风险投资机构集聚对企业创新的作用机制及经济后果研究-来自基金小镇设立的准自然实验研究

In recent years, the fund town has become an important strategic measure of industrial transformation and upgrading. It has drawn extensive attention from governments, investment institutions and start-ups throughout the country. However，there still lack thorough and detailed studies on how the fund town affects the information environment of the Venture Capital market, and then it inspires start-ups to innovate.Therefore, based on the quasi-natural experiments set up by the fund town, the subject of this project is to study the mechanism and economic consequences of the Venture Capital firm cluster on corporate innovation. To be specific, the project aims to answer the following questions: (1) Does VC firms cluster promote corporate innovation? (2) Provided that VC firms cluster can promote innovation,what is the mechanism which takes effect to make it promote corporate innovation? (3) Does the effect Venture Capital firms cluster has on promoting corporate innovation reduce corporation’s Bank loan cost and improve the performance of IPO market?This project theoretically clarifies the controversy public policy on entrepreneurial finance and innovation imposes on corporation innovation. From the perspective of improving the information environment of VC market, the project expands and deepens the research on how government public policy enhance the development of Venture Capital industry. From the perspective of improving supervision ability and tolerance for failure of innovation, this project clearly states the mechanism of Venture Capital firm cluster in promoting corporate innovation. In addition, the project also enriches and expands the literature on the geographic proximity from Venture Capital perspective. In practice, it will help to provide a theoretical foundation and policy reference for promoting the development of economy with high quality and the differentiated construction of fund towns.

近年来，基金小镇已成为产业转型升级的战略举措，受到各地政府、投资机构和企业的广泛关注。然而有关基金小镇如何影响风险投资市场的信息环境，进而激励企业创新，迄今仍缺乏深入细致的研究。为此，本项目基于基金小镇设立的准自然实验，研究风险投资机构集聚对企业创新的作用机制及经济后果。拟回答以下问题：（1）风险投资机构集聚能否促进企业创新？（2）如果能，那么风险投资机构集聚促进企业创新的作用机制是什么？（3）风险投资机构集聚促进企业创新的作用是否降低了企业的银行贷款成本和提升IPO市场表现？理论上，本项目有助于澄清创业金融与创新公共政策对企业创新影响的争议，从改善VC市场信息环境的视角拓展和深化公共政策对VC行业发展的研究，从提高监督能力和创新失败容忍度两个视角阐明VC集聚促进企业创新的作用机制，从VC视角丰富地理接近的文献。实践上，有助于为推动经济高质量发展和基金小镇差异化建设提供理论依据和政策参考。

基金小镇的核心在于打造一个便于资金流和信息流等各要素交换的一个平台，也是便于VC投资人见面的地方，是一种既新颖又普遍的、旨在建立区域风险投资市场的政府公共政策。那么，基金小镇是否通过改善VC行业的信息环境，有助于VC的筛选、监督初创企业以及为初创企业提供增值服务功能的发挥，进而更有效地为创新创业融资呢？因此，本课题试图以风险投资机构集聚改善了VC的信息环境为切入点，探究风险投资机构集聚对企业创新的作用机制及经济后果。本课题研究发现，首先，与股权投资基金相比,创业投资基金更能促进企业创新。进一步研究表明,创业投资基金对创新的促进作用,在高科技行业、早期接受投资(成立5年内)和民营基金管理人支持的企业中更显著。其次，基金小镇的设立显著提高该地区创新水平，机制分析发现，基金小镇通过吸引更多的风投机构在该地进行投资，进而提升当地创新水平。异质性分析表明，在入驻机构（基金管理人和基金两个层面）数量较多、入驻机构投资在本地案例数较多和法治环境较好的地区，基金小镇设立对地区创新水平的促进作用更强。最后，基金小镇设立之后会对邻近地区产生溢出效应，即提高周边地区初创企业的VC获得性。此外，课题组还对风险投资生态系统的建构及运作机理，上市公司信息披露及其经济后果，企业社会责任与企业财务绩效之间的内在机理等其他由课题延伸的相关主题展开研究，取得了较好的研究成果。本课题不仅理论上丰富了VC公共政策促进创新的有关文献，还为推动经济高质量发展和基金小镇差异化建设提供理论依据和政策参考。