Venture Capital and Enterprise Digital Transformation:Empirical Evidence from the New Third Board of SMEs
This paper uses the data of small and medium-sized enterprises on the New Third Board from 2010 to 2020 to empirically test the impact of venture capital on enterprises'digital transformation and its mechanism.The results show that:venture capital can sig-nificantly promote the digital transformation of enterprises;venture capital can significantly inhibit managers'overconfidence through su-pervision participation effect;managers'overconfidence plays a partial mediating role in the impact of venture capital on enterprises'digi-tal transformation.Venture capital can positively promote enterprises'digital transformation by restraining managers'overconfidence.After the robustness test,the above conclusions are still valid.Venture capital is positively promoting the digital transformation of SMEs through financing effect,non-capital value-added service and supervision participation effect.This study provides policy implications for leverag-ing the role of venture capital and thereby promoting the digital transformation.
venture capitalsmall and medium-sized enterprisesoverconfidence of managersdigital transformation
NETL
NSTL
万方数据
