|
|
|
| Introduction of Venture Capital and High-Quality Development of Industry |
| Yu Jie1,2,Dong Jing1 |
| （1.College of Business, Shanghai University of Finance and Economics, Shanghai 200433, China;2.Xianda College of Economics and Humanities Shanghai International Studies University, Shanghai 200083, China） |
|
|
|
|
Abstract Based on the provincial data from 2005 to 2018, this paper attempts to find whether the introduction of venture capital in the region can promote the high-quality development of the industry.By using panel fixed effect and panel threshold regression analysis method, through the research from multiple levels of industrial development quality, it is found that regional venture capital level promotes the high-quality development of industry from the aspects of industrial value creation, technology intensive level, and green development.Furthermore, the mechanism of venture capital to promote the quality of industrial development is affected by the level of regional knowledge spillover.The research shows that regional knowledge spillover has a moderating effect on the relationship between venture capital and high-quality development of industry.Further research finds that this moderating effect also shows threshold effect.In addition, the research of sub-region shows that the impetus of venture capital to the high-quality development of the industry is mainly reflected in the eastern part of China.These findings provide theoretical basis and practical reference for clarifying the improvement of regional industrial development quality from the perspective of regional venture capital.
|
|
Received: 11 November 2020
|
|
|
|
|
|
| [1] GUERRIERI L,IACOVIELLO M.Occbin:a toolkit for solving dynamic models with occasionally binding constraints easily[J].Journal of Monetary Economics,2015, 70: 22-38.[2] FARIA A P,BARBOSA N.Does venture capital really foster innovation[J].Economics Letters,2014,122(2):129-131.[3] ZOOK M A.Grounded capital:venture financing and the geography of the internet industry,1994—2000[J].Journal of Economic Geography,2002,2(2):151-177.[4] STUART T,SORENSON O.The geography of opportunity:spatial heterogeneity in founding rates and the performance of biotechnology firms[J].Research Policy,2003,32(2):229-253.[5] 徐强,王婷.创业投资与地区经济发展:基于长三角地区上市公司的实证[J].管理学刊,2018,31(5):22-33.[6] 刘广,刘艺萍.风险投资对产业转型升级的影响研究[J].产经评论,2019,10(3):45-55.[7] 王伟龙,纪建悦.研发投入、风险投资对产业结构升级的影响研究:基于中国2008—2017年省级面板数据的中介效应分析[J].宏观经济研究,2019，41(8):71-80,114.[8] TALLMAN S,JENKINS M,HENRY N,et al.Knowledge,clusters,and competitive advantage[J].Academy of Management Review,2004,29(2):258-271.[9] KRUGMAN P,VENABLES A J.Globalization and the inequality of nations[J].The Quarterly Journal of Economics,1995,110(4):857-880.[10] 钱燕.风险投资对新兴产业发展的影响研究:新三板生物医药企业的证据[J].经济问题,2020(10):38-45.[11] DEVIGNE D,VANACKER T,MANIGART S,et al.The role of domestic and cross-border venture capital investors in the growth of portfolio companies[J].Small Business Economics,2013,40(3):553-573.[12] MOLLICA M A，ZINGALES L.The impact of venture capital on innovation and the creation of new business[R].Working Paper，2007.[13] 吕荣杰,呼静,张义明.生产性服务业集聚对区域技术转移的作用机制:协同创新与环境规制视角[J].科技进步与对策,2019,36(2):51-58.[14] 杜传忠,李彤,刘英华.风险投资促进战略性新兴产业发展的机制及效应[J].经济与管理研究,2016,37(10):64-72.[15] HUMPHERY-JENNER M,SUCHARD J A.Foreign vcs and venture success:evidence from China[J].Journal of Corporate Finance,2013(21):16-35.[16] CHEMMANUR T J,LOUTSKINA E,TIAN X.Corporate venture capital,value creation,and innovation[J].Review of Financial Studies,2014,27(8):2434-2473.[17] 洪银兴.产业化创新及其驱动产业结构转向中高端的机制研究[J].经济理论与经济管理,2015,35(11):5-14.[18] 董静,汪江平,翟海燕,等.服务还是监控:风险投资机构对创业企业的管理:行业专长与不确定性的视角[J].管理世界,2017,33(6):82-103,187-188.[19] HSUD H. Venture capitalists and cooperative start-up commercialization strategy[J].Management Science,2006,52(2):204-219.[20] FRIED V H,HISRICH R D.Toward a model of venture capital investment decision making[J].Financial Management,1994,23(3):28-37.[21] TIAN X.Thecauses and consequences of venture capital stage financing[J].Journal of Financial Economics,2011,101(1):132-159.[22] CHOWDHURY R H,MAUNG M.Financial market development and the effectiveness of R&D investment:evidence from developed and emerging countries[J].Research in International Business and Finance,2012,26(2):258-272.[23] NANDA R,RHODES-KROPF M.Financing entrepreneurial experimentation[J].Innovation Policy and the Economy,2016, 16(1): 1-23.[24] BER H，YAFEH Y.Canventure capital funds pick winners?evidence from pre-IPO survival rates and post-IPO performance[J].Israel Economic Review，2007，5（1）：23-46.[25] 毛琦梁.时空压缩下的空间知识溢出与产业升级[J].科学学研究,2019,37(3):422-435.[26] ROMER P M.Increasing returns and long-run growth[J].Journal of Political Economy,1986,94(5):1002-1037.[27] FRITSCH M,KUBLINA S.Related variety,unrelated variety and regional growth:the role of absorptive capacity and entrepreneurship[J].Regional Studies,2018,52(10):1360-1371.[28] 蒋伏心,高丽娜.区际知识溢出不对称、产业区位与内生经济增长[J].财贸经济,2012,33(7):118-125.[29] 徐盈之,朱依曦,孙剑.知识溢出与区域经济增长:基于空间计量模型的实证研究[J].科研管理,2010,31(6):105-112.[30] 王公博,关成华.知识溢出与集聚的互动关系:一个文献综述[J].中国科技论坛,2019,35(11):67-75.[31] 周灿,曾刚.知识溢出与中国高技术产业创新[J].经济经纬,2016,33(3):78-83.[32] 柳卸林,葛爽.探究20年来中国经济增长创新驱动的内在机制:基于新熊彼特增长理论的视角[J].科学学与科学技术管理,2018,39(11):3-18.[33] 王崇锋.知识溢出对区域创新效率的调节机制[J].中国人口·资源与环境,2015,25(7):77-83.[34] COHEN W M,LEVINTHAL D A.Absorptive capacity:a new perspective on learning and innovation[J].Administrative Science Quarterly,1990,35(1):128-152.[35] 王军,常红.知识溢出、吸收能力与经济增长:基于调节效应的检验[J].经济与管理研究,2020,41(9):12-28.[36] GORG H.Much ado about nothing? do domestic firms really benefit from foreign direct investment[J].The World Bank Research Observer,2004,19(2):171-197.[37] 刘娥平,钟君煜,施燕平.风险投资的溢出效应[J].财经研究,2018,44(9):52-65.[38] 韩自然,芮明杰.要素结构、信息化与地区产业体系优化:基于省际面板的实证研究[J].技术经济,2019,38(6):46-57.[39] 黄亮雄,王鹤,宋凌云.我国的产业结构调整是绿色的吗[J].南开经济研究,2012,28(3):110-127.[40] 傅元海,叶祥松,王展祥.制造业结构变迁与经济增长效率提高[J].经济研究,2016,51(8):86-100.[41] 季良玉.技术创新对中国制造业产业结构升级的影响:基于融资约束的调节作用[J].技术经济,2018,37(11):30-36.[42] 刘斯敖,柴春来.知识溢出效应分析:基于制造业集聚与R&D投入的视角研究[J].中国科技论坛,2011,27(7):32-37,57. |
|
|
|
