摘要
数字化转型背景下,专精特新企业作为技术创新的重要主体,其成长路径与风险投资(VC)的赋能机制深度融合。本文基于“VC—数字”协同理论框架,探讨风险投资如何通过数字技术嵌入与资金协同驱动专精特新企业创新。研究发现:风险投资不仅可以提升专精特新企业创新绩效,还可以通过缓解融资约束与驱动数字化转型提升专精特新企业的创新绩效。异质性结果表明,风险投资的参与对民营企业创新绩效的促进效果更明显;东部地区专精特新企业的创新能力更强;专精特新“小巨人”企业的创新绩效更高;行业竞争程度较高的专精特新企业在风险投资的作用下创新能力显著。进一步分析得知,风险投资与数字技术的交互作用促进专精特新企业的数字创新,技术密集型企业在“VC—数字”协同驱动技术创新中的边际收益更高。
In the context of digital transformation,specialized,refined,unique and innovative(SRUI)enterprises,as important entities in technological innovation,deeply integrate their growth path with the empowerment mechanism of venture capital(VC).Based on the theoretical framework of"VCDigital"synergy,this paper explores how VC drives innovation in SRUI enterprises through the synergy of digital technology embedding and capital.It is found that,VC can not only enhance the innovation performance of SRUI enterprises,but also improve their innovation performance by alleviating financing constraints and driving digital transformation.The heterogeneity results indicate that the participation of VC has a more significant promoting effect on the innovation performance of private enterprises;The innovation capability of SRUI enterprises in the eastern region is stronger;SRUI"little giant"enterprises have higher innovation performance;SRUI enterprises with high levels of industry competition have significant innovation capabilities under the influence of VC.Further analysis reveals that the interaction between VC and digital technology promotes digital innovation and technological innovation in SRUI enterprises.Technology intensive enterprises have higher marginal returns in the"VC-Digital"collaborative drive of technological innovation.
作者
杨艳萍
郅园园
YANG Yan-ping;ZHI Yuan-yuan(School of Business,Henan University of Technology,Zhengzhou 450001,China)
出处
《现代财经(天津财经大学学报)》
北大核心
2025年第12期39-54,共16页
Modern Finance and Economics:Journal of Tianjin University of Finance and Economics
基金
国家社会科学基金重点项目(24AGL028)。
关键词
风险投资
专精特新企业
融资约束
数字化转型
venture capital
specialized,refined,unique and innovative enterprises
financing constraints
digital transformation
