CAJ | 학술논문

利用2011—2013年深圳创业板上市公司的数据，通过多元回归分析，从技术创新投入和产出两个方面探讨了联合风险投资对目标企业技术创新能力的影响。结果显示：联合风险投资正向促进目标企业的R&D投入、发明专利数和专利总数，但是风险资本持股比例过高会适得其反；联合风险投资与R&D投入的交互效应与目标企业的专利总数正相关，而在董事会角度上的交互效应与目标企业的专利总数负相关；联合风险投资分别与R&D投入和风险资本加入董事会的交互效应对发明专利数的影响都不显著。
이용2011—2013년심수창업판상시공사적수거，통과다원회귀분석，종기술창신투입화산출량개방면탐토료연합풍험투자대목표기업기술창신능력적영향。결과현시：연합풍험투자정향촉진목표기업적R&D투입、발명전리수화전리총수，단시풍험자본지고비례과고회괄득기반；연합풍험투자여R&D투입적교호효응여목표기업적전리총수정상관，이재동사회각도상적교호효응여목표기업적전리총수부상관；연합풍험투자분별여R&D투입화풍험자본가입동사회적교호효응대발명전리수적영향도불현저。
Using the data of the companies listed in Shenzhen GEM during 2011 -2013 ,this paper studies the impacts of united venture capital investment on target company's technological innovation capability from two aspects of technological innovation input and output through the multiple regression analysis.The empirical results show as follows :united venture capital investment promote enterprise′s technological innova‐tion capacity in R&D investment ,invention patent and total amount of patents ,but its high proportion of shareholding would be counterproduc‐tive ;the interaction effect between R&D investment and united venture capital investment is positively related to total amount of patents ,and the interaction effect on the board of directors is negatively related to total amount of patents ;the interaction effect of united venture capital in‐vestment respectively with R&D investment and venture capital into the board of directors on the number of invention patents are not signifi‐cant .