Measurement of Venture Capital Contribution to Real Economy in China: Lag and Structure Effect
Gu Fangjie1, Zhang Wenfeng2
1. School of Economics and Management, Dalian Ocean University, Dalian 116023, China; 2. School of Marine Law and Humanities, Dalian Ocean University, Dalian 116023, China
Abstract：Based on the data from 1978 to 2018, this paper empirically analyzes the relationship between venture capital and economic growth.The results show that the short-term and long-term elasticity of venture capital to economic growth in China are 0.234 and 0.649 respectively.The growth rate of venture capital is the Granger cause of economic growth rate.The response of GDP to a standard deviation perturbation of venture capital innovation rate is very low in the short run, but in the long run the positive influence of venture capital on GDP is longer, and its contribution to the variance of GDP is outstanding.The structural effect test shows that the venture capital has the largest effect on the third level of real economy, and the longer the lag period is, the more significant the effect of venture capital is.According to the above research conclusions, the paper puts forward some suggestions to further promote venture capital investment in China to support the development of real economy.
谷方杰, 张文锋. 创业投资对实体经济贡献的测度:滞后与结构效应[J]. 中国科技论坛, 2021(5): 126-136.
Gu Fangjie, Zhang Wenfeng. Measurement of Venture Capital Contribution to Real Economy in China: Lag and Structure Effect. , 2021(5): 126-136.
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