3759 
3556金融支持创新的核心是发展多层次资本市场，提高创新资本形成能力。创业投资基金和股权投资基金，作为股权类私募基金的两大基金类型，谁更能促进创新资本形成呢？文章以2014-2018年私募投资基金支持的新三板挂牌企业为研究对象，考察创业投资基金和股权投资基金对企业创新水平的影响。研究发现，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。文章的研究结论有助于政策制定者厘清创业投资基金和股权投资基金的界限，充分发挥创业投资专注投早、投小、投高科技的作用，对政府提升有关扶持创业投资发展政策的针对性和有效性具有借鉴意义。
谁更能促进创新资本形成：创业投资基金抑或股权投资基金？
摘要
参考文献
1 陈思,何文龙,张然. 风险投资与企业创新:影响和潜在机制[J]. 管理世界,2017,(1). DOI:10.3969/j.issn.1002-5502.2017.01.011
3 贾红波. 中国股权投资领域呈橄榄型特征[J]. 商周刊,2016,(17). DOI:10.3969/j.issn.1674-4004.2016.17.042
7 邱嘉平. 因果推断实用计量方法[M]. 上海: 上海财经大学出版社, 2020.
8 王会娟,余梦霞,张路,等. 校友关系与企业创新——基于pe管理人和高管的关系视角[J]. 会计研究,2020,(3). DOI:10.3969/j.issn.1003-2886.2020.03.002
12 许昊,万迪昉,徐晋. Vc与pe谁是促进企业创新的有效投资者?[J]. 科学学研究,2015,(7). DOI:10.3969/j.issn.1003-2053.2015.07.018
15 Acharya V V,Gottschalg O F,Hahn M,et al. Corporate governance and value creation:Evidence from private equity[J]. The Review of Financial Studies,2013,26(2):368–402. DOI:10.1093/rfs/hhs117
16 Agrawal A,Tambe P. Private equity and workers’ career paths:The role of technological change[J]. The Review of Financial Studies,2016,29(9):2455–2489. DOI:10.1093/rfs/hhw025
17 Arthurs J D,Busenitz L W. The boundaries and limitations of agency theory and stewardship theory in the venture capitalist/entrepreneur relationship[J]. Entrepreneurship Theory and Practice,2003,28(2):145–162. DOI:10.1046/j.1540-6520.2003.00036.x
18 Bernstein S,Sheen A. The operational consequences of private equity buyouts:Evidence from the restaurant industry[J]. The Review of Financial Studies,2016,29(9):2387–2418. DOI:10.1093/rfs/hhw037
19 Bertoni F,Ferrer M A,Martí J. The different roles played by venture capital and private equity investors on the investment activity of their portfolio firms[J]. Small Business Economics,2013,40(3):607–633. DOI:10.1007/s11187-011-9384-x
20 Block J,Fisch C,Vismara S,et al. Private equity investment criteria:An experimental conjoint analysis of venture capital,business angels,and family offices[J]. Journal of Corporate Finance,2019:58(329–352.
21 Bottazzi L,Da Rin M,Hellmann T. Who are the active investors? Evidence from venture capital[J]. Journal of Financial Economics,2008,89(3):488–512. DOI:10.1016/j.jfineco.2007.09.003
22 Cong L W, Howell S T. Policy uncertainty and innovation: Evidence from IPO interventions in China[R]. NBER Working Papers No. 24657, 2018.
24 Czarnitzki D,Toole A A. The R& D investment–uncertainty relationship:Do strategic rivalry and firm size matter?[J]. Managerial and Decision Economics,2013,34(1):15–28. DOI:10.1002/mde.2570
25 Davis S J,Haltiwanger J,Handley K,et al. Private equity,jobs,and productivity[J]. American Economic Review,2014,104(12):3956–3990. DOI:10.1257/aer.104.12.3956
26 Dimov D P,Shepherd D A. Human capital theory and venture capital firms:Exploring “home runs” and “strike outs”[J]. Journal of Business Venturing,2005,20(1):1–21. DOI:10.1016/j.jbusvent.2003.12.007
27 Fang V W,Tian X,Tice S. Does stock liquidity enhance or impede firm innovation?[J]. The Journal of Finance,2014,69(5):2085–2125. DOI:10.1111/jofi.12187
28 Gompers P A,Gornall W,Kaplan S N,et al. How do venture capitalists make decisions?[J]. Journal of Financial Economics,2020,135(1):169–190. DOI:10.1016/j.jfineco.2019.06.011
29 Gompers P,Kaplan S N,Mukharlyamov V. What do private equity firms say they do?[J]. Journal of Financial Economics,2016,121(3):449–476. DOI:10.1016/j.jfineco.2016.06.003
30 He J,Tian X. The dark side of analyst coverage:The case of innovation[J]. Journal of Financial Economics,2013,109(3):856–878. DOI:10.1016/j.jfineco.2013.04.001
31 Huang Z, Tian X. China’s venture capital market[A]. Amstad M, Sun G, Xiong W. The Handbook of China's Financial System[C]. Princeton University Press, Princeton, 2020: 383-418.
32 Jääskeläinen M,Maula M,Murray G. Profit distribution and compensation structures in publicly and privately funded hybrid venture capital funds[J]. Research Policy,2007,36(7):913–929. DOI:10.1016/j.respol.2007.02.021
33 Kanniainen V,Keuschnigg C. The optimal portfolio of start-up firms in venture capital finance[J]. Journal of Corporate Finance,2003,9(5):521–534. DOI:10.1016/S0929-1199(02)00021-4
34 Kaplan S N,Stromberg P. Venture capitalists as principals:Contracting,screening,and monitoring[J]. The American Economic Review,2001,91(2):426–430. DOI:10.1257/aer.91.2.426
35 Knockaert M,Clarysse B,Wright M. The extent and nature of heterogeneity of venture capital selection behaviour in new technology-based firms[J]. R & D Management,2010,40(4):357–371.
36 Kortum S,Lerner J. Assessing the contribution of venture capital to innovation[J]. The RAND Journal of Economics,2000,31(4):674–692. DOI:10.2307/2696354
37 Leleux B,Surlemont B. Public versus private venture capital:Seeding or crowding out? A pan-European analysis[J]. Journal of Business Venturing,2003,18(1):81–104. DOI:10.1016/S0883-9026(01)00078-7
38 Lerner J. The government as venture capitalist:The long-run impact of the SBIR program[J]. The Journal of Business,1999,72(3):285–318. DOI:10.1086/209616
39 Lerner J,Nanda R. Venture capital's role in financing innovation:What we know and how much we still need to learn[J]. Journal of Economic Perspectives,2020,34(3):237–261. DOI:10.1257/jep.34.3.237
40 Lerner J,Sorensen M,Strömberg P. Private equity and long-run investment:The case of innovation[J]. The Journal of Finance,2011,66(2):445–477. DOI:10.1111/j.1540-6261.2010.01639.x
41 Lockett A,Murray G,Wright M. Do UK venture capitalists still have a bias against investment in new technology firms[J]. Research Policy,2002,31(6):1009–1030. DOI:10.1016/S0048-7333(01)00174-3
42 Manso G. Motivating innovation[J]. The Journal of Finance,2011,66(5):1823–1860. DOI:10.1111/j.1540-6261.2011.01688.x
43 Metrick A,Yasuda A. The economics of private equity funds[J]. The Review of Financial Studies,2010,23(6):2303–2341. DOI:10.1093/rfs/hhq020
45 Michelacci C,Suarez J. Business creation and the stock market[J]. The Review of Economic Studies,2004,71(2):459–481. DOI:10.1111/0034-6527.00292
46 Murray G C,Lott J. Have UK venture capitalists a bias against investment in new technology-based firms?[J]. Research Policy,1995,24(2):283–299. DOI:10.1016/0048-7333(93)00767-N
47 Ritter J R. Growth capital-backed IPOs[J]. Financial Review,2015,50(4):481–515. DOI:10.1111/fire.12075
48 Tian X,Wang T Y. Tolerance for failure and corporate innovation[J]. The Review of Financial Studies,2014,27(1):211–255. DOI:10.1093/rfs/hhr130
引用本文
杨庆, 糜傅青, 官峰. 谁更能促进创新资本形成：创业投资基金抑或股权投资基金？[J]. 上海财经大学学报, 2021, 23(5): 21-36.
导出参考文献，格式为：
