工业技术经济2025，Vol.44Issue(11)：3-12,10.DOI:10.3969/j.issn.1004-910X.2025.11.001
风险投资、突破性创新与企业新质生产力
Venture Capital,Breakthrough Innovation and New Quality Productivity of Entreprises
摘要
Abstract
Venture capital is characterized by high risk,high returns,and a focus on innovative sectors.These attributes are closely aligned with the essence of new quality productivity,making the relationship between the two worthy of exploration.This paper empirically examines the impact and mechanisms of venture capital on enterprises'new quality productivity using data on ven-ture capital activities from 2011 to 2023 and listed companies on the SME board,growth enterprise market,and STAR Market.The findings reveal that venture capital significantly enhances enterprises'new quality productivity.The mechanism analysis indicates that venture capital promotes the improvement of enterprises'new quality productivity by promoting breakthrough innovation in enter-prises,alleviating enterprises'financing constraints and enhancing their risk-taking capabilities.Further analysis indicates that the positive effect of venture capital on new quality productivity is more pronounced for enterprises facing greater financing constraints.Additionally,non-state-owned enterprises,high-tech firms,technology-intensive industries,and enterprises in eastern regions exhibit stronger effects of venture capital in boosting new quality productivity.The conclusions of this study provide empirical evi-dence and policy references for China's strategic decisions to leverage venture capital in empowering technological innovation and ad-vancing new quality productivity.关键词
风险投资/新质生产力/突破性创新/融资约束/风险承担能力/上市企业/科技创新/企业经济Key words
venture capital/new quality productivity/breakthrough innovation/financing constraints/risk-bearing ca-pacity/listed companies/technological innovation/company economy分类
经济学引用本文复制引用
张露子,程军国,周芮帆,丁建臣..风险投资、突破性创新与企业新质生产力[J].工业技术经济,2025,44(11):3-12,10.基金项目
国家自然科学基金青年项目"财政和金融绿色政策协同与企业绿色发展研究"(项目编号:72303196) （项目编号:72303196）
四川省社科基金青年项目"金融安全视域下四川中小银行改革化险实现路径研究"(项目编号:SCJJ24ND324) （项目编号:SCJJ24ND324）
国家自然科学基金青年科学基金项目(C类)"政府投资基金对县域产业转型升级的影响研究"(项目编号:72503110). （C类）
