论文总字数：17877字

摘 要

当前我国的经济发展正处于重要战略机遇期，企业与企业之间的竞争也越来越激烈。为了促进企业的持续健康稳定发展，增强企业的核心竞争力，技术创新已成为企业越来越重视的因素。而风险投资作为可以提高企业技术创新水平的途径之一，结合我国主客观环境，研究风险投资对企业的技术创新水平的影响对国家发展的重要意义更加突出。本文首先对风险投资以及技术创新的基本概念进行了整理界定，并进一步综述了国内外学者的观点，接着，选取的研究样本为深圳创业板，并以其中的信息技术与科研服务行业及制造行业的创业企业作为研究对象进行了实证研究，建立回归模型分别研究了有无风险投资背景、风投持股比例大小、风投时间长短对创业企业技术创新的影响，经过数据分析之后得出风险投资参与与创业企业的技术创新水平具有显著正相关性；风投持股比例与创业企业技术创新的投入与产出水平均无明显相关关系；风投的时间长短与创业企业的技术创新投入与产出水平均不存在显著相关性，同时，创业企业的净资产收益率与企业技术创新水平呈正相关关系。最后，本文根据实证分析得出的结果，为进一步提升风险投资对企业技术创新的作用水平提出了一些建议，同时指出了本文研究的不足之处及创新点。

关键词：风险投资 技术创新 创业企业

Research on the Influence of Venture Capital on Technological Innovation of Enterprises

Abstract

At present, China's economic development is in an important period of strategic opportunities, meanwhile the competition between enterprises is getting more and more intense. For the sake of promoting the sustainable, healthy and stable development of enterprises and enhancing their core competitiveness, enterprises must attach much importance to raise their own level of technological innovation. As one of the approaches to strengthen the quality and standard of technological innovation of companies, in combination with the subjective and objective environment of China, the research on the relationship between venture capital and enterprise technology innovation and how to strengthen the level of enterprise technology innovation through venture capital is more significant to national development. In the paper, the basic concepts of VC and technological innovation are firstly summarized, and the viewpoints of domestic and foreign scholars are further summarized. After that, the selected research samples come from Shenzhen gem, and the technology of information and service for scientific research industry and manufacturing industry start-ups are taken as the research objects to conduct an empirical study, and established a regression model to study the impact of VC background, VC shareholding ratio and the duration of VC on the technological innovation of entrepreneurial enterprises. Finally, it is concluded that venture capital can significantly improve the level of technological innovation of entrepreneurial enterprises and has a significant positive correlation. There is no significant correlation between the shareholding ratio of venture capital and the input and output level of technological innovation of start-up enterprises. There is no significant correlation between the duration of venture capital investment and the input and output levels of technological innovation of start-ups. Meanwhile, the return on equity of start-ups is positively correlated with the level of technological innovation of start-ups. Finally, based on the results of empirical analysis, this paper puts forward some suggestions for further improving the role of venture capital in enterprise technology innovation, and points out the shortcomings and innovation points of this paper.

Key Words: Venture capital; Technology innovation; Start-ups

目 录

摘 要 I

Abstract II

第一章 绪论 1

1.1 研究背景与意义 1

1.2 研究内容 1

1.3 研究方法 2

1.4 研究框架 2

第二章 文献综述与研究假设 4

2.1 相关理论概念 4

2.1.1 风险投资 4

2.1.2 技术创新 4

2.2 国内外研究综述及小结 5

2.2.1 风险投资对企业技术创新的正效应作用 5

2.2.2 风险投资的中性作用 5

2.2.3 风险投资的负效应作用 6

2.2.4 小结 6

2.3 研究假设 7

第三章 实证设计 9

3.1 数据来源 9

3.2 变量选取 9

3.3 模型构建 11

3.4 实证研究 12

3.4.1 描述性统计分析 12

3.4.2 变量的相关性分析 15

3.4.3 多元回归分析 16

第四章 结论与启示 18

4.1 结论 18

4.2 启示 18

4.3 创新点与不足之处 20

4.3.1 创新点 20

4.3.2 不足之处 20

参考文献 22

致谢 24

第一章 绪论

1.1 研究背景与意义

我国经济社会的快速发展，市场竞争日趋复杂，企业开始逐步认识到，想要不断地发展壮大，创新才是企业提高竞争力的根本途径。自主创新不仅是推动我国高质量发展、动能转换的迫切要求，也是企业发展的原生动力，要构建中国特色国家创新体系，企业在技术创新中发挥的作用越来越重要。

风险投资作为可以提高企业技术创新水平的途径之一，结合我国主客观环境，研究风险投资和企业技术创新之间的关系及如何通过风险投资来提升企业的技术创新水平对国家发展的重要意义更加突出。

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