摘要
加快推动企业主导的关键核心技术创新是实现科技自立自强、加快建设科技强国的必由之路。风险投资作为外部创新资源,通过持股的方式向企业提供技术、管理等方面的资源,但其作用于企业关键核心技术创新的微观机理尚未明晰。文章以2007—2024年中国A股上市公司为研究样本,构建固定效应模型实证检验风险投资机构持股对企业关键核心技术创新的影响效应及其作用机制。研究发现,风险投资机构持股显著促进被投资企业关键核心技术创新;风险投资机构持股的促进作用通过增强研发投入强度、提升基础研究能力以及强化管理层股权激励三条路径实现;风险投资机构持股对缺乏研究背景高管、开展产学研合作以及处在成熟期阶段企业的关键核心技术创新有显著的激励效应。
Innovation in key core technologies is a crucial guarantee for high-quality economic development and enhancing national scientific and technological competitiveness.Venture capital(VC)institutions provide long-term capital support to enterprises through equity investment while leveraging their professional judgment,resource integration,and governance synergy to help enterprises identify market opportunities,optimize R&D pathways,and reduce uncertainties in the innovation process,thereby emerging as a significant market force driving breakthroughs in key core technologies.Taking China’s A-share listed companies from 2007 to 2024 as the research sample,this paper constructs a fixed effect model to empirically test the impact of VC institution shareholdings on key core technology innovation in enterprises and its underlying mechanisms.The study finds that VC institution shareholdings significantly promote key core technology innovation in investee enterprises.After VC institutions hold shares in the investee enterprises,VC enhances R&D intensity,boosts foundational research capabilities,and strengthens management equity incentives,thereby facilitating key core technology innovation in investee enterprises.In addition,VC institution shareholdings have a significant incentive effect on key core technology innovation in enterprises that lack research background,engage in industryuniversity-research collaboration,and are in the mature stage.Therefore,enterprises should actively introduce VC institutions as strategic shareholders,particularly by optimizing equity incentives to motivate core technical personnel and leveraging VC resources to compensate for executives’research capability deficiencies.Governments should establish a categorized VC policy support system,refine VC regulation and exit mechanisms,strengthen policy incentives for long-term investments and hard technologies,and guide capital to more precisely align with corporate innovation needs.
作者
阳镇
凤欣
陈劲
Yang Zhen;Feng Xin;Chen Jin(Institute of Industrial Economics,Chinese Academy of Social Sciences,Beijing 100006,China;Research Center for Technological Innovation,Tsinghua University,Beijing 100084,China;Chinese Academy of Fiscal Sciences,Beijing 100142,China;School of Economics and Management,Tsinghua University,Beijing 100084,China)
出处
《上海财经大学学报(哲学社会科学版)》
北大核心
2025年第6期3-16,共14页
Journal of Shanghai University of Finance and Economics
基金
中国社会科学院重大创新项目“非公有制经济发展的制度环境优化研究”(2024YZD004)
中国社会科学院登峰战略企业管理优势学科建设项目(DF2023YS25)
国家社会科学基金重点项目“支撑企业新质生产力形成的创新模式与创新政策研究”(24AGL018)。
