风险资本是否提升了中国企业的技术创新积极性？ ――基于资本价格扭曲背景下的“双重替代效应”
Has the Venture Capital Improved Chinese Enterprises′ Technology Innovation Enthusiasm？ ―A study of the "double substitution effects" based on the capital price distortion

为了考察资本价格扭曲下风险资本对中国企业技术创新积极性的现实影响，对2009-2015年间有风险资本参与的创业板上市公司进行面板数据回归。结果发现：风险资本对中国企业的技术创新活动确实存在正向激励作用，且进入时机越早，对企业创新的激励作用越大；然而，目前中国资本市场上存在的资本价格负向扭曲以及风险投资行业本身存在的进入时机过晚等问题，对风险资本的创新激励功能产生了“双重替代效应”，从而不利于企业技术创新积极性的提升。为此，今后，应当通过加强利率市场化改革、完善风险投资政策等措施来充分发挥风险资本的创新激励作用。
This paper uses the data of Chinese companies listed on the GEM which have been participated by venture capital from 2009 to 2015, by the analysis of panel data regression, to explore the innovation incentive effects on China′s venture capital. The results show that venture capital has played a positive role to Chinese enterprises′ technology innovation activities, and the earlier it enters, the greater the incentives are. But the negative distortion of capital price and the entering later problem have impeded the incentive function of venture capital through the "double substitution effects". So, this paper suggests that the government should give full play to the innovation incentive of venture capital by strengthening the market-based reform of interest rates and improving the risk investment policies