【摘要】 基于2003-2012年省级面板数据,利用非参数协方差矩阵估计法,从区域层面考察风险投资、资本项目开放对全要素生产率的影响,研究发现:风险投资与全要素生产率之间存在显著的正相关关系,但不同类型的风险投资对全要素生产率的影响、效率及作用机制存在异质性。其中,外资风险投资主要通过推动技术进步来提高全要素生产率,民营风险投资主要通过改善技术效率来提高全要素生产率,而国有风险投资不能有效的改善全要素生产率。QFLP、RQFLP等资本项目开放政策能够推动技术进步,对全要素生产率有稳定的正向影响,但对风险投资与全要素生产率之间的关系存在负向的调节效应。因此,应审慎推进资本项目开放,并注意优化风险投资结构和空间配置状态。更多还原

【Abstract】 This paper investigates the impacts of venture capital investments( VCs) and capital account opening on total factor productivity( TFP) by using the non-parametric covariance matrix estimator on a region-level dataset from 2003 to 2012. Considering the heterogeneity of venture capitalists,we find that the impacts and its dynamics of foreign vs. state-owned vs. private VCs on TFP are heterogeneous. In particular,foreign VCs can significantly boost TFP through promoting technological progress,and private VCs can significantly spur TFP by improving technical efficiency,while state-owned VCs has no significant impact on TFP. Although capital account opening policies are significantly associated with high rates of TFP growth,it reduces marginal efficiency of gross VCs on improving TFP. The structure and spatial allocation of national venture capital market should be optimized in the future.更多还原