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

Abstract
Figure/Table
References
Related Citation (7)

Download: PDF (0 KB) HTML (1 KB)
Export: BibTeX | EndNote (RIS)

Abstract Based on the perspective of non-capital appreciation, this paper studies the impact of venture capital sources on technology innovations of venture enterprises. Through mechanism analysis, this paper finds that non-capital appreciation of VC may have influence on the acquisition of technological innovation resources, technology innovation achievements and the improvement of technology innovation efficiency. Based on the later empirical study, we find that VC backed by the government promotes the increase of technology innovation resources, but have little effects on technology innovation achievements and the improvement of technology innovation efficiency. Because of its technological advantages, management advantages and development advantage, private VC has positive impacts on the innovation resource expansion, the increase of innovation achievement and the promotion of innovation efficiency. Hence, from the perspective of non-capital appreciation, this paper proposes that venture capital sources do have impacts on technology innovations of venture enterprises.

Key words： venture capital venture capital sources technical innovation non-capital appreciation

Received: 14 December 2012 Published: 15 September 2013

PACS:

F842.48

Corresponding Authors: CHEN Wei E-mail: lacy98@163.com

	Service

	E-mail this article
	Add to my bookshelf
	Add to citation manager
	E-mail Alert
	RSS
	Articles by authors
	CHEN Wei

Cite this article:

CHEN Wei. The Mechanism Analysis and Empirical Study on the Impact of the Source of Venture Capital on Technology Innovations of Venture Enterprises——From the Perspective of Non-capital Appreciation[J]. , 2013, (9): 87-96.

URL:

http://zzs.zjgsu.edu.cn/gl/EN/ OR http://zzs.zjgsu.edu.cn/gl/EN/Y2013/V/I9/87

[1]	Caselli, Stefano, Stefano Gatti & Francesco Perrini, Are Venture Capitalists a Catalyst for Innovation? [J]. European Financial Management, 2009,15,(1):92-111.
[2]	Engel, D. and Keilbach, M,. Firm Level Implications of Early Stage Venture CapitalInvestment - An Empirical Investigation.[J].Journal of Empirical Finance,2007,14,(2):150-167.
[3]	Gompers. P. and J.Lerner. The Venture Capital Revolution.[J].Journal of Economic Perspectives, 2001,15,(2):145-168.
[4]	Hasan Iftekhar and Wang,Haizhi, The Role of Venture Capital on Innovation, New Business Formation and Economic Growth.[C].FMA Annual Meeting, 2006.
[5]	Hellmann. IPOs, Acquisitions and the use of convertible securities in venture capital.[J].Journal of Financial Economics, 2006,81(2): 649-679.
[6]	Kortum,S. and J. Lerner. Assessing the Contribution of Venture to Innovation.[J]. Journal of Economics, 2000,31,((4): 674 -692.
[7]	Pehr-Johan Norb?ck and Lars Persson. The Organization of the Innovation Industry: Entrepreneurs,Venture Capitalists and Oligopolists .[C].IFN Working Paper,2009
[8]	Popov and Roosenboom. Does private equity investment spur innovation? evidence from Europe.[C].European central bank Working Paper Series, 2009.
[9]	Schertler. Knowledge capital and venture capital investments: new evidence from European panel data.[J].German economic review,2007,8,(1):64-88.
[10]	Tykvova,T. Venture Capital in Germary and Its Impact on Innovation.[C].Social Science Research NetworkWorking Paper, presented at the EFMA Conference,Athens,2000.
[11]	Ueda & Hirukawa. Venture capital and industrial “innovation. [C]. University of Wisconsin. Working Paper,2008.
[12]	Ueda, M. and M. Hirukawa. Venture Capial and Industrial Innovation.[C].Unpublished Working Paper, University of Wisconsin,USA.2006.
[13]	武巧珍. 风险投资支持高新技术产业自主创新的路径分析［J］.管理世界，2009( 7):174-175.
[14]	谢小芳，李懿东，唐清泉. 市场认同企业的研发投入价值吗? 来自沪深 A 股市场的经验证据［J］.中国会计评论，2009( 9)：299-314.
[15]	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（2）：71-77.