风险投资、制度情境与产业结构转型升级——基于中国省级面板数据的实证研究

中国经济发展步入新常态后，在以创新驱动发展战略为导向的经济环境中，风险投资对产业结构转型升级具有重要作用。以我国内地30个省份（西藏数据缺失）面板数据为研究样本，系统研究风险投资对于产业结构转型升级的影响及其作用机制。同时，引入对外开放程度和社会信任作为制度情境变量，探究其对风险投资与产业结构转型升级之间关系的影响。研究发现，风险投资能够通过资助新兴产业形成产业扩散效应的方式推动产业结构转型升级；制度情境优化可以有效缓解风险投资中信息不对称问题，在提升创新意愿和创新要素匹配效率的同时，进一步促进产业结构转型升级。鉴于我国风险投资发展时间尚短、市场机制尚不成熟等客观现实，为提升风险投资对产业结构转型升级的影响效应，首先应在鼓励风险投资多方合作的同时加强监管；其次要在积极吸引外资风险投资的过程中为我国本土风险投资的海外发展创造条件；最后，应加强相关法律法规及市场机制建设，使风险投资发挥更大效用。

Venture Capital,Institutional Context and the Industrial Upgrading: Empirical Research Based on Chinese Provincial Panel Data

After China's economy has entered a new normal, venture capital will play a critical role in the transformation and upgrading of the industrial structure in the innovation-driven strategy-oriented economic environment. Based on the panel data of 30 provinces in China, this paper systematically explores the impact of venture capital on the transformation and upgrading of industrial structure. Simultaneously, this paper introduces the degree of openness and social trust as institutional context variables to explore its impact on the relationship between venture capital and the transformation and upgrading of industrial structure. It is showed that venture capital can promote the transformation and upgrading of industrial structure by financing emerging industries and forming industrial diffusion effect. The optimization of institutional context can effectively alleviate the information asymmetry in venture capital and further promote the transformation and upgrading of industrial structure while improving the innovation willingness and innovation factor matching efficiency. Given the objective situation of China such as the short time of our country venture capital development and the immature market mechanism, the government should make efforts to enhance the impact of venture capital on the transformation and upgrading of industrial structure. First of all, the government should strengthen supervision while encouraging the cooperation of venture capital. Second, it is of great importance that to create conditions for the overseas development of domestic venture capital in the process of actively attracting foreign venture capital. Finally, we should strengthen the construction of relevant laws and regulations and market mechanism to make the most advantage of venture capital.