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利用创业板及中小板上市公司数据,以每轮投资规模和投资时间间隔衡量阶段性投资,研究风险资本的阶段性投资对企业研发投入强度的影响。研究发现:(1)每轮投资规模与投资时间间隔均与研发投入强度显著正相关;(2)在对样本进一步细分后,发现对于不同投资阶段,阶段性投资对研发投入强度的影响存在明显差异,即对于早期投资阶段,每轮投资规模与研发投入强度显著正相关,投资时间间隔与研发投入强度显著负相关;而对于后期投资阶段,每轮投资规模与研发投入强度没有显著相关性,投资时间间隔与研发投入强度显著正相关。说明风险资本不仅通过阶段性投资缓解了企业创新活动中的融资约束问题,还通过调整投资时间间隔来调整监督强度,促进企业的创新活动投入。
Using the data of GEM and SME listed companies, we use the data of each round of investment scale and investment time interval to measure the stage investment and study the impact of stage investment of venture capital on the strength of R & D investment. The results show that: (1) Each round of investment scale and investment interval are significantly and positively correlated with the intensity of R & D investment; (2) After further subdivision of the sample, it is found that the impact of stage investment on R & D investment intensity exists in different stages of investment The significant difference is that for the early stage of investment, the scale of each round of investment is significantly and positively correlated with the intensity of R & D investment, and the investment interval is significantly negatively correlated with the intensity of R & D investment. For the later phase of investment, there is no significant correlation between each round of investment and R & , Investment time interval and R & D investment intensity was significantly and positively correlated. It shows that venture capital not only alleviates the problem of financing constraints in corporate innovation activities through phased investment, but also adjusts the intensity of supervision by adjusting the investment time interval to promote the innovation investment of enterprises.