创业投资与城市技术创新之间相互促进作用的研究
首发时间:2018-05-30
摘要:基于2005-2015年中国274个城市面板数据,通过建立动态面板模型研究创业投资和城市技术创新互动关系,实证结果发现城市技术创新对创业投资的吸引作用是十分明显的,而创业投资对城市的技术创新具有先抑制后促进的影响机制,且这种促进作用会比抑制作用滞后两年。同时还发现,一个城市当前的技术创新能力和创业投资水平和过去的表现呈正相关关系。最后,通过更换计量模型和加入控制变量证实了估计结果的稳健性。
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Research on the Mutual Promotion between Venture Capital and Urban Innovation
Abstract:Based on the analysis of the panel data for 274 cities in China from 2005 to 2015, this paper builds a dynamic panel model to study the interactive relationship between venture capital and urban innovation. The empirical results show that the urban innovation has an obvious attraction to venture capital, whereas venture capital suppresses urban innovation at the beginning and gradually promotes it in two years. Simultaneously, this paper finds that the current performance of innovation and venture capital investment in a city have a positive correlation with the their past level. Finally, the robustness of the estimated results is verified by replacing estimation models and adding control variables.
Keywords: Venture capital Innovation Dynamic panel model
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