【摘要】：利用創(chuàng)業(yè)板及中小板上市公司數(shù)據(jù),以每輪投資規(guī)模和投資時(shí)間間隔衡量階段性投資,研究風(fēng)險(xiǎn)資本的階段性投資對(duì)企業(yè)研發(fā)投入強(qiáng)度的影響。研究發(fā)現(xiàn):(1)每輪投資規(guī)模與投資時(shí)間間隔均與研發(fā)投入強(qiáng)度顯著正相關(guān);(2)在對(duì)樣本進(jìn)一步細(xì)分后,發(fā)現(xiàn)對(duì)于不同投資階段,階段性投資對(duì)研發(fā)投入強(qiáng)度的影響存在明顯差異,即對(duì)于早期投資階段,每輪投資規(guī)模與研發(fā)投入強(qiáng)度顯著正相關(guān),投資時(shí)間間隔與研發(fā)投入強(qiáng)度顯著負(fù)相關(guān);而對(duì)于后期投資階段,每輪投資規(guī)模與研發(fā)投入強(qiáng)度沒有顯著相關(guān)性,投資時(shí)間間隔與研發(fā)投入強(qiáng)度顯著正相關(guān)。說明風(fēng)險(xiǎn)資本不僅通過階段性投資緩解了企業(yè)創(chuàng)新活動(dòng)中的融資約束問題,還通過調(diào)整投資時(shí)間間隔來調(diào)整監(jiān)督強(qiáng)度,促進(jìn)企業(yè)的創(chuàng)新活動(dòng)投入。
[Abstract]:Based on the data of listed companies in the gem and the small and medium sized board, the paper measures the investment by stages according to the scale and time interval of each round of investment, and studies the influence of the phased investment of venture capital on the R & D investment intensity of enterprises. The results show that: (1) the scale and time interval of each round of investment are significantly positively correlated with the intensity of R & D investment; (2) after further subdividing the samples, it is found that for different investment stages, the impact of stage investment on R & D investment intensity is significantly different, that is, for the early investment stage, the scale of each round investment and R & D investment intensity are significantly positive correlation; The time interval between investment and R & D investment intensity is significantly negative correlation; However, for the later investment stage, there is no significant correlation between the investment scale and the R & D investment intensity, and the investment interval is positively correlated with the R & D investment intensity. It is shown that venture capital not only alleviates the financing constraints in enterprise innovation activities through phased investment, but also adjusts the intensity of supervision by adjusting the time interval of investment to promote the investment in innovation activities of enterprises.
【作者單位】： 西安交通大學(xué)管理學(xué)院;西安理工大學(xué)經(jīng)濟(jì)與管理學(xué)院;
【基金】：國(guó)家自然科學(xué)基金面上項(xiàng)目(71373202,71173166) 陜西省軟科學(xué)項(xiàng)目(2015KRM056)
【分類號(hào)】：F273.1

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