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| The Impact of VC's Industry Specialization Investment Intensity on Corporate Innovation Capability |
| Deng Chao,Liu Yihan |
| Business School,Central South University, Changsha 410083, China |
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Abstract The firms listed on China's GEM from 2009 to 2014 have been used as research samples in this paper. It builds the intensity index of industry specialization investment and demonstrate the relationships between intensity of the VC's industry specialization investment and innovation capability of the target firms. Result shows that intensity of VC's industry specialization investment has extremely positive impact on innovation capability of the target firms from both an aspect of innovation resources (R&D strength, R&D staff ratio) and innovation achievement (authorized patents). Further study shows that intensity of the VC's industry specialization investment has an inverted U-shaped effect on innovation outcome (numbers of the authorized patents) of the target firm. On the basis of this conclusion, some suggestions towards the investment strategy choice of VC institutions, financing decisions of target firms and the supervision mechanism of GEM audit have been proposed in this paper.
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Received: 16 August 2016
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Corresponding Authors:
Deng Chao
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