金融学院知识库

  近年来，中国不断强调自主创新，而企业作为创新的活跃主体更应该做创新发展的探索者，加强技术研发，推动技术创新。“十四五”规划提出要发展并壮大创新能力强、发展潜力大的战略性新兴产业，这些新兴产业也逐渐成为私募股权投资重点关注的投资领域。私募股权投资的介入不但能为企业带来生产经营及创新活动所需的大量资金，而且还能提供丰富的投后管理等增值服务，在资金、技术及管理的多重支持下，私募股权投资是否能够促进企业技术创新效率的提升十分值得关注；此外，私募股权投资对企业技术创新效率的作用机理也值得进行深入探讨。

  本文基于相关研究和理论基础，首先分析了私募股权投资对企业技术创新效率的影响机理，认为私募股权投资除了为企业提供资金和增值服务外，还会通过改善公司治理结构进而影响企业技术创新效率。其次，基于2015-2019年A股上市战略性新兴产业企业的样本数据，通过构建Super-SBM模型测度了样本企业的技术创新效率。再次，运用面板回归模型、倾向评分匹配法等实证检验了私募股权投资介入和持股比例对企业技术创新效率的影响；将公司治理分为股权结构和管理层权力两方面，实证检验了公司治理在私募股权投资对企业技术创新效率影响中的中介效应。实证结果表明：第一，私募股权投资的介入以及持股比例的增加能够提高企业技术创新效率。第二，私募股权投资持股能够起到降低企业股权集中度、提高股权制衡度、抑制管理层所有权权力和组织权力的作用；第三，私募股权投资能够通过股权结构和管理层权力结构，间接起到促进企业技术创新效率作用，即私募股权投资可以通过改善公司治理进而促进企业技术创新效率的提高。

  基于上述研究结论，本文针对私募股权投资行业、创新型企业以及相关政府部门分别提出了针对性的政策建议，以促进私募股权投资行业健康快速发展并提高企业的技术创新效率，进而实现双方协同发展。

In recent years, China has constantly emphasized independent innovation, and enterprises, as active subjects of innovation, should be explorers of innovation and development, strengthen technological research and development, and promote technological innovation. The 14th Five-Year Plan proposes to develop and expand strategic emerging industries with strong innovation ability and great development potential, and these emerging industries have gradually become the focus of private equity investment. The intervention of private equity investment can provide a wealth of value-added services such as post-investment management. Under the multiple support of capital, technology and management, it is worth paying attention to whether private equity investment can promote the improvement of technological innovation efficiency of enterprises. In addition, the mechanism of private equity investment on the efficiency of enterprise technological innovation is also worth in-depth discussion.

Based on related research and theoretical foundations, this article first analyzes the mechanism of private equity investment's impact on the efficiency of corporate technology innovation. It believes that private equity investment, in addition to providing capital and value-added services for the company, will also affect the efficiency of corporate technology innovation by improving the corporate governance structure. . Secondly, based on the sample data of strategic emerging industry companies listed on A-shares from 2015 to 2019, the technical innovation efficiency of the sample companies is measured by constructing a Super-SBM model. Third, the panel regression model and propensity score matching method are used to empirically test the influence of private equity investment intervention and shareholding ratio on the efficiency of corporate technology innovation; corporate governance is divided into two aspects of equity structure and management power, and empirical testing of corporate governance The mediating effect in the influence of private equity investment on the efficiency of corporate technological innovation. The empirical results show that: First, the involvement of private equity investment and the increase in shareholding ratio can improve the efficiency of corporate technological innovation. Second, private equity investment holdings can play a role in reducing the concentration of corporate equity, improving equity checks and balances, and inhibiting management’s ownership power and organizational power; third, private equity investment can be indirect through the equity structure and management’s power structure. Play a role in promoting the efficiency of corporate technological innovation, that is, private equity investment can promote the improvement of corporate technological innovation efficiency by improving corporate governance.

Based on this, this paper puts forward targeted policy suggestions for the private equity investment industry, innovative companies and relevant government departments respectively, in order to promote the healthy and rapid development of the private equity investment industry and improve the innovation efficiency of enterprises in strategic emerging industries, so as to achieve common development.