CAJ | 학술논문

风险投资是为科技企业和创新活动融通资金的重要渠道。本文对我国中小板上市公司的实证研究发现，无论从研发投入还是从专利数量上来看，有风险投资参与的企业在技术创新上的表现要显著好于无风险投资参与的企业。进一步的回归分析发现，在资本背景和经验背景不同的情况下，风险投资对企业技术创新的影响不同。政府背景风险投资的参与、公司背景风险投资的参与以及混合资本背景风险投资的参与与企业研发投入呈负相关关系。风险投资机构的经验越丰富对企业研发投入的影响越积极。
풍험투자시위과기기업화창신활동융통자금적중요거도。본문대아국중소판상시공사적실증연구발현，무론종연발투입환시종전리수량상래간，유풍험투자삼여적기업재기술창신상적표현요현저호우무풍험투자삼여적기업。진일보적회귀분석발현，재자본배경화경험배경불동적정황하，풍험투자대기업기술창신적영향불동。정부배경풍험투자적삼여、공사배경풍험투자적삼여이급혼합자본배경풍험투자적삼여여기업연발투입정부상관관계。풍험투자궤구적경험월봉부대기업연발투입적영향월적겁。
Venture capital is a very important channel for technological firms and innovation activities to get finance. Through an empirical study on finns listed on the Small and Medium Enterprise Board in China, this paper finds that, seen either from R＆D investment orfrom number of patents, the firms with venture capitaloutperform significantly the firms without venture capital in technological innovation. Further regression analysisfinds that, for difference on capital background and experience background, venture capitals have different influence on firms＇ technological itmovation. The government - backed venture capital participation, the corporate - backed venture capital participation, and the participation of venture capital with mixed capital backgrounds have negative correlations with finns＇ R＆D investment. The more experiences the venture capitals have, the more positive their influence on firms＇ R＆D investment.