技术创新能力对科技企业的发展愈发重要，而风险投资是科技企业获取资金支持和创新资源的重要途径。中国已经成为全球第二大风险投资市场，风险投资机构数量和交易规模都实现了快速增长。在风险投资支持下，很多数字经济、先进制造、新能源、生物医药行业的科技企业顺利实现IPO，但像腾讯、阿里巴巴等科技创新能力较强的中国企业很多选择在海外进行IPO。我们通过文献研究发现，在风险投资对企业技术创新绩效影响的研究中，来自新兴市场企业层面的研究较少，且关于中国企业的研究往往将研究对象局限于中国大陆上市的企业，而忽视了海外上市的中国企业。因此风险投资对中国企业技术创新绩效各个维度的影响如何，这种影响是通过什么机制产生的，以及IPO地点是否会对风险投资和企业技术创新绩效的关系产生影响，这些问题都需要进一步探究。 基于此背景，本研究结合了定性与定量等研究方法。首先，本文探讨了风险投资的特点及其对企业技术创新可能带来的影响，并从资源基础观、制度基础观、信号理论等角度探讨了风险投资对企业技术创新的影响机制，并剖析了中国科技企业选择海外上市的背景和原因。本研究创新性地从企业技术创新投入、产出、效益等维度构建了一个衡量企业技术创新绩效的模型，并以2010—2019年在中国大陆、中国香港和美国上市的中国科技企业为研究对象，探讨风险投资对中国科技上市企业技术创新绩效的影响，以及IPO地点是否对该影响有显著的调节作用。 实证结果表明，风险投资背景对企业技术创新投入、产出、收益均具有积极影响；风险投资参与度对企业技术创新投入、产出具有正向影响；IPO并不会对风险投资对企业技术创新绩效的影响带来显著的调节作用。因此，企业应该充分利用风险投资在行业背书、提供增值服务、引入外部知识和改善企业治理等方面的能力，提升对风险资本的使用效率，进一步放大创新效能。此外，中国政府和相关管理者应进一步推动资本市场改革，以提升中国资本市场的吸引力，吸引更多企业在A股上市；并充分发挥风险投资在企业创新发展中的作用。
Technological innovation ability is very important to the development of science and technology enterprises, and venture capital is an important way for science and technology enterprises to obtain financial support and innovation resources. China has become the world‘s second largest venture capital market, with rapid growth in both the number of venture capital institutions and the size of deals. With the support of venture capital, many technology companies in the digital economy, advanced manufacturing, new energy, and biomedical industries have successfully achieved IPOs, but many Chinese companies with the strongest scientific and technological innovation ability, such as Tencent and Alibaba, have chosen to conduct IPOs overseas. Therefore, the impact of venture capital on Chinese enterprises in all aspects of technological innovation performance, the mechanism through which this impact is generated, and whether IPO location will have an impact on the relationship between venture capital and technological innovation performance of enterprises need to be further explored. Based on this background, this study adopts the method of combining qualitative research and quantitative research. First of all, this paper discusses the characteristics of venture capital and the possible impact for technological innovation of enterprises, and expounds the impact mechanism of venture capital on technological innovation of enterprises from the resource-based view, the institution-based view and the signalling theory, as well as the background and reasons for Chinese technology enterprises to choose overseas listing. This study innovatively constructs a model for measuring enterprise technological innovation performance from the dimensions of input, output, and benefits of enterprise technological innovation. It takes Chinese technology companies listed in Mainland China, Hong Kong, and the United States from 2010 to 2019 as the research subjects, explores the impact of venture capital on the technological innovation performance of Chinese technology-listed companies, and discusses whether the IPO location has a significant moderating effect on this impact. The empirical results show that the background of venture capital has a positive impact on the input, output and return of technological innovation. Venture capital participation has a positive impact on the input and output of technological innovation. IPO does not have a significant moderating effect on the impact of venture capital on technological innovation performance. Therefore, enterprises should make full use of the capabilities of venture capital in industry endorsement, providing value-added services, introducing external knowledge and improving corporate governance to enhance the efficiency of the use of venture capital and further expand the innovation effectiveness. In addition, the Chinese government and relevant regulators should further promote capital market reform to enhance the attractiveness of China‘s capital market and attract more enterprises to list on A-shares. And give full play to the role of venture capital in enterprise innovation and development.
