风险投资参与度与西部高新技术企业成长

doi:10.3969/j.issn.1005-6378.2018.05.014

河北大学学报(哲学社会科学版) ›› 2018, Vol. 43 ›› Issue (5): 117-125.DOI: 10.3969/j.issn.1005-6378.2018.05.014

风险投资参与度与西部高新技术企业成长

姬新龙,任镓彤

兰州财经大学金融学院, 甘肃兰州 730020

收稿日期:2018-05-21 出版日期:2018-09-25 发布日期:2018-09-25
作者简介:姬新龙(1982—),男,河南南阳人,博士,兰州财经大学金融学院副教授、硕士研究生导师,主要研究方向:金融投资、产业基金。
基金资助:
甘肃省科技计划软科学专项项目“风险投资对甘肃科技创新产业的协同支持及增值服务研究”(1609ZCRA015)

Venture Capital Participation and Growth of High-tech Enterprises in Western Regions

JI Xin-long, REN Jia-tong

School of Finance, Lanzhou University of Finance and Economics, Lanzhou, Gansu 730020, China

Received:2018-05-21 Online:2018-09-25 Published:2018-09-25

摘要/Abstract

摘要： 高新技术企业是科技创新发展的核心载体,风险投资的参与对高新技术企业的影响是理论界和实践界长期探讨的问题。以经济发展相对滞后的西部欠发达地区30余家高新技术领域上市企业为样本,重点探讨风险投资对这类企业成长绩效的影响,为完善欠发达地区风险投资行业和高新技术产业的发展提供现实依据。研究发现:风险投资参与对高新技术企业整体业绩的积极作用并不理想,但当风险投资在目标企业持股比例较高时,确实可以帮助其实现业绩较快提升。这一结论表明欠发达地区政府尤其要重视对风险投资行业的支持,同时制定相应政策扶持高新技术产业发展,充分发挥风险资本对高新技术、创新创业的助推效应。

关键词: 风险投资背景, 参与度, 高新技术企业, 经营绩效

Abstract: High-tech enterprises are the core carriers for the development of science and technology innovation. The influence of venture capital participation on high-tech enterprises is a long-term issue for both theoretical and practical circles. This article takes a sample of more than 30 high-tech sector listed companies in underdeveloped western regions with relatively slow economic development, focusing on the effect of venture capital on the performance of such companies, and providing them with the means to improve the development of venture capital industries high-tech industries in less developed regions. The study found that the positive effect of venture capital participation on the overall performance of high-tech companies is not ideal, but when venture capital investment in the target company is relatively high, it can indeed help improve its performance. This conclusion shows that the governments of underdeveloped areas must pay particular attention to the support of the venture capital industry, and formulate corresponding policies to support the development of high-tech industries, and give full play to the boosting effect of venture capital on high-tech and innovation.

Key words: venture capital background, participation, high-tech enterprise, business performance

中图分类号:

F276

姬新龙,任镓彤. 风险投资参与度与西部高新技术企业成长[J]. 河北大学学报(哲学社会科学版), 2018, 43(5): 117-125.

JI Xin-long, REN Jia-tong. Venture Capital Participation and Growth of High-tech Enterprises in Western Regions[J]. JOURNAL OF HEBEI UNIVERSITY (Philosophy and Social Science), 2018, 43(5): 117-125.

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风险投资参与度与西部高新技术企业成长

Venture Capital Participation and Growth of High-tech Enterprises in Western Regions

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