风险投资对制造业上市公司创新投入的影响——基于融资约束的中介作用

The Impact of Venture Capital on Innovation Investment of Listed Manufacturing Companies—Based on the Mediating Role of Financing Constraints

摘要: 本文以2015~2020年我国661家制造业上市企业作为研究对象，就风投机构的参与对于制造业企业创新投入的作用和机制展开了实证研究，研究发现，风投机构的参与通过降低企业融资约束程度，对制造业企业创新投入有显著激励作用。为了促进制造业企业创新升级，应进一步完善风投机构介入制造业企业的通道，加强风投机构与企业之间合作的便利度，帮助企业和风投机构找到最合适的伙伴，实现更精准的对接、更高效的合作，发挥双方的最优效能。

Abstract: Based on 661 listed manufacturing enterprises in China from 2015 to 2020, this paper conducts an empirical study on the role and mechanism of venture capital institutions participation in the innovation investment of manufacturing enterprises. It is found that the participation of venture capital institutions has a significant incentive effect on the innovation investment of manufacturing enterprises by reducing the degree of financing constraint. In order to promote the innovation and upgrading of manufacturing enterprises, it is necessary to further improve the channels for venture capital institutions to intervene in manufacturing enterprises, strengthen the convenience of cooperation between venture capital institutions and enterprises, help enterprises and venture capital institutions find the most suitable partners, achieve more accurate docking, more efficient cooperation, and give play to the optimal efficiency of both sides.