Venture Capital and Innovation Strategies
Venture Capital and Innovation Strategies
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DOI：
10.2139/ssrn.2594904
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发表时间：
2016-07
期刊：
影响因子：
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通讯作者：
Marco Da Rin;M. F. Penas
中科院分区：
文献类型：
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作者：
Marco Da Rin;M. F. Penas
风险资本投资者是专门的金融中介机构，为技术创新提供资金，目标是在几年内实现资本收益。我们是第一个研究风险投资资金与公司创新战略选择之间的关联的公司。我们使用了一个独特的数据集，其中包括10,000多家创新的荷兰公司，其中一些公司获得了风险融资。这些数据包括有关专利申请、创新活动和其他公司特征的详细信息。我们发现，由风险资本支持的公司通过从事内部研发和获取外部知识，专注于建立吸收能力。相反，接受公共资金的公司能够放松融资限制，开展更多创新活动，而不只是关注吸收能力。我们的结果还表明，风险投资资金和吸收能力的建立之间的相关性不仅仅是由于选择效应。我们得出这些发现对公司战略和公共政策的影响。
Venture capital investors are specialized financial intermediaries that provides funding for technological innovation with the goal of realizing a capital gain within a few years. We are the first to examine the association of venture capital funding with a company’s choice of innovation strategies. We employ a unique dataset of over 10,000 innovative Dutch companies, some of which received venture financing. The data include detailed information on patent applications, innovation activities, and other company characteristics. We find that companies backed by venture capital focus on the build-up of absorptive capacity by engaging in both in-house R&D and in the acquisition of external knowledge. Companies that receive public funding, instead, are able to relax their financing constraints and perform more innovation activities without focusing solely on absorptive capacity. Our results also suggest that the correlation between venture capital funding and the build-up of absorptive capacity is not only due to a selection effect. We derive implications of these findings for corporate strategy and public policy.