刘娥平¹;钟君煜¹;施燕平²

• 1:中山大学 管理学院，广东 广州 510275
• 2:广州大学 经济与统计学院，广东 广州 510006

摘要(Abstract)：

基于风险投资能有效缓解企业代理问题，文章串联了知识溢出与外商直接投资溢出效应相关理论，总结出风险投资产生溢出效应的四种途径。结合风险投资溢出途径，文章以2008-2015年我国A股上市公司为样本，对风险投资能否带来溢出效应进行了实证检验。结果表明，在行业内，风险投资的溢出效应并不明显；在行业间，风险投资通过技术扩散提升上下游产业的技术水平，产生了垂直溢出效应。进一步研究发现，企业的吸收能力在水平溢出中发挥着至关重要的作用，技术门槛抑制了风险投资的水平溢出效应；而行业内竞争一方面可能迫使同行业技术相对落后的公司面临被淘汰的风险，削弱了风险投资的水平溢出效应；另一方面，优化了市场结构，增进了行业间的合作，有利于行业间垂直溢出的产生。文章将风险投资与溢出效应相关理论相结合，丰富了风险投资领域的相关研究，对风险投资行业与中国经济的协调发展具有重要的政策启示。

关键词(KeyWords)： 风险投资;溢出效应;知识溢出;技术创新;全要素生产率

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金项目（71672202）；广东省自然科学基金项目（2016A030313304）

作者(Author): 刘娥平¹;钟君煜¹;施燕平²

Email:

DOI: 10.16538/j.cnki.jfe.2018.09.003

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