中国科技资助体系和风险投资体系对接现状的实证研究.docVIP

  中国科技资助体系和风险投资体系对接现 状的实证研究# 时雁，蔺楠，姚芸芸* 5 10 15 20 25 30 35 40 （上海财经大学国际工商管理学院，上海 200433） 摘要：本文研究我国当前科技资助体系和风险投资体系之间的对接现状，格兰杰检验中发现， 我国在多项学科领域中的 RD 庞大内部支出并没有带来相应风险投资额的增加，即科技成 果转化的后续转化没有受到风险资本的强有力支持，缺乏重大的资金缺口。在进一步通过对 2005 年至 2010 年 13 个省 RD 内部支出额、风险投资额、RD 内部支出额及风险投资额 交叉项对于高新技术产业增加值的面板数据回归中，发现中国风险投资对于高新技术产业不 具有正的促进效用，且 RD 内部支出额与风险投资额的交叉项对于高新技术产业增加值也 没有正相关性。一定程度上反映出我国风险投资发展仍需完善，在科技金融大背景下，现阶 段风险资本与科技资助对接的机制存在政策失灵和市场失灵。 关键词：科学政策；风险投资；对接现状 中图分类号：F206 An empirical study about the coupling situation between China’s Science and Technology support system and venture capital system Shi Yan, Lin Nan, Yao Yunyun (School of Business Administration, Shanghai University of Finance and Economics, Shanghai 200433) Abstract: This paper plans to explore Chinas current science and technology support system and the docking status of the venture capital system.The Granger tested China’s venture capital in RD internal expenditures. The result shows that a number of fields RD internal expenditures invested had not brought a corresponding increase of the strong support of venture capital. There is a significant funding gap in the process of scientific and technological achievements to the industrialization leading to the inefficient of technology subsidize.In the further research, the article used the panel data from year 2005 to 2010, 13 provinces, to analyze the influences of RD internal expenditures, venture capital investments, the cross terms of above two to the high-tech industry’s added production value, founding that China’s venture capital investments doesn’t have a positive effect to the high-tech industry, nor does the cross between RD internal expenditures and venture capital investments. The results reflected that China’s venture capital development is still efficient. In the background of technology and finance, there exited the policy failure and market failure in the docking mechanism between Chinas science and technology support system and venture capital system in the pr