科技企业孵化器何以激活区域创新——风险投资与孵化基金的中介作用

完善创新生态系统、提升区域创新能力是我国科技企业孵化器建设的重要目标。基于2013-2018年中国（内地）30个省份面板数据，采用面板数据模型实证检验科技企业孵化器是否促进了区域创新能力提升，并基于中介效应模型探讨风险投资和孵化基金在其中的间接作用。结果发现：①科技企业孵化器建设显著提升了区域创新水平，但主要增加的是实用新型和外观设计专利申请授权数总量，对发明专利申请授权数并没有显著促进作用。上述结果在剔除直辖市样本、采用随机效应模型及空间计量模型的稳健性检验后依然成立；②通过中介效应模型检验发现，区域风险投资和孵化基金集聚效应是科技企业孵化器影响区域创新水平的主要机制；③科技企业孵化器对区域创新的影响在不同区域间差异较大，在东部地区的创新激励效应更加显著，而且政策工具强度对科技企业孵化器与区域创新水平的关系具有正向调节作用。

How can Science and Technology Business Incubator Activate Regional Innovation：the Mediating Role of Venture Capital and Incubation Fund

Improving the innovation ecosystem and enhance the regional innovation ability is an important goal of the construction of science and technology business incubator in China. Based on the panel data of 30 provinces in China from 2013 to 2018, this paper uses panel data model to empirically test whether the technology business Incubator has achieved the goal of promoting regional innovation ability, and based on the intermediary effect model, discusses the indirect role of venture capital and incubation fund in it. The results show that: ①the construction of S&T business Incubator significantly improves the level of regional innovation, but the main increase is the total number of patent applications for utility models and designs, while it has no significant effect on the number of invention patents. This result still robust after excluding the sample of municipalities directly, adopting random effect model and spatial econometric model;②when the intermediary effect model is used to test the mechanism, increasing the scale of regional venture capital and incubation fund is the mechanism of technological business Incubator influencing regional innovation level;③the impact of S&T business incubator on regional innovation varies greatly among different regions, especially in eastern provinces;moreover, the strength of policy tools has a positive moderating effect on the relationship between S&T business Incubators and regional innovation.