|
|
|
| Measurement of Venture Capital Contribution to Real Economy in China: Lag and Structure Effect |
| Gu Fangjie1, Zhang Wenfeng2 |
1. School of Economics and Management, Dalian Ocean University, Dalian 116023, China;
2. School of Marine Law and Humanities, Dalian Ocean University, Dalian 116023, China |
|
|
|
|
Abstract Based on the data from 1978 to 2018, this paper empirically analyzes the relationship between venture capital and economic growth.The results show that the short-term and long-term elasticity of venture capital to economic growth in China are 0.234 and 0.649 respectively.The growth rate of venture capital is the Granger cause of economic growth rate.The response of GDP to a standard deviation perturbation of venture capital innovation rate is very low in the short run, but in the long run the positive influence of venture capital on GDP is longer, and its contribution to the variance of GDP is outstanding.The structural effect test shows that the venture capital has the largest effect on the third level of real economy, and the longer the lag period is, the more significant the effect of venture capital is.According to the above research conclusions, the paper puts forward some suggestions to further promote venture capital investment in China to support the development of real economy.
|
|
Received: 20 July 2020
|
|
|
|
|
|
[1] 龙勇,杨晓燕.风险投资对技术创新能力的作用研究[J].科技进步与对策,2009,26 (23):16-20.
[2] 王宇伟,范从来.科技金融的实现方式选择[J].南京社会科学,2012 (10):28-35.
[3] HELLMANN T,PURI M.The interaction between product market and financing strategy:the role of venture capital[J].Review of financial studies,2000,13 (4):959-984.
[4] BETTIGNIES J E D.Venture capital investment:the role of predator-prey dynamics with learning by doing[J].Economics of innovation & new technology,2009,18 (1):1-19.
[5] MICHELACCI C,SUAREZ J.Business creation and the stock market[J].Review of economic studies,2004,71 (2):459-481.
[6] XUE J X,SHAN Y.Labor unions and information asymmetry among investors[J].The quarterly review of economics and finance,2018,69:174-187.
[7] BOTTAZZI L,RIN M D.Venture capital in Europe and the financing of innovative companies[J].Economic policy,2002,17 (34):229-270.
[8] BRONWYN H.Handbook of the economics of innovation set[M].Amsterdam:North Holland,2010:609-639.
[9] CASSIMAN B,VEUGELERS R.In search of complementarity in innovation strategy:internal R&D and external knowledge acquisition[J].Management science,2006,52 (1):68-82.
[10] KORTUM S,LERNER J.Does venture capital spur innovation[R].NBER working papers,1998,28 (1):1-44.
[11] RIN M D,PENAS M F.Venture capital and innovation strategies[J].Industrial and corporate change,2017,26 (5):781-800.
[12] GORODNICHENKO Y,SCHNITZER M.Financial constraints and innovation:why poor countries don't catch up[J].Journal of the European economic association,2013,11 (5):1115-1152.
[13] KEUSCHNIGG C,NIELSEN S B.Tax policy,venture capital,and entrepreneurship[J].Journal of public economics,2003,87 (1):175-203.
[14] 萨伊.政治经济学概论:财富的生产、分配和消费:珍藏本[M].北京:商务印书馆,2009.
[15] 马克思,恩格斯.资本论:第2版[M].北京:人民出版社,2004.
[16] 凯恩斯.就业、利息和货币通论[M].高鸿业,译.北京:商务印书馆,2009.
[17] 黄群慧.论新时期中国实体经济的发展[J].中国工业经济,2017 (9):5-24.
[18] 米建华,谢富纪.创业投资、技术创新与经济增长——基于中国20省市的截面数据实证研究[J].现代管理科学,2009 (6):12-13.
[19] 谢琳,唐宗明.创业投资与经济增长的关系研究[J].科技管理研究,2011,31 (17):181-185.
[20] 丁涛,盖锐.创业投资与区域经济增长的灰色关联性分析——以南京为例[J].技术经济与管理研究,2015 (1):32-35.
[21] 王兰芳,胡悦.创业投资促进了创新绩效吗?——基于中国企业面板数据的实证检验[J].金融研究,2017 (1):177-190.
[22] 张俊芳,郭永济.风险投资对我国区域创新能力及经济增长的影响——基于全国21个省市的实证研究[J].科学与管理,2018 (1):9-15.
[23] 白素霞,陈彤.创业投资对企业创新的作用机制研究[J].经济体制改革,2018 (3):194-198.
[24] 张军,吴桂英,张吉鹏.中国省际物质资本存量估算:1952—2000[J].经济研究,2004 (10):35-44.
[25] 王元,张晓原.中国创业风险投资发展报告 (2013)[M].北京:经济管理出版社,2013.
[26] 黄群慧.论新时期中国实体经济的发展[J].中国工业经济,2017 (9):5-24. |
|
|
|
2021, Vol. 2 
