风险投资溢出效应:一个分析框架

风险投资活动实质上是高新技术产业的信息、知识和理念的载体,具有与一般投资活动不同的溢出效应。这是一种经济增长效应,是报酬递增的源泉,表现为劳动生产率的持续提高。风险投资溢出效应的实现路径主要有四个方面:一是知识创新;二是技术扩散;三是组织成长与制度变迁;四是人力资本积累。中国的长期经济增长必须由就业增长型经济转变为知识创新主导型经济,建立报酬递增的经济增长模型,充分获取风险投资的溢出效应。

The Overflow Effect of Venture Investment: An Analytical Framework

In essence, venture investment activities are the carriers of information, knowledge and ideas of hi - tech industries, whose overflow effect differs from that of ordinary investment activities. It is an effect of economic growth and the source of progressive remuneration increase , manifest as a sustained increase in labor productivity. The overflow effect of risk investment is realized mainly in four ways; knowledge innovation, technological proliferation, organizational growth and systemic shift, and human resource accumulation. China's long - term economic growth means that, to obtain the full overflow effect of venture investment, the economy must change from one of employment growth to one of knowledge innovation, and that an economic growth model of progressive remuneration increase should be established.