风险投资引入与产业高质量发展——知识溢出的调节与门限效应

基于2005—2018年省级面板数据，试图回答地区风险投资引入能否促进产业高质量发展的问题。采用固定效应和门限回归分析方法，从产业发展质量层面，发现地区风险投资水平能够从产业价值创造、技术密集水平、绿色化发展等方面推动产业高质量发展。同时，风险投资对产业发展质量的作用机制受地区知识溢出水平的影响。结果显示，地区知识溢出对风险投资与产业价值创造、技术密集水平、绿色化发展间的关系均具有调节作用。进一步研究发现，这一调节作用还表现出门限效应。分区域研究结果表明，我国风险投资对产业高质量发展的推动作用主要体现在东部地区。从风险投资角度看，上述发现为地区产业高质量发展提供理论依据和现实参考。

Introduction of Venture Capital and High-Quality Development of Industry: Moderation and Threshold Effects based on Knowledge Spillovers

Based on the provincial data from 2005 to 2018, this paper attempts to find whether the introduction of venture capital in the region can promote the high-quality development of the industry.By using panel fixed effect and panel threshold regression analysis method, through the research from multiple levels of industrial development quality, it is found that regional venture capital level promotes the high-quality development of industry from the aspects of industrial value creation, technology intensive level, and green development.Furthermore, the mechanism of venture capital to promote the quality of industrial development is affected by the level of regional knowledge spillover.The research shows that regional knowledge spillover has a moderating effect on the relationship between venture capital and high-quality development of industry.Further research finds that this moderating effect also shows threshold effect.In addition, the research of sub-region shows that the impetus of venture capital to the high-quality development of the industry is mainly reflected in the eastern part of China.These findings provide theoretical basis and practical reference for clarifying the improvement of regional industrial development quality from the perspective of regional venture capital.