文献类型：期刊文献

中文题名：风险投资网络能够促进中小企业创新能力提升吗?——基于中国风投行业数据的实证研究

英文题名：Can venture capital syndication networks promote the innovation ability of SMEs?An empirical study of data from China’s VC industry

作者：徐研[1];刘迪[2]

第一作者：徐研

机构：[1]河南财经政法大学金融学院,河南郑州450000;[2]上海财经大学公共经济与管理学院,上海200433

第一机构：河南财经政法大学金融学院

年份：2020

期号：3

起止页码：85-99

中文期刊名：产业经济研究

外文期刊名：Industrial Economics Research

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；CSSCI:【CSSCI2019_2020】；

基金：国家社会科学基金资助项目(18CJL030);河南财经政法大学信和·黄廷方青年学者资助计划(NG Teng Fong/Sino Outstanding Youth Fund of HUEL)。

语种：中文

中文关键词：风险投资;社会网络;网络中心度;创新能力;中小企业;中介效应

外文关键词：venture capital;social network;network centrality;innovation ability;SMEs;mediating effect

摘要：利用CVSource数据库和国家知识产权局的数据,以2009-2018年间所有在创业板上市并且有风险投资支持的企业为样本,实证分析了风险投资能否依托其所拥有的网络信息传导渠道,有效地促进中小企业创新能力提升。研究发现:风险投资的网络中心度越高,企业的创新能力越强。其中的原因为,占据网络优势位置的风投会持续地提升其知识基础,也就可以更准确地认知、评价并整合外部新知识,从而更快速、有效地进行知识转移,为被投资中小企业带来创新溢出效应。进一步的研究显示,与风投网络相联系的其他企业的平均创新水平正向调节了风险投资网络中心度与企业创新能力的关系;联合投资行为使风险投资网络的上述影响不再显著;随着风投退出,风险投资网络中心度对企业创新能力的影响也逐步消失。研究拓展了对我国风投行业的网络特性的认识,也从社会网络视角,丰富了风险投资对中小企业创新能力影响机制的研究。
Using the CVSource and data of China National Intellectual Property Administration, this paper empirically analyses whether venture capital can effectively promote the SMEs’ innovation ability by relying on its own network information transmission channels, taking all the enterprises listed on the GEM and supported by venture capitals from 2009 to 2018 as samples. The results show that when a network position is central, the enterprise’s innovation ability is more likely to be strong. The main reason is that VCs occupying the dominant position in the network will improve their knowledge base, so that they can recognize, evaluate, and integrate new external knowledge more accurately, so as to transfer knowledge quickly and effectively, and bring innovation spillover effect to the invested SMEs. Further researches show that the average innovation level of other enterprises linked with the venture capital network positively regulates the relationship between the network centrality of venture capital and the invested enterprise’s innovation ability. Syndication will weaken the influence mentioned above. With the withdrawal of venture capital, the impact of venture capital network centrality on the SMEs’ innovation ability is gradually disappearing. This paper expands the understanding of the network characteristics of venture capital industry in China. It enriches the research on the impact of venture capital on the SMEs’ innovation ability from the perspective of social network.