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新能源企业创新的市场化激励——基于风险投资和企业专利数据的研究

齐绍洲1,2,3 张倩1 王班班4

(1.武汉大学经济与管理学院, Wuhan , China 430072)
(2.武汉大学气候变化与能源经济研究中心)
(3.武汉大学碳排放权交易湖北省协同创新中心)
(4.华中科技大学经济学院, Wuhan , China 430074)
【知识点链接】风险投资; 股东积极主义; 放管服

【摘要】以风险投资为代表的市场化手段能否有效激励新能源企业创新,这一问题对于转变中国新能源产业发展方式、构建低碳安全的能源体系和市场导向的绿色技术创新体系、推进绿色发展具有重要意义。本文基于新能源政府补贴缺口逐年扩大的特定背景,考虑风险投资对新能源企业创新能力的内在影响机制,并在吸收能力的视角下探讨新能源企业的异质性因素对风险投资作用效果的影响。结果表明,风险投资能够显著提升新能源企业的创新能力。这一激励效应主要通过三个机制共同实现,分别是“资金增加效应”,即为企业的经营发展提供直接的资金支持;“创新倾向提高效应”,即提高企业研发创新的积极性;“股东积极主义效应”,即为企业提供多种形式的增值服务。这说明风险投资作为一种市场化的资本运作方式,在新能源产业的发展中发挥着重要作用。因此,从新能源产业的现状考虑,一方面,应当使市场在资源配置中起决定性作用,实现新能源领域的要素自由流动和企业优胜劣汰,达到集约发展和结构调整的目的;另一方面,需要政府更好地发挥作用,在逐步减少新能源补贴等直接干预的同时,利用宏观调控体系为新能源企业创新能力的提高创造良好的制度环境。本文的研究不仅对中国新能源产业方面的政策制定具有重要启示,也为利用市场机制激励技术创新提供了一定的经验依据。

【关键词】 新能源产业;创新能力;市场机制;风险投资;

【DOI】

【基金资助】 国家自然科学基金青年基金项目“基于碳价格映射的中国工业能源结构优化研究”(批准号71503087);

Market-oriented incentives to the innovation of new energy companies: research based on venture capital and patent data of companies

QI Shaozhou1,2,3 ZHANG Qian1 WANG Banban4

(1.Climate Change and Energy Economics Study Center, Wuhan University 430072)
(2.Climate Change and Energy Economics Study Center, Wuhan University)
(3.Center of Hubei Cooperative Innovation For Emissions Trading System, Wuhan University)
(4.School of Economics, Huazhong University of Science and Technology 430074)

【Abstract】Whether the market approach represented by venture capital (VC) can effectively stimulate the innovation of new energy companies or not is of great significance for changing the development mode of China’s new energy industry, building a low-carbon, safe energy sector and market-oriented system for green technology innovation, and promoting green development. Against the specific background that the gap of government subsidies for new energy industry expands year by year, this paper takes the inherent influence mechanism of VC on innovation capability of new energy companies into consideration and explores the effect of heterogeneity of new energy companies on the effect of VC from the perspective of absorptive capacity. As shown in the result, VC, as a market-oriented capital operation, plays an important role in the development of new energy industry, and this incentive mechanism is realized mainly through three channels together: ①“capital increasing effect” is to financially support the companies’ development directly; ②“effect of innovation tendency improvement” means to boost companies’ enthusiasm for R&D; ③“effect of shareholder activism” refers to provide companies with various forms of value-added services. Therefore, for the current situation of new energy industry, the market should play the decisive role in resource allocation so as to ensure free flows of factors in the new energy field and the survival of the fittest of the companies, achieving the goal of intensive development and structural adjustment. Besides, the government should play a better role of direct intervention in gradually reducing subsidies for new energy while creating a favorable institutional environment for the improvement of innovation capability of new energy companies through macro-regulation. The research of this paper not only offers important enlightenment for the policy formulation of China’s new energy industry, but also provides some empirical evidence for stimulating technological innovation by using market mechanism.

【Keywords】 new energy industry; innovation capability; market mechanism; venture capital;

【DOI】

【Funds】 Youth Fund Project of National Natural Science Foundation of China (71503087);

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    Footnote

    [1]. ① The results of the calculation are detailed in the public attachment of the website of China Industrial Economics (http://www.ciejournal.org). [^Back]

    [2]. ② As for the R&D expenditure price index Pt, this paper makes use of the data of China Statistical Yearbook on Science and Technology (2003–2016), and makes calculation according to the ratio of R&D expenditure for labor and asset in different industries and different years. The results are detailed in the public attachment of China Industrial Economy website (http://www.ciejournal.org). [^Back]

    [3]. ① Considering the effect of the impact of venture capital may lag behind, we place the lagged term of lnvcit in the empirical analysis. [^Back]

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This Article

ISSN:1006-480X

CN: 11-3536/F

Vol , No. 12, Pages 95-112

December 2017

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Article Outline

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Abstract

  • 1 Introduction
  • 2 Theoretical analysis
  • 3 Index selection and empirical model
  • 4 Empirical result analysis
  • 5 Conclusions and suggestions
  • Footnote

    References