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| Venture Capital Syndication and Corporate Innovation |
| LU Yao, ZHANG Yeqing, JIA Rui, LI Jianhang
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School of Economics and Management, Tsinghua University;
Tsinghua Tongfang Co., Ltd. |
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Abstract Using the data of venture capital (VC)-backed IPO firms in China from 2000 to 2012, this paper examines the effects of VC syndication on corporate innovation. The results show that the firms backed by VC syndication are more innovative than those backed by individual VC. Moreover, innovation of the firms backed by VC syndication increases as the number of VCs in the syndication grows. In addition, syndication with longer investment duration has a greater positive impact on corporate innovation. Using propensity score matching to mitigate potential endogenous problems, the baseline results are robust. We also find that the positive impact of syndication on innovation is stronger when differences in VC firm characteristics across syndication members are larger or differences in investment forms across syndication members are smaller. When the proportion of investments and institution size of the lead VC are smaller, it improves corporate innovation more significantly. In sum, these findings suggest that firms and investors should pay more attentions to how venture capital funds invest in firms in order to enhance VC investment efficiency.
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Received: 02 November 2016
Published: 18 January 2018
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