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| Research on Venture Capital, Industrial Experience and Patent Portfolio Strategy |
| Li Yuanqin，Wu Zheren |
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Abstract Using Data of Companies listed on SME Board and ChiNext, also adopting the propensity score matching method, we study the effect of VC on companies' patent portfolio strategy and whether this effect is influenced by the industrial experience of VC.The patent portfolio strategy is measured by the diversityfeature and scalefeature.Our findings are as follows: VC can significantly improve both features of patent portfolio; the industrial experience of VC is the mechanism of improving the diversityfeature, not the scalefeature. The conclusion is of great practical significance to optimize the patent strategy of China's entrepreneurial enterprises..
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