How does venture capital cross-border syndication spur corporate innovation? Evidence from China.
How does venture capital cross-border syndication spur corporate innovation? Evidence from China.
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DOI：
10.3389/fpsyg.2022.921168
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发表时间：
2022
影响因子：
3.8
通讯作者：
Dong, Jianwei
中科院分区：
文献类型：
--
作者：
Hao, Haixia;Guo, Lihong;Dong, Jianwei
关键词：
近年来，风险投资（VC）跨境联合呈现出明显的增长趋势。本文在现有研究的基础上，探讨了风险投资跨国联合投资对企业创新的影响。我们还研究了跨境二次关系闭合（CBQRC）的中介作用，形成了各自的投资公司之间的战略合作关系的国内和国外的风险投资。本文以2014年至2016年国内风险投资公司对国内企业的首轮投资为样本，对我们的假设进行了实证分析。研究结果表明，风险投资跨境联合投资事件越多或合作伙伴越多，越有可能对境内被投资企业的创新产生显著的正向影响。CBQRC在风险投资跨境联合投资对企业创新的影响中起着中介作用。使用工具变量方法去除内隐变量后，使用Heckman两阶段回归去除样本选择偏倚后，结果仍然稳健。研究结果加深了对风险投资跨国联合投资与企业创新关系的认识，为国内风险投资企业在开放式合作模式下促进企业创新提供了必要的指导。
In recent years, venture capital (VC) cross-border syndication has shown an obvious growth trend. Based on the existing studies, this paper explores the impact of VC cross-border syndication on corporate innovation. We also examine the mediating roles of cross-border quadratic relationship closure (CBQRC) formed by the strategic cooperation relationship between the respective portfolio companies of domestic and foreign VCs. This paper conducted an empirical analysis to test our hypotheses using a sample of first-round investments in domestic firms by domestic VC firms from 2014 to 2016. Results show that the more investment events of VC cross-border syndication or the more partners of VC cross-border syndication, the more likely it is to have a significant positive impact on the innovation of domestic portfolio companies. CBQRC plays a mediating role between VC cross-border syndication on corporate innovation. Results remain robust after removing endogeneity using the instrumental variables approach and removing sample selection bias using Heckman two-stage regression. Results deepen the understanding of the relationship between VC cross-border syndication and corporate innovation and provide essential guidance to domestic VC firms promoting corporate innovation in open partnerships.
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