The innovation and performance impacts of venture capital investment on China's small- and medium-sized enterprises

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外文摘要：This study examines the impacts of venture capital (VC) on performance and innovation of China''s small- and medium-sized enterprises (SME). Using unbalanced panel data of 2699 VC-backed and non-VC backed firms in China''s pilot over-the-counter equities market, namely the National Equity Exchange and Quotation (NEEQ) market, during 2005–2014, we find that venture capital financing not only spurs innovation in the Chinese market, but also exhibits significantly positive impact on financial performance. Empirical evidence reveals that syndication of venture capital investment as well as the reputation of venture capitalists helps to create value for VC-backed firms. However, no evidence is found that foreign VC-backed firms perform better than domestic VC-backed ones. The results are robust to a variety of specifications. Our findings imply that the VC financing is an effective channel to promote the development of SMEs at China''s multilayer capital market and syndicated VC investments and venture capitalists with high reputation shall be encouraged to play a bigger role in nurturing innovation and entrepreneurship in the future.

外文关键词：

Venture capitalinnovationresearch and developmentpatentfirm value

作者：

Xiuping Hua、Yali Wang、Miao Wang

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作者单位：

Nottingham University Business School, China

基金：

Ningbo Science and Technology Bureau Technology for Innovation TeamSoft Science ProjectDr. Xiuping Hua and Miss Miao Wang are gratefully acknowledged. ResearchAcademy of Financial Research, Zhejiang University

项目编号：

2011B810062015A10008XK14006

出版年：

2016

DOI：

10.1080/17538963.2016.1165541

中国经济杂志(英文版)

ISSN：

年,卷(期)：2016.9(1)

参考文献量1