The impact and mechanism of venture capital on the innovation performance of sci-tech enterprises: Evidence from chinese star market

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-04-04 DOI:10.1016/j.pacfin.2025.102767

Xiuzhen Li , He Song , Yingfei Zheng

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引用次数: 0

Abstract

China's capital market has achieved prominent scale and depth, however, it still confronts huge challenges in sci-tech industry. In this context, China strives to conduct both fundamental and applied research, with an emphasis on science and technology innovation, to address the bottlenecks. Using data from China's STAR market from 2019 to 2023, this study focuses on the influence and mechanism of venture capital (VC) on innovation performance. We find that venture capital improves the innovation performance of sci-tech enterprises through two mechanisms: improving risk-bearing and mitigating financing constraints. Additionally, our further analysis indicates that VC's influence is particularly pronounced in enterprises with higher VC shareholding ratios, directors appointed by VC, VC syndication-backed enterprises, and enterprises in the eastern region. Our findings are robust after controlling sample selection bias or other endogeneity issues. Previous empirical analysis has demonstrated the significant role of VC in improving innovation performance in developed countries. This paper reconfirms this effect in sci-tech industries in the largest developing country, China. Moreover, our analysis reveals that the mechanism differs greatly from the case in developed countries, which enhances our standing of VC dynamics.

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风险投资对科技企业创新绩效的影响及机制：来自中国明星市场的证据

中国资本市场的规模和深度已经突出，但在科技产业方面仍面临巨大挑战。在此背景下，中国努力开展基础研究和应用研究相结合，以科技创新为重点，解决瓶颈问题。利用2019 - 2023年中国STAR市场数据，研究风险投资对创新绩效的影响及其机制。研究发现，风险投资通过提高风险承受力和缓解融资约束两种机制提高科技企业的创新绩效。此外，我们进一步分析表明，风险投资的影响在风险投资持股比例较高的企业、风险投资任命的董事、风险投资银团支持的企业和东部地区的企业中尤为明显。在控制了样本选择偏差或其他内生性问题后，我们的发现是稳健的。以往的实证分析已经证明了风险投资对发达国家创新绩效的显著提升作用。本文在最大的发展中国家中国的科技产业中再次证实了这一效应。此外，我们的分析表明，这种机制与发达国家的情况有很大的不同，这提高了我们对风险投资动态的看法。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.