CAJ | 학술논문

以深圳中小板上市公司为样本，选取2008年～2011年四年间的面板数据实证检验税收优惠、研发补贴、金融支持、产权保护及人才激励五项创新促进政策的实施效果，并研究风险投资与中小企业创新投入的相关性问题。研究发现税收优惠及人才激励政策显著促进企业的研发投入；研发补贴对企业研发投入具有挤出效应---政府的研发补贴显著地减少了企业研发投入；金融支持政策效没有显著地促进企业加大研发投入。风险投资从总体上对企业的研发投入没有非常显著影响；有风险投资的企业研发产出高于无风险投资的企业；风险投资的持股比例对企业的研发行为没有显著影响。
이심수중소판상시공사위양본，선취2008년～2011년사년간적면판수거실증검험세수우혜、연발보첩、금융지지、산권보호급인재격려오항창신촉진정책적실시효과，병연구풍험투자여중소기업창신투입적상관성문제。연구발현세수우혜급인재격려정책현저촉진기업적연발투입；연발보첩대기업연발투입구유제출효응---정부적연발보첩현저지감소료기업연발투입；금융지지정책효몰유현저지촉진기업가대연발투입。풍험투자종총체상대기업적연발투입몰유비상현저영향；유풍험투자적기업연발산출고우무풍험투자적기업；풍험투자적지고비례대기업적연발행위몰유현저영향。
This paper evaluates the impact of national innovation policy on small and medium enterprises with the sample of companies listed on Shenzhen Stock Exchange and discusses the relevance between venture capital and corporate R&D in -vestment.Our data start from 2008 and end with 2011.The empirical analysis shows that: (1) tax incentives and talent truly promote corporate R&D investment;(2) subsidies show a crowding -out effect to corporate R&D investment , instead of a positive effect as we assume ( 3 ) financial support do not show any significant effect if we use a whole sample .But when we get our sample into two parts according to market -oriented degree , financial support has a crowding -out effect on low-market-oriented degree of region and a positive effect on high -market-oriented degree of region;(4) intellec-tive property right is vital to encourage corporate R&D activities .However in this paper enterprises in cities which are fa-mous for intellective property right protect do not invest more money on R&D activities than those in other cities ;(5) ven-ture capital has a significant effect on corporate R&D investment .Those enterprises which get some venture capital will pay more money to do research , but how much venture capital enterprises get don ’ t affect corporate research significantly .