Venture capital investment, intellectual property rights protection and firm innovation: evidence from China

IF 3.3 1区经济学 Q2 BUSINESS Entrepreneurship and Regional Development Pub Date : 2022-04-21 DOI:10.1080/08985626.2022.2062618

D. Guo, K. Jiang

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引用次数: 5

Abstract

ABSTRACT We examine the heterogeneous effects of venture capital (VC) investment on firm innovation. Using a panel dataset of Chinese manufacturing firms, we find that VC-backed firms outperform non-VC-backed ones in patenting activities, new product sales, and exports because of the ex-ante selection and ex-post value-added effects of VC investment. Firms with better performance in innovation are more likely to get VC support, and such outperformance is magnified after the VC investment is made. Moreover, the impact of VC investment on firm innovation is greater when the protection of IPR is stronger. In addition, firms backed by more experienced VC firms (VCFs) generate more commercialized innovation but are less productive in patenting activities than firms backed by less experienced VCFs. Finally, firms backed by state-owned VCFs outperform in patenting activities but underperform in commercialized innovation those backed by other types of VCFs. Identification and selection issues are addressed by the propensity score matching approach and two-stage estimations.

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风险投资、知识产权保护与企业创新:来自中国的证据

摘要本文研究了风险投资对企业创新的异质效应。利用中国制造业企业的面板数据，我们发现风险投资支持的企业在专利活动、新产品销售和出口方面表现优于非风险投资支持的企业，这是由于风险投资的事前选择和事后增值效应。创新绩效越好的企业获得风险投资支持的可能性越大，并且在获得风险投资后，这种优势会被放大。此外，知识产权保护越强，风险投资对企业创新的影响越大。此外，由经验更丰富的风险投资公司(vcf)支持的公司产生了更多的商业化创新，但在专利活动方面的生产力低于由经验较少的风险投资公司支持的公司。最后，国有风险投资基金支持的公司在专利活动中表现优异，但在商业化创新方面表现不佳，而其他类型的风险投资基金支持的公司则表现不佳。识别和选择问题是由倾向得分匹配方法和两阶段估计解决。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Entrepreneurship and Regional Development Multiple-

CiteScore

7.90

自引率

10.70%

发文量

期刊介绍： Entrepreneurship and Regional Development is unique in that it addresses the central factors in economic development - entrepreneurial vitality and innovation - as local and regional phenomena. It provides a multi-disciplinary forum for researchers and practitioners in the field of entrepreneurship and small firm development and for those studying and developing the local and regional context in which entrepreneurs emerge, innovate and establish the new economic activities which drive economic growth and create new economic wealth and employment. The Journal focuses on the diverse and complex characteristics of local and regional economies which lead to entrepreneurial vitality and endow the large and small firms within them with international competitiveness.