风险投资与高技术产业R＆D全要素生产率增长——基于中国数据的实证

利用1995—2011年风险投资与高技术产业R＆D的相关数据，采用DEA-Malmquist指数法、典型相关分析法和多元回归分析法等计量方法，对风险投资与高技术产业R＆D全要素生产率关系进行实证研究。结果显示：风险投资与技术进步指数、技术效率改善指数及全要素生产率指数具有很强相关性，风险投资对R＆D全要素生产率有显著的正向影响；整体上，风险投资对全要素生产率贡献程度在0．1个单位，年度风险投资额对全要素生产率的影响大于风险投资总规模；R＆D内部经费和新产品开发经费对R＆D全要素生产率具有显著的促进作用，是技术进步与创新直接推动因素。

Venture Investment and Growth of R＆D Total Factor Productivity in High-tech Industry ---Empirical Study on China

Base on data of venture investment and high-tech industry R＆D in years of 1995 -2011, using the methods of DEA-Malmquist index method ,canonical correlation analysis and multiple regression analysis and so on, empirical study on relationship between venture investment and high - tech industry R＆D total factor productivity is introduced. The results show ： there is a strong correlation between venture investment and technical progress index, efficiency in technical improvement index, total factor productivity;venture investment has a significant positive effect on Rd/D total factor productivity ; on the whole, venture investment and total factor productivity contribute to 0. 1 units, while the annual venture investment impact on total factor productivity is greater than the total size of venture investment;R＆D internal funds and new product development funding has significant effect on the R＆D total factor productivity, which is the direct driving factor to technological pro- gress and innovation.