|
|
|
| The Dynamic Equilibrium Relationship among Venture Capital, R&D Input and Knowledge Output from the Perspective of TimeLag Effect |
| Sun Jinhua, Du Jiao |
|
|
|
|
Abstract This paper selects the time series data of China from 1995 to 2015 based on the perspective of timelag effect, and empirically analyzes the longrun equilibrium relationship and shortterm fluctuations among Venture Capital, R&D input and knowledge output by utilizing the cointegration analysis, Granger causality test, VECM model, impulse response function and variance decomposition. The results show that there is a longterm equilibrium relationship among Venture Capital, R&D input and knowledge output in China, both Venture Capital and R&D input have a positive effect on knowledge output; venture Capital and knowledge output form a feedback relationship, and R&D input is the oneway Granger cause of knowledge output; in the shortterm, the impact of venture capital and R&D input on knowledge output has a certain timelag effect but not significant; knowledge output is positively responded to by itself, Venture Capital and R&D input, which is most affected by its own fluctuations; compared with R&D input, the contribution of venture capital to knowledge output is relatively low.
|
|
|
| Fund:国家自然科学基金项目（71401021）；重庆市教委科学技术研究项目（KJ1600939）；重庆市教育委员会人文社会科学研究项目（16SKGH143） |
|
|
|
|
|
|
