【摘要】 基于中小高新技术上市公司显著的研发投入和风险资本持股特征,研究了内部创业团队和外部风险资本支持团队的人力资本特征对2009~2012年创业板上市公司上市后研发投入的影响。研究结果证实创业板公司上市后研发投入水平与高管团队平均年龄负相关,与高管平均学历和技术背景高管比例显著正相关。同时,风险资本投资的创业板公司相对没有风险资本投资的公司研发投入并没有显著差异;但声誉越高的风险资本投资的公司IPO后研发投入水平显著更高。更多还原

【Abstract】 This paper uses high-tech company data which are listed in the second board from 2009 to 2012,to analyze whether the characteristic of top management team( TMT) and the venture capital( VC) play the important role in the input of R&D. And the input of R&D is negative to the average age of TMT,and positive to the average education of TMT and the proportion of TMT having technology experience. Finally,only the high reputation VC positively effects the input of R&D of the listing company.更多还原