当前，技术创新已经逐步成为提升国家综合竞争力的重要手段，是引领经济发展的第一动力，是发展模式转换的重要支撑。近年来，我国政府也高度重视创新发展。创新已经成为中国建设社会主义现代化强国过程中的“主引擎”。在我国，企业是创新的中坚力量，而技术创新往往需要投入的资金数额较大，且具有风险高、周期长等方面等特点，再加上企业面临融资受到约束等问题，限制了企业的技术创新。在这种情况下，风险投资成为企业获取外部资金的一个重要渠道。风险投资能够为企业提供所需的资金，解决企业对资金的强烈需求，又可以为企业在市场拓展和经营管理等方面提供增值服务，助力企业解决在发展过程中面临的诸多问题，对于初创企业的成长、发展发挥了非常重要的作用。尤其是在新发展格局下，更需要发挥风险投资的催化作用，这对于提升投资效率，推动创新型国家建设有重要意义。本文基于创业板上市企业2009-2020年的数据，实证研究风险投资对企业技术创新的影响。现状分析方面：通过梳理我国风险投资的发展发现，近年来，我国风险投资不管是规模还是案例数都呈现快速上升的趋势；风险投资区域分布并不均衡，头部集中的趋势较为明显，区域分布有待进一步的优化和均衡；风险投资的行业分布逐步趋向多元化，但头部集中的趋势也较为明显；风险投资退出的方式也逐步增多，回购、并购占比稳定，IPO退出占比有所下降。通过对我国技术创新的发展来看，采用R&D经费投入和R&D人员全时当量来衡量的技术创新投入，呈现出上升趋势；采用专利申请数量和授权数量衡量的技术创新产业也呈现快速增长趋势。实证研究方面，主要从风险投资是否参与、联合风险投资、风险投资背景多样性三个方面进行了分析和探讨。结果发现风险投资的参与、联合风险投资和有多种背景风险投资机构的参与可以促进企业技术研发投入和创新产出。同时，为了确保研究结果的准确性和可靠性，通过采取替换解释变量的方法进行稳健性检验，并采用两部估计法解决了可能存在的内生性问题。基于上述的研究成果，本文从政府、风险投资机构、企业三个层面提出针对性的对策建议。对政府来说，要进一步完善相关法律法规，畅通风投退出机制；对风险投资机构来说，要提高人才质量；对企业来说，要加大对高技术人才的重视程度，加快人才引进和培养，适度扩大企业规模，选择优质的风险投资机构。最后，提出了本文研究的不足以及进一步研究的展望。
At present, technological innovation has gradually become an important means to enhance the comprehensive competitiveness of a country. Technological innovation is the primary driving force for economic development and an important support for the transformation of development mode. In recent years, Chinese government also attaches great importance to innovative development. Innovation has become the "main engine" of China‘s development into a great modern socialist country. Enterprises are micro subjects of innovation. However, due to the characteristics of technological innovation such as large capital investment, high risk and long cycle, enterprises are also affected by various factors such as limited resources and difficulties in external financing, which restrict the development of technological innovation to a certain extent. In this case, venture capital becomes an important channel for enterprises to obtain external funds. Venture capital can provide necessary funds for enterprises and solve their strong demand for funds. It can also provide non-asset services for enterprises in operation and management, market development and other aspects, and help enterprises solve many problems in the development process. It plays a very important role in the growth and development of start-ups. Especially in the new development pattern, it is more necessary to play the catalytic role of venture capital, which is of great significance for improving investment efficiency and promoting the construction of an innovative country.This article is based on the data of GEM listed companies from 2009 to 2020, and empirically studies the impact of venture capital on corporate technological innovation. From the perspective of current development status，by combing the development of venture capital in our country, it is found that in recent years, both the scale and the number of cases are rising rapidly. The regional distribution of venture capital is not balanced, and the trend of head concentration is also obvious. The regional distribution needs to be further optimized and balanced. The industry distribution of venture capital tends to be diversified gradually, but the trend of head concentration is also obvious. The exit methods of venture capital institutions are mainly buyback and merger, and the proportion of IPO exit has a declining trend on the whole. From the perspective of the development of technological innovation in China, the investment in technological innovation measured by R&D funding and R&D personnel full-time equivalent shows an upward trend; The technology innovation industry, measured by the number of patent applications and authorizations, is also showing a rapid growth trend. In terms of empirical research, the impact of venture capital participation, joint venture capital, and diversity of venture capital backgrounds on the investment and output is mainly studied from three aspects. The research results show that the participation of venture capital can enhance the R&D investment and innovation output; Joint venture capital can enhance the R&D investment and innovation output of enterprise technology; The participation of venture capital institutions with multiple backgrounds can enhance the R&D investment and innovation output of enterprises. At the same time, in order to ensure the reliability of the research results, the robustness test was carried out by replacing explanatory variables, and the possible endogeneity problem was solved by using the two-part estimation method.This paper also puts forward some suggestions to improve technological innovation and promote the rapid development of venture capital from the three levels of government, venture capital institutions and enterprises. For the government, it is necessary to improve the relevant laws, and smooth the exit mechanism of venture capital institutions; For venture capital institutions, it is necessary to improve the quality of talent; For enterprises themselves, it is necessary to increase the emphasis on high-tech talents, accelerate the introduction and cultivation of talents, moderately expand the scale of enterprises, and choose high-quality venture capital institutions. Finally, this paper also pointed out the shortcomings and future research.
