风险投资介入与企业创新：基于PSM模型的经验证据

“大众创业、万众创新”背景下，研究风险投资介入对企业创新绩效的影响具有重要理论与现实意义。以2010-2017年创业板公司为样本，采用倾向得分匹配法（PSM）模型,实证分析风险投资介入对企业创新绩效的影响,发现风险投资介入显著促进专利申请量，且对发明专利申请量和实用新型专利申请量有显著正向作用，而对外观设计专利影响并不显著。进一步考察不同背景和投资策略的风险投资对创新绩效的潜在影响，结果显示：与单独投资相比，联合投资对专利总申请量和发明专利申请量增加的促进作用更显著；与私营风险投资和外资风险投资相比，国有风险投资具有更强的发明取向和更长的投资时间，能显著促进发明专利等创新绩效提升，而私营和外资风险投资对公司创新绩效的影响不显著。

Venture Capital and Enterprise Innovation：Empirical Evidence based on PSM Model

Under the background of "mass entrepreneurship and innovation",it is of great theoretical and practical significance to study the impact of venture capital intervention on enterprise innovation performance.This paper takes the Growth Enterprises Market Board (GEM) companies from 2010 to 2017 as samples,and uses the Propensity Score Matching (PSM) model to empirically analyze the impact of venture capital intervention on the innovation performance of enterprises.The research findings are as follows：First,venture capital can significantly promote the increase of innovation performance of enterprises,such as the number of patent applications,and has a significant positive effect on the number of invention patent applications and utility model patent applications,but has no significant impact on design patents.The potential impact of venture capital with different characteristics and strategies on innovation performance is further investigated,and the research find that：Joint investment can promote the increase of enterprise innovation performance compares with individual investment.State-owned venture capital has the orientation of policy,stronger orientation of invention and longer investment time,which can significantly improve the improvement of the company’s innovation performance,while the impact of private venture capital and foreign venture capital on the company's innovation performance is not completely stable.