Abstract：Technological innovation is very important for the adjustment and upgrading of China's industrial structure.Although the effects of financial subsidies and venture capital on technological innovation have been individually investigated,it is rare to examine whether and under what circumstances they have coupling effects.Based on data from the listed companies of Beijing from 2010 to 2017,we investigate this issue empirically and find that venture capital and financial subsidies have coupling effect of mutual complement and promotion on technological innovation.However,the significance of this coupling effect changes with the scale of R&D investment and financial subsidies,and the promoting effect is more significant in the enterprises with low or middle level of R&D investment and high level of financial subsidies.Further research finds that this coupling effect is greater in firms with no political connection and better corporate governance structure,in manufacturing industry and young enterprises.Finally,some relevant suggestions are given.
贺炎林, 张杨, 马琳. 财政补贴和风险投资在技术创新中的耦合作用[J]. 中国科技论坛, 2020(12): 30-40.
He Yanlin, Zhang Yang, Ma Lin. Research on the Coupling Effect of Financial Subsidy and Venture Capital on Technological Innovation. , 2020(12): 30-40.
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