摘要
通过对科创板及创业风险投资两个市场的相互关系进行逻辑分析,可知二者在资金链上可形成完整循环。并采用基于Cobb-Douglas生产函数的投入产出模型和Granger因果检验,对美国2001-2015年纳斯达克和创业风险投资数据进行实证分析,验证了美国资本市场和风险投资市场对高新技术产业发展具有显著促进作用;且两个市场在不同滞后期上具有因果关系,进一步证明了美国资本市场和风险投资市场的相互促进作用。最后,在对我国科创板和创业风险投资发展现状分析的基础上,参照美国实证分析结果提出政策建议。
Through the logical analysis of the relationship between the sci-tech innovation board market and venture capital market,it can be known that the two markets can form a complete cycle in the capital chain. The input-output model based on Cobb-Douglas production function and Granger causality test were used to analyze the data of Nasdaq and venture capital in the United States from2001 to 2015. The results show that the capital market and venture capital market in the United States have a significant role in promoting the development of high-tech industries,and that the two markets have causal relationship in different lag periods,which further proves that the mutual promotion role between capital market and venture capital market in the United States. Finally,on the basis of the analysis of the development status of sci-tech innovation board and venture capital in China,the paper put forward policy recommendations according to the empirical analysis results of the United States.
作者
孙龙
雷良海
SUN Long;LEI Lianghai(Business School,University of Shanghai for Science and Technology,Shanghai 200093,China)
出处
《科技与经济》
2020年第1期61-65,共5页
Science & Technology and Economy
基金
上海市软科学课题——“‘双创’背景下促进上海市技术市场发展的科技财政资源配置优化研究”(项目编号:18692103000
项目负责人:雷良海)成果之一
关键词
科创板
创业风险投资
生产函数
格兰杰因果关系
sci-tech innovation board
venture capital
production function
Granger causality
