Factors influencing venture capital perforsmance in emerging technology: The case of China

IF 4.2 Q2 MANAGEMENT International Journal of Innovation Studies Pub Date : 2023-03-01 DOI:10.1016/j.ijis.2022.08.004

Shuai Wang , Thitinant Wareewanich , Thitinan Chankoson

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引用次数: 3

Abstract

This study aims to identify the systematic factors influencing venture capital performance in emerging technology. Emerging technologies are the driving force of contemporary economic and social development, but their technologies and markets are subject to great uncertainty. As a high-risk, high-yield investment method, venture capital plays an extremely important role in supporting technological innovation and promoting the upgrading of industrial structures. Following information processing theory, this study applies a quantitative analysis to data from 61 venture capitalists in Beijing, China using structural equation modeling (SEM). The sample firms were established since 2015 and invested mainly in emerging technology startups. The model passed the goodness-of-fit indices test and reveals that information acquisition, venture capital executives, and venture capital strategies have a positive impact on venture capital performance, and venture capital strategies played a partial mediating role.

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新兴技术风险投资绩效的影响因素:以中国为例

本研究旨在找出影响新兴科技风险投资绩效的系统因素。新兴技术是当代经济社会发展的动力，但其技术和市场存在很大的不确定性。风险投资作为一种高风险、高收益的投资方式，在支持技术创新、促进产业结构升级方面发挥着极其重要的作用。本研究运用信息处理理论，运用结构方程模型(SEM)对北京61家风险投资家的数据进行定量分析。样本公司成立于2015年，主要投资于新兴科技创业公司。模型通过拟合优度指标检验，发现信息获取、风险投资高管和风险投资策略对风险投资绩效有正向影响，风险投资策略起部分中介作用。

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