风险投资能否促进产业结构优化——基于受资中小企业溢出视阈的考察

当前我国经济已由高速增长阶段转向高质量发展阶段，这一时期风险投资市场取得较快发展。研究风险投资对中小企业发展与产业结构优化的影响，对于促进实体经济发展及建设现代化产业体系具有重要现实意义。首先分析风险投资、中小企业发展与产业结构优化之间的逻辑关系及影响机制，发现风险投资通过资源配置机制、协作链接机制和竞争创新机制作用于中小企业成长，从而影响地区产业结构优化。然后，采用2010—2020年中国内地31个省份数据进行实证检验，结果表明，风险投资对中小企业发展有显著促进作用；风险投资能够促进地区产业结构优化，具体表现为风险投资可显著降低产业结构偏离度并显著提升产业结构高度化水平；风险投资通过促进中小企业发展提升地区产业结构优化水平。中小企业发展在风险投资与产业结构合理化之间发挥部分中介作用，在风险投资与产业结构高度化之间发挥完全中介作用，说明中小企业发展在风险投资促进产业结构高度化过程中发挥重要功能。因此，应积极发展风险投资事业，加大对中小企业的支持力度，进一步推动风险投资与中小企业融合发展，使风险投资更好地帮助中小企业成长并促进产业结构优化。

Does Venture Capital Promote Industrial Structure Optimization?An Investigation from the Spillover Perspective of Invested SMEs

At present, China's economy has shifted from a stage of rapid growth to a stage of high-quality development. The venture capital market has also achieved rapid development during this period. Venture capital is an important capital force to promote the entrepreneurship and innovation strategy, while SMEs are the principal part carrying the entrepreneurship and innovation strategy and the basis for realizing industrial structure optimization. It is believed that there is a close connection among venture capital, SMEs development and industrial structure optimization. However, neither the relationship nor the theoretical system with empirical support is clear and available. From the perspective of the invested SMEs, this article analyzes the impact of venture capital on industrial structure optimization and the influence mechanism. At the micro level, it can better promote the integration of venture capital and SMEs development, then cultivate and develop "New Special Expertise" SMEs. At the macro level, it can better promote venture capital to release the spillover effect of industrial structure optimization and accelerate the formation of a modern industrial system. This will provide useful reference for the formulation and implementation of relevant policies.#br#By combing the literature and drawing on relevant theories (including venture capital theory, enterprise growth theory, enterprise innovation theory, etc.), the study proposes three mechanisms. That is, venture capital acts on SMEs to promote industrial structure optimization through "resource allocation mechanism", "collaborative link mechanism" and "competitive innovation mechanism". Industrial structure optimization includes two aspects: industrial structure rationalization and industrial structure advancement. In the process of industrial structure rationalization, the coordination ability between industries is strengthened, the level of association is improved, and the quality of aggregation is optimized; the industrial structure advancement is a dynamic process in which the industrial structure develops from a low level to a high level. During this process, the technical level of various industries has been continuously improved, and emerging industries have continued to grow into leading industries.#br# Further investigation is conducted from an empirical point of view, and the study selects data from 31 provinces from 2010-2020 in China, and constructs an econometric model by quantifying various indicators such as venture capital, SMEs development and industrial structure optimization. The conclusions are as follows:venture capital plays a significant role in promoting the development of SMEs; venture capital is conducive to industrial structure optimization, for venture capital can significantly reduce the deviation and improve the quality of the industrial structure; venture capital promotes the development of SMEs, thereby enhancing the level of industrial structure optimization. In the relationship between venture capital and industrial structure rationalization, SMEs play a partial mediating role. However, in the relationship between venture capital and industrial structure advancement, SMEs act as a complete mediator, indicating that the development of SMEs has played a very important role in the process of venture capital affecting industrial structure advancement. The above empirical results have been confirmed by the robustness test, and instrumental variables are selected to deal with the endogeneity problem. Thus it is suggested to provide more policy support and guarantee for the development of venture capital industry, strengthen the support for SMEs and enhance the growth ability of SMEs, and promote the integration of venture capital and SMEs' development from multiple channels.#br#Compared with previous research with the focus on the impact of venture capital on micro-enterprises, this study focuses on the impact of venture capital on the industrial structure optimization from the perspective of the invested companies which is highlighted as a unique perspective. Then in the research on the venture capital issues, the data of listed companies are mostly used in the previous results. In view of the important role of SMEs in China's national economy, this study focuses on the industrial structure optimization effect of venture capital spillover by affecting the development of SMEs. Lastly from the theoretical aspect, this study clarifies the mechanism by which venture capital affects the development of SMEs and the industrial structure optimization, enriching the research in the existing field.#br#