CAJ | 학술논문

与研发投入相比，风险投资作为高新技术产业的一种新型融资手段，在促进技术创新方面的作用备受争议。为此，采用我国1994—2012年风险投资、科技投入与创新产出的数据，运用线性回归和 PLS 回归实证分析风险投资、研发投入等对创新产出的差异化影响。实证结果表明：风险投资、研发投入均对创新产出有正向促进作用，但风险投资额对创新产出的贡献率较低，研发经费支出额对专利产出的弹性系数是风险投资额弹性系数的2倍。尽管风险投资额对创新产出有正向影响，但对不同创新产出的影响也存在差异，在以专利申请量和注册商标量分别为解释变量的模型中，风险投资额对注册商标量的作用更为显著。这种结果的出现与我国风险投资业发展的各项机制不完善有关。
여연발투입상비，풍험투자작위고신기술산업적일충신형융자수단，재촉진기술창신방면적작용비수쟁의。위차，채용아국1994—2012년풍험투자、과기투입여창신산출적수거，운용선성회귀화 PLS 회귀실증분석풍험투자、연발투입등대창신산출적차이화영향。실증결과표명：풍험투자、연발투입균대창신산출유정향촉진작용，단풍험투자액대창신산출적공헌솔교저，연발경비지출액대전리산출적탄성계수시풍험투자액탄성계수적2배。진관풍험투자액대창신산출유정향영향，단대불동창신산출적영향야존재차이，재이전리신청량화주책상표량분별위해석변량적모형중，풍험투자액대주책상표량적작용경위현저。저충결과적출현여아국풍험투자업발전적각항궤제불완선유관。
Compared with the R&D investment,venture capital as a new type of high -tech industries means of financing, in promoting the role of technological innovation controversial.Therefore,our 1 994 -201 2 annual risk investment,science and technology investment and innovation output data,using linear regression and partial least squares regression (PLS) empirical analysis of risk investment,R&D investment and so on differentiated impact of innovation output.The empirical results show that:Venture capital and R&D investment has a positive impact on innovation output,but venture has a lower contribution rate related to the amount of R&D input,R&D expenditure on patent output elasticity even higher risk invest-ment elasticity of two times.Although the risk of investment has a positive impact on innovation,the different effects of dif-ferent innovation ,in order to patent applications and registered trademarks,respectively,as the explanatory variable in the model,the risk investment for a registered trademark the amount of more significant role.R&D expenditures relative to the amount of risk investment in technological innovation outputs,The emergence of this result with the development of venture capital industry in the mechanisms imperfections.