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推动风险企业创新是风险投资价值创造的重要手段。本文较全面地评估了风险投资对中小板企业创新的影响。研究发现:①风险投资对企业创新的培育发挥了实质性的作用,但该作用效果在投资初期并不明显。在IPO之前,有风投支持的企业和无风投支持的企业在企业创新产出上的差距并不明显,而在IPO之后企业在创新产出上的差距逐渐拉大。②不同产权性质的风险投资在培育企业创新过程中采取不同的策略,相对于非国有风投,国有风投更注重创新的质量。③公司治理结构是企业自主创新的重要微观制度基础,有风投背景的企业会选择更适应自主创新的治理结构。独特的治理结构为高风险研发创新活动提供良好保障,是推动企业创新的重要途径。④经验丰富的风险投资有助于促进企业创新。
To promote the innovation of venture capital is an important means of creating the value of venture capital. This article has a more comprehensive assessment of the impact of venture capital on small business innovation. The findings are as follows: (1) Venture capital plays a substantial role in the cultivation of enterprise innovation, but the effect is not obvious in the initial stage of investment. Before the IPO, there was no obvious difference in the innovation output of enterprises between those backed by VCs and those backed by VCs, and the gap between enterprises in innovation output gradually widened after the IPO. ② Venture capital with different property rights takes different strategies in fostering enterprise innovation. Compared with non-state venture capitalists, state venture capitalists pay more attention to innovation quality. (3) The corporate governance structure is an important microscopic institutional foundation for independent innovation of enterprises. Enterprises with a background of wind investment may choose to better adapt to the governance structure of independent innovation. The unique governance structure provides a good guarantee for high-risk R & D and innovation activities and is an important way to promote enterprise innovation. ④ Experienced venture capital helps to promote business innovation.