core theories of related fields and the research results of scholars over the years, this dissertation puts forward research hypotheses, and uses some statistical methods, such as descriptive statistics, factor analysis, and multiple regression, to deeply explore the correlation between technological innovation and enterprise performance. The results show that: (1) technological innovation is significantly and positively correlated with enterprise performance; (2) support of VC is significantly and positively correlated with enterprise performance, and plays a semi-moderator; (3) shareholding ratio of VC has no significant correlation with enterprise performance, but is a homogeneous moderator; (4) the number of VC institutions are significantly positive correlation with enterprise performance, and is a semi-moderator.
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