The Impact of Foreign Venture Capital Intervention on Venture Capital Innovation of Startup Entrepreneurs Using Propensity Score Matching Model.
The Impact of Foreign Venture Capital Intervention on Venture Capital Innovation of Startup Entrepreneurs Using Propensity Score Matching Model.
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DOI：
10.3389/fpsyg.2021.750348
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发表时间：
2021
影响因子：
3.8
通讯作者：
Han B
中科院分区：
文献类型：
--
作者：
Han B
本文的研究期望能充分发挥风险投资在企业创新中的作用，增强企业的发展能力。基于倾向分数匹配模型，分析了风险投资和创业企业的特点，探讨了风险投资的创新。其次，运用PSM模型从风险概率干预、概率评价、匹配均衡有效性检验、匹配结果分析、不同风险资本、不同背景风险等方面分析了风险资本干预企业的创新性。结果表明，标准化均数之差接近于0，符合均衡检验。风险投资干预对发明专利申请量和实用新型专利申请量的显著影响分别为0.1和0.01。风险资本干预对NIPA和NUPPA有显著的正向影响，但对外观设计专利申请数量（NDPA）没有显著的正向影响。合资资本干预对NIPA、NUMPA和NDPA的影响分别为0.0874、0.0635和0.1213。因此，合资资本的介入可以极大地促进专利申请量的增长，尤其是NIPA和NUMPA。与私人风险资本相比，合资风险资本对NPA和NIPA的增长具有更大的促进作用。与民营风险资本和外资风险资本相比，国有风险资本的创新导向性更强，投资周期更长，能够大幅提升企业创新绩效，如NIPA，而民营风险资本和外资风险资本对企业创新绩效的影响不太显著。结果表明，基于PSM模型的外资份额评估可以很好地预测创业公司的绩效。希望本文的研究成果能为创业公司的发展提供参考。
The research expects to give full play to the role of venture capital in corporate innovation and enhance the development capability of enterprises. Based on Propensity Score Matching (PSM) model, the characteristics of venture capital and startup enterprises are analyzed, and the innovation of venture capital is discussed. Next, the PSM model is used to analyze the innovation of venture capital intervention in enterprises from risk probability intervention, probability evaluation, matching equilibrium validity test, matching results analysis, different venture capital, and different background risks. The results show that the difference of standardized mean is close to 0, which accords with the equilibrium test. The significant impact of venture capital intervention on the Number of Invention Patent Applications (NIPA) and Number of Utility Model Patent Applications (NUMPA) is 0.1 and 0.01, respectively. Venture capital intervention has a significantly positive impact on NIPA and NUMPA but has no significant positive impact on Number of Design Patent Applications (NDPA). The impact of joint venture capital intervention on the NIPA, NUMPA, and NDPA is 0.0874, 0.0635, and 0.1213, respectively. Hence, the intervention of joint venture capital can greatly promote the increase of Number of Patent Applications (NPA), especially, NIPA, and NUMPA. Compared with private venture capital, joint venture capital plays a greater role in promoting the growth of NPA and NIPA. Compared with private venture capital and foreign venture capital, national venture capital has a stronger innovation orientation and a longer investment cycle, which can greatly improve innovation performance, such as NIPA, while private venture capital and foreign venture capital have a less significant impact on enterprise innovation performance. The results demonstrate that the foreign capital sharing assessment based on the PSM model can be a good predictor of the performance of startups. It is hoped that the research results can provide a reference for the development of startups.
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