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| The Identifying Effect of Venture Capital on Heterogeneous Innovation and its Influence Mechanism |
| Li Xiaowei,Nie Shujun,Wang Weiping |
| (School of Management, Ocean University of China, Qingdao 266100, China) |
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Abstract Quality heterogeneity exists for innovation. Using the data from the GEM listed companies in the period of 2009 to 2016, the effect of venture capital on incremental innovation and radical innovation is examined. Tobit estimate shows that the treatment group sponsored by venture capital has more innovative outputs than the control group without venture capital, then PSM Model further indicates that the participation of venture capital has significantly additional incentive effect on radical innovation. More Tobit estimates demonstrate that the shareholding ratio of venture capital has a significantly negative linear relationship with the low-quality incremental innovation, however has a "inverted U-type" relationship with the relatively high-quality radical innovation. Considering the sample selection bias, Heckman two-stage model is examined to guarantee the robustness of the empirical results. The intermediary effect model shows that the mitigation of financing constraints completely acts as a mediation path. Our findings have implication for both policy makers and practitioners and provide evidence on the positive role of venture capital in affecting innovation effectively.
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Received: 23 April 2019
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