风险投资与天使投资对创业企业创新活动的影响

创业企业的创新活动对其生存和发展具有重要影响,风险投资和天使投资作为创业初期两种重要的权益资本来源,对其创业创新活动有重要的影响,但其影响的机理和效果却存在一定的差异.本文利用美国考夫曼创业企业基金会的"考夫曼企业调查"(Kauffman firm survey,KFS)数据进行了实证分析,指出具有风险投资融资背景的创业企业更关注企业长期竞争力的构建与维持,注重创新活动的投入与质量,从而在R&D费用投入强度方面比天使投资参与的创业企业要高;具有天使投资的创业企业则更看重短期创新活动的产出效果,从而在专利申请量上略高于风险投资参与的创业企业.

The Impact of Venture Capital and Angel Investment on Innovative Activity of Venture Enterprises

Innovative activity is a key factor to the survival and development of venture enterprises.As two main equity capital sources during its start-up,venture capital and angel investment play important roles in innovative activities.However,their mechanisms and effects are different.Here,it conducts MLR with the data of KFS and finds out that venture-backed firms focus more on the building and maintenance of long-term competitive power and concentrate on the input and quality of the innovative activities.Thus the entrepreneurs can invest more in R&D than angel financing firms.Meanwhile,the angel financing firms usually pay more attention to innovation short-term achievements,so they obtain more patents than venture-backed firms.