国际经济与贸易学院知识库

在世界经济复苏步伐明显放缓、国际环境不确定性持续增加、保护主义有所抬头的背景下，我国始终坚持高水平对外开放，积极参与国际合作。我国众多高科技企业积极拓展海外市场，加快自身“走出去”的步伐。但许多高科技企业囿于自身企业规模、资金、社会资源等诸多因素的限制，在“走出去”的过程中存在一定困难。其中，风险投资通过信号传递以及行业专长等方式推动企业国际化进程。因此，研究风险投资在高科技企业国际化进程中所发挥的作用，对于企业开拓海外市场、不断提升企海外竞争力、强化自身国际化水平具有现实意义。

本文利用CVSource数据库、国泰安和我国高科技企业历年年报，整理出2011-2020年的中国A股创业板上市的高科技企业面板数据。构建TOBIT模型，用国际化深度和国际化广度两个指标定量分析风险投资对中国高科技企业国际化进程的影响。此外，本文采用更换企业国际化程度的指标来进行稳健性检验。最后，为解决本文可能出现的内生性问题，选择两阶段处理效应模型。本文通过了稳健性检验以及内生性检验，说明风险投资对中国高科技企业国际化进程的仍然有促进作用。综上的实证结果表明：有风险投资的中国高科技企业，其国际化深度与国际化广度得到显著提升。本文的研究对丰富企业走出去的国际化理论、推动高科技企业积极开拓国际市场具有重要的借鉴意义。

本文选取北京君正作为案例分析的对象，具体阐述其国际化发展历程，并根据CVsource搜集到的有关北京君正的风险投资事件，观察风险投资机构进入北京君正后北京君正在国际化深度和国际化广度方面的变化。观察结果表明：风险投资对北京君正的国际化进程有显著作用。

根据上述的理论研究、实证研究以及案例分析，本文提出如下针对性的建议：第一，政府应当建立风险投资供给，为风险投资机构打造适合发展与成长的社会环境；第二，企业应当优先选择在自身领域长期投资且具备丰富经验的风险投资机构；第三，风险投资机构应当提升专业能力，严格管控风险，对市场变化做出及时反映，为企业开拓国际市场、提升企业国际竞争力提供合理可靠的建议。

Against the backdrop of a marked slowdown in the pace of world economic recovery, increasing uncertainties in the international environment and rising protectionism, our country has always insisted on opening up at a high level and actively participated in international cooperation, constantly deepening the opening up of the external market. Now in the “Belt and Road and other open cooperation initiatives, many of our high-tech Enterprises actively expand overseas markets, accelerate their own “Going out” pace. However, many high-tech enterprises are limited by the scale of their own enterprises, capital, social resources and other factors, and there are some difficulties in the process of“Going out”. Among them, venture capital plays an important role in the development of high-tech enterprises. Venture Capital promotes the internationalization of enterprises by means of signal transmission and industry expertise. Therefore, the study of the role of venture capital in the process of internationalization of high-tech enterprises is of practical significance for enterprises to explore overseas markets, enhance their overseas competitiveness and strengthen their own level of internationalization.

Based on CVSource database, the annual reports of Guotai'an and high-tech enterprises in our country, this paper collates the panel data of high-tech Enterprises listed on China a-share growth enterprise market from 2011 to 2020. And it divides the process of internationalization into two indicators: internationalization depth and internationalization breadth. The impact of Quantitative analysis venture capital on the internationalization process of Chinese high-tech Enterprises, and the Tobit model is constructed to find out the impact of venture capital on the internationalization process of Chinese high-tech enterprises. In addition, this paper uses the Index of changing the internationalization degree of enterprises to carry out the robustness test. Finally, in order to solve the endogenous problems that may appear in this paper, we choose a two-stage treatment effect model. Through the robustness test and endogeneity test, this paper shows that venture capital can still promote the internationalization of China's high-tech enterprises. The empirical results show that the internationalization depth and internationalization breadth of Chinese high-tech enterprises with venture capital have been significantly enhanced. The research of this paper is of great significance to enrich the internationalization theory of Chinese enterprises going out, and to promote Chinese high-tech enterprises to explore international market actively.

This article chooses Beijing Junzheng as the object of the case analysis, elaborates its internationalization development process in detail, and according to CVsource collection about Beijing Junzheng's venture capital events, observe the changes in the depth and breadth of internationalization after venture capital firms entered Beijing. The results show that venture capital plays a significant role in the internationalization of Beijing Junzheng. Based on the above research conclusions, this paper puts forward the following suggestions: first, the government should establish the supply of venture capital to create a good operating environment for venture capital institutions; second, enterprises should carefully choose venture capital institutions, we give priority to venture capital firms with long-term investment in their own fields and rich experience. Third, venture capital institutions should enhance their professional competence, strictly control risks, and make timely responses to market changes, to provide reasonable and reliable suggestions for enterprises to open up international market and enhance their international competitiveness.