风险投资进入时间、技术偏好对创新绩效影响——基于创业板制造业企业的PSM检验
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摘要
准确评估不同时间进入的风险投资是否具有技术偏好及其对创业企业创新绩效的影响,对我国风险投资的发展和以创新推动产业结构转型升级具有重要意义。本文与进入创业企业的时间联系,考虑其技术偏好,构筑了"风险投资进入时间——技术偏好——创业企业创新绩效"逻辑链条;并以2009-2012年创业板制造业企业为例,采用PSM方法,分析了不同时间进入企业的风险投资是否具有技术偏好及其对创业企业创新绩效的影响,发现:上市前1年内进入企业的风险投资没有表现出显著的技术偏好,对创业企业创新绩效的动态影响不显著,无论是突破式创新还是渐进式创新;上市前1年以上进入企业的风险投资的技术偏好显著,对创业企业创新绩效存在显著的促进作用,但随着时间推移,对创业企业创新绩效的影响程度越来越小,且对渐进式创新影响的持续性和程度大于突破式创新。
In recent years,the effect of the policy of demand-side management driven by consumption,investment and export is getting worse,which results in the economic growth of China is slowing down. Innovation is a main source of economic development,so supply-side structural reform driven by innovation must be an inevitable choice for promoting the economy growth of China. Entrepreneurial companies are the main subjects of innovation. Venture capital is regarded as an effective tool to promote innovation of entrepreneurial enterprises. Thus,we attempt to promote innovation from the prospect of venture capital and entrepreneurial enterprises. However,at present,the information asymmetry of China is serious and the financial institutions lack financial tools to avoid risk. Meanwhile,the development of venture capital started late in China,and venture capital has lower risk tolerance. It will inevitably affect the venture capitalists' investment objectives,selection of investment stages,preference for technologic innovation and innovation performance of entrepreneurial companies. Therefore,it is of great importance for the development of venture capital and the industrial structure upgrading of China to accurately assess whether venture capital that enters into entrepreneurial companies on different time will prefer entrepreneurial firms that have higher R&D investment and how venture capital that enters into entrepreneurial companies on different time affects the innovation performance of entrepreneurial firms.In this paper,taking venture capitals' technology preference before entering into the entrepreneurial companies and entry time into account,we put forward a logic thought that venture capitals' technology preference,entry time and innovation performance of start-up firm. And we use Propensity Score Matching method analyzing whether venture capital that enters into entrepreneurial companies on different time will have technology preference and examining the effect of venture capital that enters into entrepreneurial companies on different time on the innovation performance of start-up firms.The sample used in empirical analysis consists of manufacturing companies listed on China's Growth Enterprise Market from2009 to 2012,which is a specialized financing platform for entrepreneurial companies with high technology in China. We manually collected the venture capital information from the companies' prospectuses,Venture Capital Development Report in China( 2008-2015) and the dataset of Zero2 IPO Group,and the patent application quantity data,containing the invention patent quantity,utility model patent quantity and design patent quantity,from the Patent Office of the People's Republic of China.The results show that venture capitals that enter into firms during 1 year before IPO don't prefer start-up firms that have higher R&D investment and also don't improve the start-up firms' innovation performance remarkably,neither the incremental innovation nor radical innovation. However,venture capitals that enter into the firms during 1-2 year before IPO prefer start-up firms that have higher R&D investment and dynamically promote the innovation performance of start-up firms remarkably,but as time goes on,the contribution of venture capitals on entrepreneurial companies' innovation performance gradually decreases,and the effect of venture capitals on the incremental innovation of entrepreneurial companies is greater than it is on the radical innovation. From the results,we can see that venture capitals that enter into the companies earlier prefer entrepreneurial firms that have higher R&D investment,while venture capitals that enter into the companies later don't prefer entrepreneurial firms that have higher R&D investment. Moreover,venture capitals that enter into the entrepreneurial companies earlier have a positive effect on the innovation performance of entrepreneurial companies,while venture capitals that enter into the entrepreneurial companies later have no significant effect on the innovation performance of entrepreneurial companies. Furthermore,venture capitals that enter into the entrepreneurial companies earlier have a positive effect on the radical innovation and the incremental innovation of entrepreneurial companies,and the effect of venture capitals on the incremental innovation of entrepreneurial companies is greater than it is on the radical innovation,while venture capitals that enter into the entrepreneurial companies later have no significant effect neither on the radical innovation nor the incremental innovation.In the future,it will be the key point for venture capital development to solve the information asymmetry between entrepreneurial companies and venture capitals,enhance the risk control abilities of venture capitals,and drive venture capitals to invest in entrepreneurial companies in the early stage.The possible contributions of this paper are as follows: first,taking venture capital's technology preference before entering into the entrepreneurial companies and entry time into account,we put forward a logic thought that venture capital's technology preference,entry time and innovation performance of start-up firm and analyze the selection effect of venture capitals that enter into entrepreneurial companies on different time on the entrepreneurial firms that have higher R&D investment and the different effect of venture capitals that enter into entrepreneurial companies on different time on the innovation performance of entrepreneurial firms. Second,we consider the dynamic impact of venture capitals on the innovation performance of entrepreneurial companies,and according to the heterogeneity of innovation,analyze the effect of venture capitals that enter into entrepreneurial companies on different time on the radical innovation performance and incremental innovation performance of entrepreneurial firms.Third,this paper considers the non-randomness when venture capitals select the entrepreneurial companies,and use the propensity score matching method to correct for the possible sample selection bias if estimate use the existing linear regression analysis method,which makes the evaluation results more accurate and credible.
In recent years,the effect of the policy of demand-side management driven by consumption,investment and export is getting worse,which results in the economic growth of China is slowing down. Innovation is a main source of economic development,so supply-side structural reform driven by innovation must be an inevitable choice for promoting the economy growth of China. Entrepreneurial companies are the main subjects of innovation. Venture capital is regarded as an effective tool to promote innovation of entrepreneurial enterprises. Thus,we attempt to promote innovation from the prospect of venture capital and entrepreneurial enterprises. However,at present,the information asymmetry of China is serious and the financial institutions lack financial tools to avoid risk. Meanwhile,the development of venture capital started late in China,and venture capital has lower risk tolerance. It will inevitably affect the venture capitalists' investment objectives,selection of investment stages,preference for technologic innovation and innovation performance of entrepreneurial companies. Therefore,it is of great importance for the development of venture capital and the industrial structure upgrading of China to accurately assess whether venture capital that enters into entrepreneurial companies on different time will prefer entrepreneurial firms that have higher R&D investment and how venture capital that enters into entrepreneurial companies on different time affects the innovation performance of entrepreneurial firms.In this paper,taking venture capitals' technology preference before entering into the entrepreneurial companies and entry time into account,we put forward a logic thought that venture capitals' technology preference,entry time and innovation performance of start-up firm. And we use Propensity Score Matching method analyzing whether venture capital that enters into entrepreneurial companies on different time will have technology preference and examining the effect of venture capital that enters into entrepreneurial companies on different time on the innovation performance of start-up firms.The sample used in empirical analysis consists of manufacturing companies listed on China's Growth Enterprise Market from2009 to 2012,which is a specialized financing platform for entrepreneurial companies with high technology in China. We manually collected the venture capital information from the companies' prospectuses,Venture Capital Development Report in China( 2008-2015) and the dataset of Zero2 IPO Group,and the patent application quantity data,containing the invention patent quantity,utility model patent quantity and design patent quantity,from the Patent Office of the People's Republic of China.The results show that venture capitals that enter into firms during 1 year before IPO don't prefer start-up firms that have higher R&D investment and also don't improve the start-up firms' innovation performance remarkably,neither the incremental innovation nor radical innovation. However,venture capitals that enter into the firms during 1-2 year before IPO prefer start-up firms that have higher R&D investment and dynamically promote the innovation performance of start-up firms remarkably,but as time goes on,the contribution of venture capitals on entrepreneurial companies' innovation performance gradually decreases,and the effect of venture capitals on the incremental innovation of entrepreneurial companies is greater than it is on the radical innovation. From the results,we can see that venture capitals that enter into the companies earlier prefer entrepreneurial firms that have higher R&D investment,while venture capitals that enter into the companies later don't prefer entrepreneurial firms that have higher R&D investment. Moreover,venture capitals that enter into the entrepreneurial companies earlier have a positive effect on the innovation performance of entrepreneurial companies,while venture capitals that enter into the entrepreneurial companies later have no significant effect on the innovation performance of entrepreneurial companies. Furthermore,venture capitals that enter into the entrepreneurial companies earlier have a positive effect on the radical innovation and the incremental innovation of entrepreneurial companies,and the effect of venture capitals on the incremental innovation of entrepreneurial companies is greater than it is on the radical innovation,while venture capitals that enter into the entrepreneurial companies later have no significant effect neither on the radical innovation nor the incremental innovation.In the future,it will be the key point for venture capital development to solve the information asymmetry between entrepreneurial companies and venture capitals,enhance the risk control abilities of venture capitals,and drive venture capitals to invest in entrepreneurial companies in the early stage.The possible contributions of this paper are as follows: first,taking venture capital's technology preference before entering into the entrepreneurial companies and entry time into account,we put forward a logic thought that venture capital's technology preference,entry time and innovation performance of start-up firm and analyze the selection effect of venture capitals that enter into entrepreneurial companies on different time on the entrepreneurial firms that have higher R&D investment and the different effect of venture capitals that enter into entrepreneurial companies on different time on the innovation performance of entrepreneurial firms. Second,we consider the dynamic impact of venture capitals on the innovation performance of entrepreneurial companies,and according to the heterogeneity of innovation,analyze the effect of venture capitals that enter into entrepreneurial companies on different time on the radical innovation performance and incremental innovation performance of entrepreneurial firms.Third,this paper considers the non-randomness when venture capitals select the entrepreneurial companies,and use the propensity score matching method to correct for the possible sample selection bias if estimate use the existing linear regression analysis method,which makes the evaluation results more accurate and credible.
引文
[1]Dutta S,Folta T B.A comparison of the effect of angels and venture capitalists on innovation and value creation[J].Journal of Business Venturing,2016,31(1):39-54.
[2]Kortum S,Lerner J.Assessing the contribution of venture capital to innovation[J].The RAND Journal of Economics.2000,31(4):674-692.
[3]杨晔,邵同尧.基于面板数据的风险投资与区域创新因果关系研究[J].管理评论,2012(6):27-32.Yang Ye,Shao Tongyao.Venture capital and regional innovation’s empirical study based on panel data[J].Management Review,2012(6):27-32.
[4]Ni H,Luan T,Cao Y,Finlay D C.Can venture capital trigger innovation?New evidence from China[J].International Journal of Technology Management,2014,65(1-4):189-214.
[5]苟燕楠,董静.风险投资背景对企业技术创新的影响研究[J].科研管理,2014,35(2):35-42.Gou Y,Dong J.Influence of venture capital background on firms’technological innovation[J].Science Research Management,2014,35(2):35-42.
[6]Bottazzi L,Rin M D.Venture capital in Europe and the financing of innovative companies[J].Economic Policy,2002,17(3):229-270.
[7]Guerini M,Quas A.Governmental venture capital in Europe:Screening and certification[J].Journal of Business Venturing,2016,31(2):175-195.
[8]Hellmann T,Puri,M.Venture capital and the professionalization of start-up firms:Empirical evidence[J].Journal of Finance,2002,57(1):169-197.
[9]Chemmanur T J,Krishnan K,Nandy D K.How does venture capital financing improve efficiency in private firms?A look beneath the surface[J].The Review of Finance Studies,2008,24(12):4037-4090.
[10]钟昌标,黄远浙,刘伟.新兴经济体海外研发对母公司创新影响的研究---基于渐进式创新和颠覆式创新视角[J].南开经济研究,2014(6):91-104.Zhong Changbiao,Huang Yuanzhe,Liu Wei.Study on the impact of emerging economies overseas r&d to the innovation of the parent company:Based on incremental innovation and subversive innovation perspective[J].Nankai Economic Studies,2014(6):91-104.
[11]李永周,马军伟.美国风险投资阶段后移的原因及影响[J].科学管理研究,2005(4):112-116.Li Yongzhou,Ma Junwei.A research on the reason and influence of American vanture capital investment stage moving backward[J].Scientific Management Research,2005(4):112-116.
[12]胡志颖,李瑾,果建竹.研发投入与IPO抑价:风险投资的调节效应[J].南开管理评论,2015(6):113-124.Hu Zhiying,Li Jin,Guo Jianzhu.R&D and IPO underpricing:The moderator effect of venture capital[J].Nankai Business Review,2015(6):113-124.
[13]Hochberg Y V,Ljungqvist A,Lu Y.Whom you know matters:Venture capital networks and investment performance[J].Journal of Finance,2007,62(1):251-301.
[14]Grilli L,Murtinu S.Government,venture capital and the growth of European high-tech entrepreneurial firms[J].Research Policy,2014,43(9):1523-1543.
[15]Gompers P,Kovner A,Lerner J,et al.Performance persistence in entrepreneurship[J].Journal of Financial Economics,2010,96(1):18-32.
[16]Puri M,Zarutskie R.On the lifecycle dynamics of venturecapital-and non-venture-capital-financed firms[J].Journal of Finance,2012,67(6):2247-2293.
(1)限于篇幅,本文未将以下所有分析的平衡性检验结果进行展示,如需要,可向作者索取。
(2)由于部分风险投资会通过IPO退出企业,同时考虑到风险投资对创新影响的滞后性,因此本文分析风险投资对其进入后一年至企业上市后一年的创新的影响。
[2]Kortum S,Lerner J.Assessing the contribution of venture capital to innovation[J].The RAND Journal of Economics.2000,31(4):674-692.
[3]杨晔,邵同尧.基于面板数据的风险投资与区域创新因果关系研究[J].管理评论,2012(6):27-32.Yang Ye,Shao Tongyao.Venture capital and regional innovation’s empirical study based on panel data[J].Management Review,2012(6):27-32.
[4]Ni H,Luan T,Cao Y,Finlay D C.Can venture capital trigger innovation?New evidence from China[J].International Journal of Technology Management,2014,65(1-4):189-214.
[5]苟燕楠,董静.风险投资背景对企业技术创新的影响研究[J].科研管理,2014,35(2):35-42.Gou Y,Dong J.Influence of venture capital background on firms’technological innovation[J].Science Research Management,2014,35(2):35-42.
[6]Bottazzi L,Rin M D.Venture capital in Europe and the financing of innovative companies[J].Economic Policy,2002,17(3):229-270.
[7]Guerini M,Quas A.Governmental venture capital in Europe:Screening and certification[J].Journal of Business Venturing,2016,31(2):175-195.
[8]Hellmann T,Puri,M.Venture capital and the professionalization of start-up firms:Empirical evidence[J].Journal of Finance,2002,57(1):169-197.
[9]Chemmanur T J,Krishnan K,Nandy D K.How does venture capital financing improve efficiency in private firms?A look beneath the surface[J].The Review of Finance Studies,2008,24(12):4037-4090.
[10]钟昌标,黄远浙,刘伟.新兴经济体海外研发对母公司创新影响的研究---基于渐进式创新和颠覆式创新视角[J].南开经济研究,2014(6):91-104.Zhong Changbiao,Huang Yuanzhe,Liu Wei.Study on the impact of emerging economies overseas r&d to the innovation of the parent company:Based on incremental innovation and subversive innovation perspective[J].Nankai Economic Studies,2014(6):91-104.
[11]李永周,马军伟.美国风险投资阶段后移的原因及影响[J].科学管理研究,2005(4):112-116.Li Yongzhou,Ma Junwei.A research on the reason and influence of American vanture capital investment stage moving backward[J].Scientific Management Research,2005(4):112-116.
[12]胡志颖,李瑾,果建竹.研发投入与IPO抑价:风险投资的调节效应[J].南开管理评论,2015(6):113-124.Hu Zhiying,Li Jin,Guo Jianzhu.R&D and IPO underpricing:The moderator effect of venture capital[J].Nankai Business Review,2015(6):113-124.
[13]Hochberg Y V,Ljungqvist A,Lu Y.Whom you know matters:Venture capital networks and investment performance[J].Journal of Finance,2007,62(1):251-301.
[14]Grilli L,Murtinu S.Government,venture capital and the growth of European high-tech entrepreneurial firms[J].Research Policy,2014,43(9):1523-1543.
[15]Gompers P,Kovner A,Lerner J,et al.Performance persistence in entrepreneurship[J].Journal of Financial Economics,2010,96(1):18-32.
[16]Puri M,Zarutskie R.On the lifecycle dynamics of venturecapital-and non-venture-capital-financed firms[J].Journal of Finance,2012,67(6):2247-2293.
(1)限于篇幅,本文未将以下所有分析的平衡性检验结果进行展示,如需要,可向作者索取。
(2)由于部分风险投资会通过IPO退出企业,同时考虑到风险投资对创新影响的滞后性,因此本文分析风险投资对其进入后一年至企业上市后一年的创新的影响。