风险投资对政府补贴的创新激励有效性的影响研究
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摘要
以2009~2015年A股上市公司作为研究样本,实证研究了风险投资如何影响企业配置政府补贴开展创新活动,并分析了不同特征风险投资之间的差异及其影响机制。研究发现:(1)政府补贴与风险投资对企业创新具有互补效应,凭借其专业的知识技能和管理经验,风险投资能够帮助企业有效地配置政府补贴资源,增加发明和实用新型专利。(2)不同特征风险投资所发挥的作用存在差异,其中,高持股比例以及高声誉的风险投资机构能更好地提高企业高质量创新产出。(3)风险投资促进作用的发挥有赖于良好的公司治理,高声誉风险投资的监督服务职能在管理费用率高的企业受到限制,并没有提高企业创新质量;国有背景风险投资还可能参与到高管理费用率的企业和国有企业的策略性创新行为中。
This paper investigates how venture investments influence the efficiency of government subsidies on corporate innovation behavior,based on a broad cross-sectional sample of A-share listed firms from 2009 to 2015.We also analyze the differences among various characteristics of venture investments and its influencing mechanism.The findings are as follows.First,government subsidies and venture capital have a complementary effect on the corporate innovation;through its professional knowledge skills and management experience,venture capital can help enterprises allocate government subsidies resources more effectively,and increase the invention and utility model patents.Second,the effect of venture capital is different due to its characteristics,among which the high shareholdings and high reputation venture investments can better increase the high-quality innovation outputs.In addition,good corporate governance is necessary for the role of venture investments in corporate innovation.Third,as supervising and serving role is limited in firms with high management fee rate,venture investments of high reputation do not improve corporate innovation quality.Last,state-owned venture investments may participate in strategic innovation in state-owned enterprises and enterprises with high management expense ratio.
This paper investigates how venture investments influence the efficiency of government subsidies on corporate innovation behavior,based on a broad cross-sectional sample of A-share listed firms from 2009 to 2015.We also analyze the differences among various characteristics of venture investments and its influencing mechanism.The findings are as follows.First,government subsidies and venture capital have a complementary effect on the corporate innovation;through its professional knowledge skills and management experience,venture capital can help enterprises allocate government subsidies resources more effectively,and increase the invention and utility model patents.Second,the effect of venture capital is different due to its characteristics,among which the high shareholdings and high reputation venture investments can better increase the high-quality innovation outputs.In addition,good corporate governance is necessary for the role of venture investments in corporate innovation.Third,as supervising and serving role is limited in firms with high management fee rate,venture investments of high reputation do not improve corporate innovation quality.Last,state-owned venture investments may participate in strategic innovation in state-owned enterprises and enterprises with high management expense ratio.
引文
[1]中国企业家调查系统.新常态下的企业创新:现状、问题与对策——2015·中国企业家成长与发展专题调查报告[J].管理世界,2015(6):22-33.
[2]肖文,林高榜.政府支持、研发管理与技术创新效率——基于中国工业行业的实证分析[J].管理世界,2014(4):71-80.
[3]白俊红,李婧.政府R&D资助与企业技术创新——基于效率视角的实证分析[J].金融研究,2011(6):181-193.
[4]王刚刚,谢富纪,贾友.R&D补贴政策激励机制的重新审视——基于外部融资激励机制的考察[J].中国工业经济,2017,36(2):60-78.
[5]伍健,田志龙,龙晓枫,等.战略性新兴产业中政府补贴对企业创新的影响[J].科学学研究,2018,36(1):158-166.
[6]解维敏,唐清泉,陆姗姗.政府R&D资助、企业R&D支出与自主创新——来自中国上市公司的经验证据[J].金融研究,2009(6):86-99.
[7]BOEING P.The Allocation and Effectiveness of China’s R&D Subsidies-Evidence from Listed Firms[J].Research Policy,2016,45(9):1 774-1 789.
[8]DANG J,MOTOHASHI K.Patent Statistics:A Good Indicator for Innovation in China?Patent Subsidy Program Impacts on Patent Quality[J].China Economic Review,2015,35:137-155.
[9]FISCH C,SANDNER P,REGNER L.The Value of Chinese Patents:An Empirical Investigation of Citation Lags[J].China Economic Review,2017,45:22-34.
[10]黎文靖,郑曼妮.实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J].经济研究,2016,51(4):60-73.
[11]董静,汪江平,翟海燕,等.服务还是监控:风险投资机构对创业企业的管理——行业专长与不确定性的视角[J].管理世界,2017(6):82-103.
[12]王兰.VC治理行为中介作用下的关系专用性投资与技术创新绩效[J].管理学报,2015,12(6):854-864.
[13]KOLMAKOV V,POLYAKOVA A G,SHALAEV V S.An Analysis of the Impact of Venture Capital Investment on Economic Growth and Innovation:Evidence from the USA and Russia[J].Economic Annals,2015,27(1):7-37.
[14]杨洋,魏江,罗来军.谁在利用政府补贴进行创新?——所有制和要素市场扭曲的联合调节效应[J].管理世界,2015(1):75-86.
[15]CHEMMANUR T J,LOUTSKINA E,TIAN X.Corporate Venture Capital,Value Creation,and Innovation[J].Review of Financial Studies,2014,27(8):2 434-2 473.
[16]陈思,何文龙,张然.风险投资与企业创新:影响和潜在机制[J].管理世界,2017(1):158-169.
[17]ASCHHOFF B.The Effect of Subsidies on R&D Investment and Success-Do Subsidy History and Size Matter?[EB/OL].(2009-06-15)[2017-12-23].https://ssrn.com/abstract=1433275.
[18]张杰,陈志远,杨连星,等.中国创新补贴政策的绩效评估:理论与证据[J].经济研究,2015,50(10):4-17.
[19]袁蓉丽,文雯,汪利.风险投资和IPO公司董事会治理——基于倾向评分匹配法的分析[J].中国软科学,2014(5):118-128.
[20]MANSO G.Motivating Innovation[J].Journal of Finance,2011,66(5):1 823-1 860.
[21]KORTUM S,LERNER J.Does Venture Capital Spur Innovation?[J].NBER Working Papers,1998,28(1):1-44.
[22]HELLMANN T,PURI M.The Interaction between Product Market and Financing Strategy:The Role of Venture Capital[J].Review of Financial Studies,2000,13(4):959-984.
[23]AGHION P,VAN REENEN J,ZINGALES L.Innovation and Institutional Ownership[J].American Economic Review,2013,103(1):277-304.
[24]钱苹,张帏.我国创业投资的回报率及其影响因素[J].经济研究,2007,42(5):78-90.
[25]NAHATA R.Venture Capital Reputation and Investment Performance[J].Journal of Financial Economics,2008,90(2):127-151.
[26]朱平芳,徐伟民.政府的科技激励政策对大中型工业企业R&D投入及其专利产出的影响——上海市的实证研究[J].经济研究,2003,38(6):45-53.
[27]唐清泉,黎文飞,蔡贵龙.家族控制、风险投资和企业R&D投资[J].证券市场导报,2015(1):32-38.
[28]吴超鹏,吴世农,程静雅,等.风险投资对上市公司投融资行为影响的实证研究[J].经济研究,2012,47(1):105-119.
[29]罗炜,朱春艳.代理成本与公司自愿性披露[J].经济研究,2010,45(10):143-155.
[30]李君平,徐龙炳.资本市场错误定价、融资约束与公司融资方式选择[J].金融研究,2015(12):113-129.
[2]肖文,林高榜.政府支持、研发管理与技术创新效率——基于中国工业行业的实证分析[J].管理世界,2014(4):71-80.
[3]白俊红,李婧.政府R&D资助与企业技术创新——基于效率视角的实证分析[J].金融研究,2011(6):181-193.
[4]王刚刚,谢富纪,贾友.R&D补贴政策激励机制的重新审视——基于外部融资激励机制的考察[J].中国工业经济,2017,36(2):60-78.
[5]伍健,田志龙,龙晓枫,等.战略性新兴产业中政府补贴对企业创新的影响[J].科学学研究,2018,36(1):158-166.
[6]解维敏,唐清泉,陆姗姗.政府R&D资助、企业R&D支出与自主创新——来自中国上市公司的经验证据[J].金融研究,2009(6):86-99.
[7]BOEING P.The Allocation and Effectiveness of China’s R&D Subsidies-Evidence from Listed Firms[J].Research Policy,2016,45(9):1 774-1 789.
[8]DANG J,MOTOHASHI K.Patent Statistics:A Good Indicator for Innovation in China?Patent Subsidy Program Impacts on Patent Quality[J].China Economic Review,2015,35:137-155.
[9]FISCH C,SANDNER P,REGNER L.The Value of Chinese Patents:An Empirical Investigation of Citation Lags[J].China Economic Review,2017,45:22-34.
[10]黎文靖,郑曼妮.实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J].经济研究,2016,51(4):60-73.
[11]董静,汪江平,翟海燕,等.服务还是监控:风险投资机构对创业企业的管理——行业专长与不确定性的视角[J].管理世界,2017(6):82-103.
[12]王兰.VC治理行为中介作用下的关系专用性投资与技术创新绩效[J].管理学报,2015,12(6):854-864.
[13]KOLMAKOV V,POLYAKOVA A G,SHALAEV V S.An Analysis of the Impact of Venture Capital Investment on Economic Growth and Innovation:Evidence from the USA and Russia[J].Economic Annals,2015,27(1):7-37.
[14]杨洋,魏江,罗来军.谁在利用政府补贴进行创新?——所有制和要素市场扭曲的联合调节效应[J].管理世界,2015(1):75-86.
[15]CHEMMANUR T J,LOUTSKINA E,TIAN X.Corporate Venture Capital,Value Creation,and Innovation[J].Review of Financial Studies,2014,27(8):2 434-2 473.
[16]陈思,何文龙,张然.风险投资与企业创新:影响和潜在机制[J].管理世界,2017(1):158-169.
[17]ASCHHOFF B.The Effect of Subsidies on R&D Investment and Success-Do Subsidy History and Size Matter?[EB/OL].(2009-06-15)[2017-12-23].https://ssrn.com/abstract=1433275.
[18]张杰,陈志远,杨连星,等.中国创新补贴政策的绩效评估:理论与证据[J].经济研究,2015,50(10):4-17.
[19]袁蓉丽,文雯,汪利.风险投资和IPO公司董事会治理——基于倾向评分匹配法的分析[J].中国软科学,2014(5):118-128.
[20]MANSO G.Motivating Innovation[J].Journal of Finance,2011,66(5):1 823-1 860.
[21]KORTUM S,LERNER J.Does Venture Capital Spur Innovation?[J].NBER Working Papers,1998,28(1):1-44.
[22]HELLMANN T,PURI M.The Interaction between Product Market and Financing Strategy:The Role of Venture Capital[J].Review of Financial Studies,2000,13(4):959-984.
[23]AGHION P,VAN REENEN J,ZINGALES L.Innovation and Institutional Ownership[J].American Economic Review,2013,103(1):277-304.
[24]钱苹,张帏.我国创业投资的回报率及其影响因素[J].经济研究,2007,42(5):78-90.
[25]NAHATA R.Venture Capital Reputation and Investment Performance[J].Journal of Financial Economics,2008,90(2):127-151.
[26]朱平芳,徐伟民.政府的科技激励政策对大中型工业企业R&D投入及其专利产出的影响——上海市的实证研究[J].经济研究,2003,38(6):45-53.
[27]唐清泉,黎文飞,蔡贵龙.家族控制、风险投资和企业R&D投资[J].证券市场导报,2015(1):32-38.
[28]吴超鹏,吴世农,程静雅,等.风险投资对上市公司投融资行为影响的实证研究[J].经济研究,2012,47(1):105-119.
[29]罗炜,朱春艳.代理成本与公司自愿性披露[J].经济研究,2010,45(10):143-155.
[30]李君平,徐龙炳.资本市场错误定价、融资约束与公司融资方式选择[J].金融研究,2015(12):113-129.