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| The Impact of Venture Capital on Enterprise R&D Investment |
| He Yanlin1,2,Shan Zhicheng1 |
| (1.School of Banking and Finance, University of International Business and Economics;2.The Belt and Road PPP Development Research Center，University of International Business and Economics, Beijing 100029, China) |
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Abstract How to play effectively the promotion role of venture capital on R&D investment is currently a hot issue. The empirical study based on the sample of Beijing listed firms from 2010 to 2017 finds that the impact of venture capital on R&D investment is insignificant in panel regression model, but is significantly positive in cross-sectional regression model. Further analysis of this contradictory phenomena by introducing annual or industry dummy variables into cross-sectional regression model shows that industry heterogeneity is an important reason why venture capital has no significant impact on R&D investment in panel data. Empirical analysis of 12 industries with more than 30 observations found that venture capital has a positive impact on R&D investment in 3 industries such as manufacturing-computer communications and other electronic equipment manufacturing, but a negative impact in 2 industries such as leasing and business services. This conclusion is confirmed in the regression including dummy variable D1 and D2. Further research shows that political connection has a reverse moderation effect on the impact of venture capital on R&D investment. Finally, this paper draws conclusions and proposes policy recommendations.
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Received: 15 May 2019
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