CAJ | 학술논문

本文基于供求因素的讨论，构建了区域风险投资发展影响因素的分析框架，并利用我国2007。2012~区域面板数据进行实证分析。结果表明，历史因素、企业创新产出和政府的财税政策是影响区域风险投资发展的三类因素。企业三个阶段的创新产出中，商业化产出对区域风险投资发展贡献最大，研发产出其次，产业化产出贡献最小。政府性风险资本投入超过60％后边际效应转为负向，在20—30％区间内作用最强。各类财税政策主要通过影响区域企业创新产出间接影响区域风险投资，各类财税政策效果的显著性和方向存在差异，但总体上，间接型财税支持政策比直接型的作用更显著。
본문기우공구인소적토론，구건료구역풍험투자발전영향인소적분석광가，병이용아국2007。2012~구역면판수거진행실증분석。결과표명，역사인소、기업창신산출화정부적재세정책시영향구역풍험투자발전적삼류인소。기업삼개계단적창신산출중，상업화산출대구역풍험투자발전공헌최대，연발산출기차，산업화산출공헌최소。정부성풍험자본투입초과60％후변제효응전위부향，재20—30％구간내작용최강。각류재세정책주요통과영향구역기업창신산출간접영향구역풍험투자，각류재세정책효과적현저성화방향존재차이，단총체상，간접형재세지지정책비직접형적작용경현저。
The paper constructed a framework tbr analyzing regional VC development t）aseO on oetall OlSCUSSlOn on actors o demand and supply sides, then conducted empirical regressions with China regional data from 2007 to 2012. As results for the empirical study, we find that three main factors of regional venture capital investment are historical accumulation, innovation of firms and government supporting policies. As for three different stage of firms＇ innovation, commercialization innovation makes the most important contribution to promote regional venture capital share, followed by R＆D innovation, and industrialization innovation is the third. Meanwhile, when the share government committed to regional venture capital industry is more than 60%, its marginal utility will change to be negative, while it will make strongest effect when the share is controlled between 20% and 30%. Last but not least, all kinds of fiscal and tax polices influence regional venture capital investment mainly in indirect form, though their influences are different both in significance and in direction. However, indirect supporting polices are generally more significant than indirect ones.