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相较于传统金融工具,风险投资在解决中小企业融资难题的同时,也在企业的经营管理过程中,凭借其占有的股权,对企业经营管理施加影响。风险投资促进企业研发投入的影响机理,应考虑风投对研发投入的直接影响,以及风险投资通过改善企业财务经营状况间接促进企业研发投入。结构方程模型实证结果发现,风险投资对企业研发投入具有显著的促进作用,风险投资对企业财务经营状况的促进作用却不显著,企业财务经营状况与企业研发投入呈负相关关系。
Compared with the traditional financial instruments, venture capital in solving SME financing problems, but also in the process of business management, with its shareholding, exert influence on business management. Venture capital to promote R & D investment impact mechanism, should consider the direct impact of venture capital on R & D investment, and venture capital indirectly through improving the financial management of enterprises to promote R & D investment. Empirical results of structural equation model found that venture capital has a significant role in promoting corporate R & D investment. However, the role of venture capital in promoting corporate financial performance is insignificant. Corporate financial performance and corporate R & D investment are negatively correlated.