风险投资对企业研发投入的影响

如何有效发挥风险投资对企业研发投入的促进作用，是当前研究的热点。以2010-2017年北京上市公司为实证样本，发现风险投资对研发投入的影响在面板数据中不显著，但在截面数据中正向显著。在截面回归中引入年度虚拟变量或行业虚拟变量后，发现面板数据中的行业异质性是导致风险投资对研发投入影响不显著的重要原因。为此，对样本数大于30的12个行业进行实证检验，结果显示风险投资对制造业、计算机通信及其它电子设备制造业等3个行业研发投入的影响为正，而对租赁和商务服务业等2个行业研发投入的影响为负，该结论在引入正向影响虚拟变量D1和负向影响虚拟变量D2的回归中仍然成立。进一步分析发现，政治关联在风险投资对企业研发投入的影响中具有反向调节作用。最后，根据研究结论提出政策建议。

The Impact of Venture Capital on Enterprise R&D Investment

How to play effectively the promotion role of venture capital on R&D investment is currently a hot issue. The empirical study based on the sample of Beijing listed firms from 2010 to 2017 finds that the impact of venture capital on R&D investment is insignificant in panel regression model, but is significantly positive in cross-sectional regression model. Further analysis of this contradictory phenomena by introducing annual or industry dummy variables into cross-sectional regression model shows that industry heterogeneity is an important reason why venture capital has no significant impact on R&D investment in panel data. Empirical analysis of 12 industries with more than 30 observations found that venture capital has a positive impact on R&D investment in 3 industries such as manufacturing-computer communications and other electronic equipment manufacturing, but a negative impact in 2 industries such as leasing and business services. This conclusion is confirmed in the regression including dummy variable D1 and D2. Further research shows that political connection has a reverse moderation effect on the impact of venture capital on R&D investment. Finally, this paper draws conclusions and proposes policy recommendations.