财税政策与风险投资发展关系研究——基于中国各.pdfVIP

税政策与风险投资发展关系研究 ——基于中国各地区的经验证据 高正平 张兴巍 （天津财经大学经济学院，天津 300222） 摘要： 文基于供求因素的讨论，构建了区域风险投资发展影响因素的分 析框架，并利用我国2007-2012 年的区域面板数据进行实证分析。结果表 明，历史因素、企业创新产出和政府的财税政策是影响区域风险投资发展 的三类因素。企业三个阶段的创新产出中，商业化产出对区域风险投资发 展贡献最大，研发产出其次，产业化产出贡献最小。政府性风险资本投入 超过 60%后边际效应转为负向，在20-30%区间内作用最强。各类财税政策 主要通过影响区域企业创新产出间接影响区域风险投资，各类财税政策效 果的显著性和方向存在差异，但总体上，间接型财税支持政策比直接型的 作用更显著。 关键词：风险投资；财税政策；区域差异；企业创新 Abstract: The paper constructed a framework for analyzing regional VC development based on detail discussion on factors of demand and supply sides, then conducted empirical regressions with china regional data from 2007 to 2012. As results for the empirical study, we find that three main factors of regional venture capital investment are historical accumulation, innovation of firms and government supporting policies. As for three different stage of firms’ innovation, commercialization innovation makes the most important contribution to promote regional venture capital share, RD innovation followed, and industrialization innovation the third. Meanwhile, when the share government committed to regional venture capital industry is more than 60%, its marginal utility will change to be negative, while it will make strongest effect when the share is controlled between 20% and 30%. Last but not least, all kinds of fiscal and tax polices influence regional venture capital investment mainly in indirect form, though their influences are different both in significance and in direction. However, indirect supporting polices are generally more significant than indirect ones. Keywords: Venture Capital, Innovation, financial and fiscal supporting policies, regional divergences 作者简介：高正平，天津财经大学经济学院教授、博士生导师，研究方向： 融资理论与实务。张兴巍，天津财经大学经济学院博士生，研究方向：风 险投资与中国金融创新。 中图分类号：F832.48 文献标识码：A 引言