Developing New Quality Productive Forces:Venture Capital and the Growth of Innovative Enterprises
Technological innovation is the core element of the development of new quality productive forces,and innovative enterprises are the main force in the new round of technological revolution and industrial transformation.How innovative enterprises can successfully transform scientific research achievements into market products is a theoretical problem and practical challenge they face during their growth process.To explore this issue,this paper empirically tests the impact of venture capital on the growth of innovative enterprises based on China's tax survey data,venture capital data,and granted invention patent data.The study finds that:(1)venture capital not only significantly reduces the probability of enterprise exit but also,in the long run,enhances the market valuation of innovative enterprises and increases their probability of becoming"unicorns";(2)venture capital stimulates the innovation vitality of enterprises and expands their scale;(3)the impact of venture capital on the growth of innovative enterprises also exhibits heterogeneity in investment rounds,industry risks.The above results are supported by a series of robustness tests.This study provides good theoretical insights and policy implications for solving the problems of technological bottlenecks,capital shortages,and insufficient platform support faced by innovative enterprises during their growth process.
万方数据
维普
