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现有研究发现,相比一般投资,技术创新项目的风险更高、收益不确定性更强,从而得出民间资本出于规避风险的原因不愿对其投资的结论。但是,基于调查的实证检验无法排除项目复杂性是影响感知有用性并最终影响民间资本投资行为的结果。文章以科技接受模型为基础,加入“复杂性”变量、“行为控制”干扰变量,构建民间资本与技术创新项目融资对接影响因素模型。利用调查数据进行路径分析和干扰效果检验,发现影响民间资本投资技术创新的障碍不仅是高风险,还有由于技术创新项目具有复杂性,投资者对被投资对象认知不足的原因。同时,滞后的投资回报及外部环境等干扰因素也影响了投资者的止步不前。
The existing research finds that compared with general investment, the risk of technological innovation project is higher and the uncertainty of return is stronger, so as to draw the conclusion that private capital is unwilling to invest for the reason of avoiding the risk. However, the survey-based empirical test can not rule out the complexity of the project is the result of perceived usefulness and ultimately the impact of private capital investment. Based on science and technology acceptance model, this article adds “complexity” variables and “behavioral control” disturbance variables to construct a model of influencing factors of financing connection between private capital and technological innovation projects. Using the survey data to conduct the path analysis and the interference effect test, it is found that the obstacles that affect the technological innovation of private capital investment are not only high risk, but also because of the complexity of technological innovation projects and the investors’ lack of cognition of the invested objects. At the same time, lagging investment returns and external disturbances have also affected investors’ halt.