第一次利用中国省际横截面数据和混合横截面数据估计风险投资对技术创新的作用,克服以往研究采用总量时间序列数据导致样本不足的问题,获得可信的研究结论：在省级数据水平上,风险投资对专利的确存在正效应,一地区风险资本量每增加1%,大约能增加该地区专利申请量0.17%-0.22%,增加该地区专利授权量0.13%-0.17%。风险投资变动对专利的影响大约只有RD支出的1/4-1/6。相比较而言,前人利用样本数不足的总量时间序列所进行的研究显然高估了风险投资对技术创新的作用。%This paper estimates the impact of venture capital on technological innovation based on provincial cross-section data and pooled cross-section data in China for the fist time, which avoids the problem of inadequate sample in previous studies based on aggregate time-series data. So our results are more accurate relatively. We find that venture capital has a significant positive influence on patents at the level of the provincial data. A 1% increase of venture capital volume in a province causes 0.17-22% increase in the number of patents applied, and 0.13-0.17% increase in the number of patents granted. The impact of venture capital disturbance on technological innovation is as weak as 1/4-1/6 of that of RD expenditure disturbance. Compared to our results, previous studies obviously overestimate the impact of venture capital on the technological innovation because of inadequate sample.
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