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论文编号：	9483
作者编号：	1120130807
上传时间：	2017/12/6 15:11:10
中文题目：	风险资本投资策略对企业创新的影响研究
英文题目：	The Investment Strategy of Venture Capital and the Innovation of the Invested Enterprises
指导老师：	黄福广
中文关键字：	风险资本；投资策略；企业创新；增值服务
英文关键字：	venture capital；investment strategy；enterprise innovation；value-added services
中文摘要：	风险资本与企业创新的关系是重要的理论和实践问题。但是风险资本是否促进了企业创新，现有研究并没有得出一致的结论。可能的原因在于现有研究缺乏对风险资本投资能力和动机等的考虑。而投资策略正是风险资本投资能力、投资动机与风险容忍等的反映。风险资本投资能力和动机等的差异使得其能够为被投资企业带来的资金、增值服务以及监督激励等也存在差异，进而影响到被投资企业的创新。因此，忽视对投资策略的研究，可能会遗漏逻辑环节中的重要变量，从而导致研究结论的不准确。本文以资源基础理论、委托代理理论和信息不对称理论作为研究的理论基础，通过分析企业创新过程与特点、风险资本作用，探寻风险资本对企业创新的影响作用来源，同时，研究风险资本采取不同投资策略的动机或特点，在以上分析的基础上，检验风险资本不同投资策略影响企业创新的路径。使用2004-2015年创业板和中小板上市企业为研究样本，采用公开财务数据和手工搜集的风险资本相关数据，形成非平衡面板数据，进行实证检验。 研究发现，风险资本能够显著提高企业创新水平，风险资本联合投资与单独投资相比更能促进企业创新，由国有和非国有风险资本组成的异质性联合投资以及非国有风险资本领投的联合投资促进企业创新的作用更强；风险资本分阶段投资与一次性投资相比更能促进企业创新，分阶段投资轮次数越多，投资轮次间隔时间越长，企业创新水平越高，在企业发展早期阶段，投资轮次数越多，企业创新越好，而在企业发展后期阶段，投资轮次间隔时间越长，企业创新越好；风险资本行业专业化程度越高，企业创新越好，阶段和地域专业化可以强化行业专业化对企业创新的影响；行业专业化可以提高风险资本投资企业早期阶段和本地企业的可能。本文的创新主要有以下几点：第一，本文从风险资本投资策略的角度研究风投与企业创新的关系，更利于揭示风险资本行为和作用路径；第二，本文研究发现国有风险资本在与非国有风险资本联合投资并且非国有风险资本领投的情况下会更好地促进企业创新，这为以往研究发现国有风险资本对企业创新影响结果不一致给出了解释；第三，考虑风险资本行业、阶段和地域专业化投资策略之间的交叉，本文研究了行业专业化促进企业创新的关联机制，拓展了专业化投资策略的研究；第四，本文揭示了风险资本分阶段投资策略在企业不同发展阶段作用的差异，有助于更好地理解风险资本分阶段投资策略的作用。
英文摘要：	The relationship between venture capital and enterprise innovation is an important topic both in theory and practice. But whether the venture capital can promote the enterprise innovation, there is no uniform conclusion in existing research. The possible reason is the lack of consideration of investment capacity and motivation of venture capital in existing research. The investment strategy is the reflection of investment capacity, investment motive and risk tolerance of venture capital, etc. Venture capital investment of the diversity of ability and motivation makes it can bring money, value-added services and monitoring and incentive for the invested enterprise is different. Thus it can affect the innovation of the invested enterprise. Ignore the study of investment strategy, therefore, may be missing an important variable in the logical link; leading to the research conclusion is not accurate. It is based on the resource-based theory, principal-agent theory and information asymmetry theory as the theoretical basis of research. Through analyzing the process and characteristics of the enterprise innovation, the effect of venture capital, to explore the impact of venture capital on the enterprise innovation. At the same time, this dissertation analyzes the motivation or characteristics of venture capital to adopt different investment strategies. On the basis of the above analysis, this dissertation tests the path that different investment strategies of venture capital affect the enterprise innovation. Using a sample of year 2004 to 2015 listed in SME board and Chinext, and adopting public financial data of enterprise and hand-collected data of venture capital to form an unbalanced panel data, then implementing empirical test. The results show that the firms backed by venture capital syndication are more innovative than those backed by individual venture capital．The firms backed by syndication that composed of state-owned and non-state-owned venture capital are more innovative than those backed by syndication that composed of homogeneous venture capital (such as state-owned and state-owned).The firms backed by syndication that led by non-state-owned venture capital are more innovative. The venture capital staging financing can promote the enterprise innovation effectively. The number of rounds and inter-round duration of venture capital staging financing are both significantly positively correlated with the enterprise innovation. In the early stage, the number of rounds of venture capital staging financing is significantly positively correlated with the enterprise innovation. While in the late stage, the inter-round duration of venture capital staging financing is significantly positively correlated with the enterprise innovation. The specialized ability of industry is stronger, and the level of enterprises’ technological innovation is higher. Stage specialization and regional specialization strategy can strengthen the effect of industry specialization to the technology innovation of the invested enterprise. Industry specialization increases the possibility of early-stage and investment proximity. This dissertation's innovation mainly has the following points. First, this dissertation analyzes the relationship between venture capital and enterprise innovation from the angle of venture capital investment strategy, more conducive to reveal the venture capital behavior and path. Second, this dissertation finds that the firms backed by heterogeneous syndication (composed of state-owned and non-state-owned venture capital) that led by non-state-owned venture capital are more innovative. This offers an explanation for the inconsistent results that the impact of state-owned venture capital on enterprise innovation. Third, considering the intersection of industry specialization strategy, stage specialization strategy, and regional specialization strategy, this dissertation analyzes the correlation mechanism of industry specialization to promote enterprise innovation, expand the research of specialized investment strategy. Fourth, this dissertation reveals the different role of venture capital staging financing strategy in the enterprise's different stages of development, help to better understand the role of venture capital staging financing strategy.
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