Venture capital shareholding, tolerance for technological innovation failure, and technological innovation performance: evidence from China

IF 1.4 4区经济学 Q3 BUSINESS, FINANCE

Asia-Pacific Journal of Accounting & Economics Pub Date : 2023-10-11 DOI:10.1080/16081625.2023.2268140

Guang Li, Yulong Liu, Qiqi Zhang

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Abstract

ABSTRACTThis paper studies the impact of venture capital’s tolerance for technological innovation failure on invested companies’ technological innovation performance using Chinese data. The results show that the higher venture capital’s tolerance for technological innovation failure, the better the performance of the company’s technological innovation. The heterogeneity of venture capital is further examined. We find venture capitals that invest jointly, with foreign-funded or governmental backgrounds can positively regulate the effect of tolerance on performance. However, in industries where innovation is of high difficulty, participation of government venture capital inhibits this effect. Our conclusions provide enlightenment for improving companies’ technological innovation performance.KEYWORDS: Venture capitaltechnological innovationtolerance for failureinnovation performanceVC heterogeneity Disclosure statementNo potential conflict of interest was reported by the author(s).Additional informationFundingThis work was supported by the Anhui University of Finance and Economics [ACYC2020409]; Humanity and Social Science Research Project of Anhui Educational Committee [SK2019A0473]; Humanity and Social Science Research Project of Anhui Educational Committee [SK2020A0027].

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风险投资持股、技术创新失败容忍度与技术创新绩效:来自中国的证据

摘要本文利用中国数据研究风险投资对技术创新失败的容忍度对被投企业技术创新绩效的影响。研究结果表明，风险投资对技术创新失败的容忍度越高，企业的技术创新绩效越好。进一步研究了风险投资的异质性。我们发现，合资、外资或政府背景的风险投资可以正向调节宽容对绩效的影响。然而，在创新难度较高的行业，政府风险投资的参与抑制了这种效应。研究结果对提高企业技术创新绩效具有一定的启示。关键词:风险投资技术创新对失败的容忍度创新绩效evc异质性披露声明作者未报告潜在利益冲突本研究由安徽财经大学资助[ACYC2020409];安徽省教委人文社会科学研究项目[SK2019A0473];安徽省教委人文社会科学研究项目[SK2020A0027]。

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来源期刊

Asia-Pacific Journal of Accounting & Economics Multiple-

CiteScore

2.40

自引率

9.10%

发文量

期刊介绍： The Asia-Pacific Journal of Accounting & Economics (APJAE) is an international forum intended for theoretical and empirical research in all areas of economics and accounting in general. In particular, the journal encourages submissions in the following areas: Auditing, financial reporting, earnings management, financial analysts, the role of accounting information, international trade and finance, industrial organization, strategic behavior, market structure, financial contracts, corporate governance, capital markets, and financial institutions. The journal welcomes contributions related to the Asia Pacific region, and targets top quality research from scholars with diverse regional interests. The editors encourage submission of high quality manuscripts with innovative ideas. The editorial team is committed to an expedient review process.