本文選題：風(fēng)險投資 + 技術(shù)創(chuàng)新　； 參考：《哈爾濱工業(yè)大學(xué)》2017年碩士論文

【摘要】：近幾年來,中國風(fēng)險投資業(yè)發(fā)展迅速,全社會技術(shù)創(chuàng)新活動碩果累累,但學(xué)術(shù)界有關(guān)風(fēng)險投資與技術(shù)創(chuàng)新的關(guān)系的研究結(jié)論仍存在著很大的分歧。同時,主要功能是為中小企業(yè)提供融資平臺和為風(fēng)險投資提供退出渠道的創(chuàng)業(yè)板市場卻頻繁出現(xiàn)高估值和低業(yè)績的現(xiàn)象。由于風(fēng)險投資是中國創(chuàng)業(yè)板市場的主要投資方,如果其投資企業(yè)的主要目的是通過發(fā)行上市的方式快速造富,那么它們還會推動企業(yè)的技術(shù)創(chuàng)新嗎?研究并回答上述問題,將能深化對風(fēng)險投資與技術(shù)創(chuàng)新關(guān)的認識,同時也能為中國創(chuàng)業(yè)板上市和退市制度的革新提供參考。風(fēng)險投資對技術(shù)創(chuàng)新的影響是本文研究的重點,為了更加深入的研究此問題,本文將技術(shù)創(chuàng)新過程細分為技術(shù)創(chuàng)新投入、技術(shù)創(chuàng)新知識產(chǎn)出、技術(shù)創(chuàng)新績效等三個階段。在對國內(nèi)外關(guān)于風(fēng)險投資與技術(shù)創(chuàng)新研究成果梳理的基礎(chǔ)上,提出了本文的研究假設(shè),建立了橫截面回歸模型和負二項式回歸模型,并以2009年10月30日到2016年12月31日創(chuàng)業(yè)板上市的制造業(yè)企業(yè)為樣本,采用橫截面數(shù)據(jù)進行了實證研究。研究分析得出風(fēng)險投資參與和風(fēng)險投資持股比例的提高對創(chuàng)業(yè)板制造業(yè)上市公司技術(shù)創(chuàng)新投入均有正向影響,而對技術(shù)創(chuàng)新知識產(chǎn)出和績效的提升均無顯著影響。進一步研究發(fā)現(xiàn),在有風(fēng)險投資背景的基礎(chǔ)上,風(fēng)險投資機構(gòu)數(shù)量對技術(shù)創(chuàng)新投入、知識產(chǎn)出和績效均有顯著的正影響,而外資背景風(fēng)險投資與技術(shù)創(chuàng)新投入、知識產(chǎn)出和績效均正相關(guān),但回歸結(jié)果并不顯著。由于本文運用的是Pre-IPO階段進入的風(fēng)險投資數(shù)據(jù),因此本文的研究結(jié)果說明在Pre-IPO階段進入的風(fēng)險投資對創(chuàng)業(yè)板制造業(yè)上市公司的技術(shù)創(chuàng)新影響不大。在研究結(jié)果的基礎(chǔ)上,本文從創(chuàng)業(yè)板上市和退市制度革新的角度提出了進一步提高風(fēng)險投資對技術(shù)創(chuàng)新促進作用的政策建議。
[Abstract]:In recent years, the venture capital industry in China has developed rapidly and the whole society has made great achievements in technological innovation activities. However, there are still great differences in the research conclusions about the relationship between venture capital and technological innovation in academic circles. At the same time, the main function is to provide financing platform for small and medium-sized enterprises and to provide exit channels for venture capital, but the gem market frequently appears the phenomenon of high valuation and low performance. Since venture capital is the main investor in China's gem market, if the main purpose of its investment enterprises is to make wealth quickly by issuing and listing, then will they still promote the technological innovation of enterprises? Studying and answering the above questions will deepen the understanding of the relationship between venture capital and technological innovation, and at the same time provide a reference for the innovation of listing and delisting system of China's gem. The impact of venture capital on technological innovation is the focus of this paper. In order to further study this problem, the process of technological innovation is divided into three stages: technical innovation input, technological innovation knowledge output and technological innovation performance. On the basis of combing the research results of venture capital and technological innovation at home and abroad, the research hypotheses of this paper are put forward, and the cross section regression model and negative binomial regression model are established. Taking the manufacturing enterprises listed on the gem from October 30, 2009 to December 31, 2016 as a sample, the empirical research is carried out using cross-sectional data. The research and analysis show that venture capital participation and the increase of the proportion of venture capital holding have a positive impact on the technology innovation investment of listed companies in gem manufacturing industry, but have no significant effect on the technological innovation knowledge output and performance improvement. Further study shows that the number of venture capital institutions has a significant positive impact on technological innovation input, knowledge output and performance on the basis of venture capital background, while venture capital and technology innovation investment in foreign capital background. Knowledge output and performance are positively correlated, but the regression results are not significant. Since this paper uses venture capital data from the Pre-IPO stage, the research results show that the venture capital entered in the Pre-IPO stage has little effect on the technology innovation of the listed companies in the gem manufacturing industry. On the basis of the research results, this paper puts forward some policy suggestions on how to further improve the role of venture capital in promoting technological innovation from the perspective of gem listing and delisting system innovation.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F273.1;F275

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