Abstract:
This paper investigates the impact of venture capital on innovation efficiency. The sample consists of China’s firm-level panel data during 2002-2013. The empirical results show that venture capital has significantly positive effects on innovation efficiency, which is measured by patent applications and patent quality including invention patent applications, valid patents, the number of IPCs, and the number of claims. For firms of industries which are more dependent on external finance and are more high-tech intensive, and firms in regions with better property right protection, the impact of venture capital on corporate innovation efficiency is more significant. The characteristics of venture capital firms also matter. It is found that non-state-owned venture capital increases innovation efficiency more profoundly than state-owned venture capital does. And, more reputable and better networked venture capital firms have more significant impacts on innovation efficiency.
王兰芳, 胡悦. 创业投资促进了创新绩效吗？——基于中国企业面板数据的实证检验[J]. 金融研究, 2017, 439(1): 177-190.
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