CAJ | 학술논문

本文从理论上解释了创新资本在发展中国家和欠发达地区技术创新中的作用机理和特异性。提出：由于发展中国家产业结构体系的技术经济特征与发达国家具有显著差异，在其技术创新活动中创新资本的作用与效应也不同于发达国家。以中国工业企业数据为样本进行的实证分析结果对理论分析的结论给予了支持：在中国，R＆D投资对技术创新的促进作用约4倍于风险投资的相应作用，与美国等发达国家的情况呈现出背离趋势。因此，对于现阶段的中国产业结构体系而言，风险投资对技术创新的激励效应并非最优，需要匹配以适宜形式的R＆D投资才能够取得更优的技术创新产出效率。
본문종이론상해석료창신자본재발전중국가화흠발체지구기술창신중적작용궤리화특이성。제출：유우발전중국가산업결구체계적기술경제특정여발체국가구유현저차이，재기기술창신활동중창신자본적작용여효응야불동우발체국가。이중국공업기업수거위양본진행적실증분석결과대이론분석적결론급여료지지：재중국，R＆D투자대기술창신적촉진작용약4배우풍험투자적상응작용，여미국등발체국가적정황정현출배리추세。인차，대우현계단적중국산업결구체계이언，풍험투자대기술창신적격려효응병비최우，수요필배이괄의형식적R＆D투자재능구취득경우적기술창신산출효솔。
This paper explains the law of innovation capital＇s role in technical innovation for developing countries and less developed areas： the industry technical characteristics and economic characteristics are different from the developed countries, and the industrial structure in these regions is located in the non-frontier, so that the innovative effect of innovation capital is differ from developed countries in technical innovation remarkably. The empirical analysis of the sample data which is derived from industrial enterprises in China has given a strong support： In the United States the effect of the venture capital is three times than the effect of R＆D; but the effect of R＆D is four times than the effect of the risk investment in China. Thus for the industrial system at present in China, the venture capital is not the only optimization of innovative capital; R＆D investment may be more adapted.