统计与数据科学学院知识库

   当前，我国经济已迈入新的发展阶段，经济发展重心逐渐从追求“高增速”转向追求提高经济效率和经济质量。为了培育新的经济增长引擎，亟须施行创新驱动发展战略。风险投资作为一种有效的融资选择，对培育中小企业快速成长具有重要意义，这是因为它可以为这些企业提供资本、技术、人才和管理等方面的创新要素，促进它们创新与发展。此外，风险投资对我国落实创新驱动发展战略、助推经济高质量发展发挥着积极促进作用。近年来，尽管我国风险投资机构数量和风险资本额度均呈逐年上涨态势，但与风险投资市场日趋健全的发达国家相比仍有较大差距，想要成为资本市场中推动实体经济的核心力量仍需继续努力。这也为深入探究风险投资能否助力经济高质量发展、其背后的具体作用机制又是什么提供了研究契机。

   本文通过系统整合国内外相关文献，从理论与实证两方面出发，系统研究风险投资影响经济高质量发展的作用机理：（1）理论分析方面，本文在现有文献和相关理论的基础上，深入剖析风险投资对经济高质量发展的作用机理，并提出相应的研究假设。研究表明：风险投资既可以通过直接促进作用拉动经济高质量发展，又可以通过技术创新、产业结构升级、收入增长三条中介路径推动经济高质量发展。这些研究结果为实证检验提供了理论基础。（2）实证检验方面，本文以2005-2020年中国30个省（市、自治区）的省级面板数据为研究样本，对风险投资影响经济高质量发展的作用机制展开实证检验。研究显示：风险投资对经济高质量发展水平的提高具有促进作用，不同区域的风险投资对经济高质量发展的影响存在明显差异。同时，风险投资通过技术创新、产业结构升级、收入增长这三条传导路径显著提高了经济高质量发展水平。这些实证检验结果进一步证实了理论分析中提出的研究假设，为进一步深化探究风险投资影响经济高质量发展提供了实证依据。

关键词：风险投资 经济高质量发展 技术创新 产业结构升级 收入增长

       Currently, China's economy has entered a new stage of development, where the focus is gradually shifting from pursuing "high-speed growth" to improving economic efficiency and quality. To cultivate new engines of economic growth, it is urgent to implement a strategy of innovation-driven development. As an effective financing option, venture capital plays an important role in fostering the rapid growth of small and medium-sized enterprises because it can provide innovative elements such as capital, technology, talent, and management to promote their innovation and development. In addition, venture capital plays a positive role in implementing China's strategy of innovation-driven development and promoting high-quality economic development. In recent years, although the number of venture capital institutions and the amount of risk capital in China have been increasing year by year, there is still a considerable gap compared to the more mature venture capital markets in developed countries. Continued efforts are needed to become a core driving force in the capital market to promote the real economy. This also provides an opportunity to explore in-depth the role of venture capital in promoting high-quality economic development and the specific mechanisms behind it.

      This article systematically integrates relevant domestic and foreign literature and studies the mechanism of venture capital's impact on high-quality economic development from both theoretical and empirical perspectives. Firstly, in terms of theoretical analysis, this article deeply analyzes the mechanism of venture capital's impact on high-quality economic development based on existing literature and relevant theories, and proposes corresponding research hypotheses. The study shows that venture capital can promote high-quality economic development through both direct promotion and three intermediate pathways of technological innovation, industrial structure upgrading, and income growth. These research results provide a theoretical basis for empirical testing.Secondly, in terms of empirical testing, this article uses panel data from 30 provinces (municipalities and autonomous regions) in China from 2005 to 2020 as the research sample to empirically test the mechanism of venture capital's impact on high-quality economic development. The study shows that venture capital has a promoting effect on the level of high-quality economic development, and the impact of venture capital on high-quality economic development varies significantly among different regions. At the same time, venture capital significantly improves the level of high-quality economic development through the three transmission pathways of technological innovation, industrial structure upgrading, and income growth. These empirical results further confirm the research hypotheses proposed in theoretical analysis and provide empirical evidence for further exploring the impact of venture capital on high-quality economic development.

Keywords: Venture capital; high-quality economic development; technological innovation; industrial structure upgrading; income growth