The Impact of Venture Capital on Enterprise R&D Investment
He Yanlin1,2,Shan Zhicheng1
(1.School of Banking and Finance, University of International Business and Economics;2.The Belt and Road PPP Development Research Center，University of International Business and Economics, Beijing 100029, China)
贺炎林,单志诚. 风险投资对企业研发投入的影响[J]. 科技进步与对策, 2019, 36(21): 80-89.
He Yanlin,Shan Zhicheng. The Impact of Venture Capital on Enterprise R&D Investment. SCIENCE & TECHNOLOGY PROGRESS AND POLICY, 2019, 36(21): 80-89.
[1] LERNER K J. Assessing the contribution of venture capital to innovation[J]. The RAND Journal of Economics, 2000, 31(4):674-692.[2] 陈思,何文龙,张然.风险投资与企业创新:影响和潜在机制[J].管理世界,2017(1):158-169.[3] HIRUKAWA M, UEDA M. Venture capital and industrial ''innovation''[J]. Cepr Discussion Papers, 2008.[4] 李云鹤,王文婷.风险投资介入、投资策略与企业异质R&D创新——基于创业新兴指数样本公司的实证研究[J].科技进步与对策,2014,31(21):76-82.[5] 王兰.关系专用性投资、VC治理行为与技术创新绩效[J].科研管理,2017(6).[6] 苟燕楠,董静.风险投资进入时机对企业技术创新的影响研究[J].中国软科学,2013(3):132-140.[7] 陈伟.风险投资的资本来源影响企业技术创新的机理分析和实证研究——基于非资本增值视角[J].商业经济与管理,2013(9):87-96.[8] BRONZINI R, PISELLI P. The impact of R&D subsidies on firm innovation[J]. Research Policy, 2016, 45(2):442-457.[9] 贺炎林,朱伟豪.风险投资促进了研发投入吗?——政治关联的视角[J].金融科学,2018(2):76-108.[10] BEAN A S, SCHIFFEL D D, MOGEE M E. The venture capital market and technological innovation[J]. Research Policy, 1975, 4(4):380-408.[11] 张学勇,张叶青.风险投资、创新能力与公司IPO的市场表现[J].经济研究,2016,51(10):112-125.[12] BERNSTEIN S, GIROUD X, TOWNSEND R R. The impact of venture capital monitoring[J]. The Journal of Finance, 2016, 71(4):32.[13] SAHLMAN W A. The structure and governance of venture-capital organizations[J]. Journal of Financial Economics, 1990, 27(2):473-521.[14] TEREZA TYKVOV, SCHERTLER A. Cross-border venture capital flows and local ties: evidence from developed countries[J]. Quarterly Review of Economics & Finance, 2011, 51(1):36-48.[15] ZUCKER L G, DARBY M R, BREWER M B. Intellectual human capital and the birth of U.S. biotechnology enterprises[J]. Nonprofit Policy Forum, 1998, 88(1):290-306.[16] 王雷,党兴华.R&D经费支出、风险投资与高新技术产业发展——基于典型相关分析的中国数据实证研究[J].研究与发展管理,2008(4):13-19.[17] 陈见丽.风险投资能促进高新技术企业的技术创新吗?——基于中国创业板上市公司的经验证据[J].经济管理,2011,33(2):71-77.[18] 李建军,刘凤元.风险资本、技术创新与公司业绩关系研究[J].统计与决策,2013(6):175-179.[19] 许昊,万迪昉,徐晋.风险投资背景、持股比例与初创企业研发投入[J].科学学研究,2015,33(10):1547-1554.[20] 沈丽萍.风险投资对中小企业自主创新的影响——基于创业板的经验数据[J].证券市场导报,2015(1):59-64.[21] 谢光华,郝颖,靳姝菲.风险投资对政府补贴的创新激励有效性的影响研究[J].管理学报,2018,15(9):1337-1346.[22] GAO S, XU K, YANG J. Managerial ties, absorptive capacity, and innovation[J]. Asia Pacific Journal of Management, 2008, 25(3):395-412.[23] SU Y S, TSANG E W K, PENG M W. How do internal capabilities and external partnerships affect innovativeness[J]. Asia Pacific Journal of Management, 2009, 26(2):309-331.[24] 蔡地,黄建山,李春米,等.民营企业的政治关联与技术创新[J].经济评论,2014(2):65-76.[25] 刘圻,杨德伟.民营企业政治关联影响研发投资的实证研究——来自深市中小板的证据[J].财政研究,2012(5):61-65.[26] FACCIO M, MASULIS R W, MCCONNELL J J. Political connections and corporate bailouts[J]. The Journal of Finance, 2006, 61(6):2597-2635.[27] GORDON R H, LI W. Government as a discriminating monopolist in the financial market: the case of China[J]. Journal of Public Economics, 2003, 87(2):283-312.[28] 郭玥.政府创新补助的信号传递机制与企业创新[J].中国工业经济,2018(9):98-116.[29] FAN J P H, WONG T J, ZHANG T. Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms[J]. 2007, 84(2):330-357.[30] 张平,黄智文,高小平.企业政治关联与创业企业创新能力的研究——高层管理团队特征的影响[J].科学学与科学技术管理,2014,35(3):117-125.[31] ATANASOV V A, IVANOV V I, LITVAK K. VCs and the expropriation of entrepreneurs[J]. Social Science Electronic Publishing.[32] 温军,冯根福.风险投资与企业创新:“增值”与“攫取”的权衡视角[J].经济研究,2018,53(2):185-199.[33] 陈德球,陈运森,董志勇.政策不确定性、市场竞争与资本配置[J].金融研究,2017（8）:80.[34] GUO D, JIANG K. Venture capital investment and the performance of entrepreneurial firms:evidence from China[J]. Journal of Corporate Finance, 2013, 22(3):375-395.
