Abstract: Using funding size per round and inter-round duration to measure stage financing, we study how venture capital stage financing affect corporate’s R&D investment with the data of firms listed on Chi-Next and SME Board Market. The conclusions are as follows: first, funding size per round and inter-round duration are both significantly positively correlated with R&D intensity. Second, after subdividing the samples we find for different investment stages the influence of stage financing on R&D intensity is different. For early stage investment funding size per round is significantly positively correlated with R&D intensity and inter-round duration is significantly negatively correlated with R&D intensity while for late stage investment funding size per round is positively correlated with R&D intensity but not significantly and inter-round duration is significantly positively correlated with R&D intensity. The results indicate that by stage financing venture capital not only alleviate financial constraints of corporate’s R&D activities but adjust inter-round duration to adjust monitoring intensity based on characteristics of different investment stages in order to facilitate corporate ‘s innovation investment.

Key words: R&, D intensity

摘要： 利用创业板及中小板上市公司数据，以每轮投资规模和投资时间间隔衡量阶段性投资，研究风险资本的阶段性投资对企业研发投入强度的影响。研究发现：（1）每轮投资规模与投资时间间隔均与研发投入强度显著正相关；（2）在对样本进一步细分后，发现对于不同投资阶段，阶段性投资对研发投入强度的影响存在明显差异，即对于早期投资阶段，每轮投资规模与研发投入强度显著正相关，投资时间间隔与研发投入强度显著负相关；而对于后期投资阶段，每轮投资规模与研发投入强度没有显著相关性，投资时间间隔与研发投入强度显著正相关。说明风险资本不仅通过阶段性投资缓解了企业创新活动中的融资约束问题，还通过调整投资时间间隔来调整监督强度，促进企业的创新活动投入。