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  本文選題：技術(shù)創(chuàng)新　切入點(diǎn)：風(fēng)險投資　出處：《浙江師范大學(xué)》2014年碩士論文

【摘要】：技術(shù)創(chuàng)新活動是一個高投入、高風(fēng)險和高收益的生產(chǎn)過程,由于高風(fēng)險,技術(shù)創(chuàng)新活動難以從傳統(tǒng)融資渠道獲得資金支持,技術(shù)創(chuàng)新活動面臨著嚴(yán)重的資金約束問題。已有研究結(jié)果表明,風(fēng)險投資不僅能為技術(shù)創(chuàng)新提供資本服務(wù)和增值服務(wù),而且還能通過設(shè)計新的契約機(jī)制,為技術(shù)創(chuàng)新提供制度支持和利益激勵,從而能顯著的促進(jìn)技術(shù)創(chuàng)新活動。但是,在實證研究中,風(fēng)險投資對于技術(shù)創(chuàng)新的作用遠(yuǎn)未達(dá)到一致,具體而言有三種情況,即正效應(yīng)、負(fù)效應(yīng)和不存在任何效應(yīng)。理論和實證研究結(jié)果為何出現(xiàn)如此大的差別,是本文研究的出發(fā)點(diǎn)。 在梳理已有研究結(jié)果的基礎(chǔ)上,本文首先分析了風(fēng)險投資對我國技術(shù)創(chuàng)新作用的機(jī)理,指出風(fēng)險投資對我國技術(shù)創(chuàng)新的作用可以分解為三種效應(yīng)：邊際產(chǎn)出效應(yīng)、資本增加效應(yīng)和增值服務(wù)效應(yīng),由于邊際產(chǎn)出效應(yīng)可能為正,也可能為負(fù),而資本增加效應(yīng)和增值服務(wù)效應(yīng)都為正,三者累計的結(jié)果就會出現(xiàn)三種情況：正效應(yīng)、負(fù)效應(yīng)和不存在任何效應(yīng)。這一結(jié)果對已有文獻(xiàn)中理論與實證結(jié)果的明顯差異做出了解釋。 在實證研究方面,本文以我國7個地區(qū)的面板數(shù)據(jù)為研究樣本,將風(fēng)險投資資本存量、國內(nèi)RD資本存量、技術(shù)溢出RD資本存量和RD人員作為技術(shù)創(chuàng)新的投入,以專利申請量為技術(shù)創(chuàng)新的產(chǎn)出,通過計量分析,得出風(fēng)險投資對我國技術(shù)創(chuàng)新存在正效應(yīng)的結(jié)論,但同時也發(fā)現(xiàn),對于技術(shù)創(chuàng)新的貢獻(xiàn),風(fēng)險投資的作用僅為國內(nèi)RD資本存量的1/8,遠(yuǎn)遠(yuǎn)小于風(fēng)險投資對美國技術(shù)創(chuàng)新的作用。 更進(jìn)一步,本文采用數(shù)據(jù)包絡(luò)分析法(DEA)評價了風(fēng)險投資對我國技術(shù)創(chuàng)新作用的效率,結(jié)果表明我國大部分地區(qū)的風(fēng)險投資效率均較低,投入產(chǎn)出遠(yuǎn)未達(dá)到最優(yōu)狀態(tài)。除了東北和華北地區(qū)的個別年份以外,其余地區(qū)的技術(shù)有效性均呈現(xiàn)無效狀態(tài),規(guī)模有效性也處于遞減狀態(tài)。這一結(jié)果對前面的計量分析結(jié)論提出了有力的支撐,并且指出我國風(fēng)險投資行業(yè)發(fā)展還大有潛力。 最后,對于風(fēng)險投資行業(yè)的發(fā)展,本文提出了四點(diǎn)建議：一是完善退出渠道,加強(qiáng)多層次資本市場的建設(shè)；二是加強(qiáng)技術(shù)市場建設(shè),完善技術(shù)產(chǎn)品化機(jī)制；三是加強(qiáng)知識產(chǎn)權(quán)保護(hù),完善創(chuàng)新激勵機(jī)制；四是加大對種子期的項目的投資力度,大力發(fā)展“天使投資”。
[Abstract]:Technological innovation is a production process with high investment, high risk and high profit. Because of the high risk, it is difficult for technological innovation to obtain financial support from traditional financing channels. The research results show that venture capital can not only provide capital service and value-added service for technological innovation, but also design new contractual mechanism. To provide institutional support and benefit incentives for technological innovation, which can significantly promote technological innovation activities. However, in empirical research, the role of venture capital on technological innovation is far from consistent, specifically, there are three situations, namely, positive effect. Why there is such a big difference between theoretical and empirical research results is the starting point of this paper. Based on the existing research results, this paper first analyzes the mechanism of the role of venture capital in technological innovation in China, and points out that the role of venture capital on technological innovation in China can be divided into three effects: marginal output effect. Capital increase effect and value added service effect, because marginal output effect may be positive or negative, and capital increase effect and value added service effect are both positive, there are three kinds of cumulative results: positive effect. The negative effect and no effect exist. This result explains the obvious difference between the theoretical and empirical results in the literature. In the empirical research, this paper takes the panel data of seven regions of China as the research sample, taking the capital stock of venture capital, domestic R D capital stock, technology spillover R D capital stock and R D personnel as the input of technological innovation. Taking the amount of patent application as the output of technological innovation, through econometric analysis, it is concluded that venture capital has positive effect on technological innovation in China, but at the same time, the contribution to technological innovation is also found. The role of venture capital is only 1 / 8 of the domestic R D capital stock, far less than the role of venture capital on American technological innovation. Furthermore, this paper uses data Envelopment Analysis (DEAA) to evaluate the efficiency of venture capital on technological innovation in China. The results show that the efficiency of venture capital is low in most areas of China. The input-output is far from the optimal state. Except for the individual years in the Northeast and North China, the technical effectiveness of the other regions is invalid. The scale efficiency is also in a decreasing state. This result provides a strong support for the previous econometric analysis conclusions and points out that there is great potential for the development of venture capital industry in China. Finally, for the development of venture capital industry, this paper puts forward four suggestions: one is to perfect the exit channel, to strengthen the construction of multi-level capital market, the other is to strengthen the construction of technology market and perfect the mechanism of technology production. Third, strengthen the protection of intellectual property and perfect the innovation incentive mechanism; fourth, increase the investment in the seed stage projects and vigorously develop "angel investment".
【學(xué)位授予單位】：浙江師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.48;F124.3

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