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基于Kortum和Lerner采用的创新生产函数,将风险投资对于技术创新的促进效应分解为资本增加效应和创新效率提高效应。运用2003-2013年的区域数据进行实证分析,研究结果显示中国的风险投资对技术创新具有显著的资本增加效应,但未能有效发挥创新效率提高效应;同时,促进效应存在区域差异性,在创新要素密集和创新生态环境温润的北京、深圳及上海地区的表现比较突出。基于此,为实现金融创新与技术创新之间的良好耦合,改善风险投资对技术创新的激励效应,需仰仗技术创新要素的聚集和创新生态环境的政策引导。
Based on the innovative production function adopted by Kortum and Lerner, the promotion effect of venture capital for technological innovation is decomposed into capital increase effect and innovation efficiency increase effect. Empirical analysis using regional data from 2003 to 2013 shows that venture capital in China has a significant capital increase effect on technological innovation but fails to effectively exert the effect of enhancing innovation efficiency. At the same time, there are regional differences in promoting effect, The key factor-intensive and innovative eco-friendly environment in Beijing, Shenzhen and Shanghai area more prominent. Based on this, in order to achieve a good coupling between financial innovation and technological innovation and improve the incentive effect of venture capital on technological innovation, we need to rely on the aggregation of technological innovation elements and the policy guidance of innovative ecological environment.