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Venture Capital and Enterprise Innovation:Empirical Evidence based on PSM Model |
Zhang Weike |
(School of Public Administration,Sichuan University,Chengdu 610065,China) |
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Abstract Under the background of "mass entrepreneurship and innovation",it is of great theoretical and practical significance to study the impact of venture capital intervention on enterprise innovation performance.This paper takes the Growth Enterprises Market Board (GEM) companies from 2010 to 2017 as samples,and uses the Propensity Score Matching (PSM) model to empirically analyze the impact of venture capital intervention on the innovation performance of enterprises.The research findings are as follows:First,venture capital can significantly promote the increase of innovation performance of enterprises,such as the number of patent applications,and has a significant positive effect on the number of invention patent applications and utility model patent applications,but has no significant impact on design patents.The potential impact of venture capital with different characteristics and strategies on innovation performance is further investigated,and the research find that:Joint investment can promote the increase of enterprise innovation performance compares with individual investment.State-owned venture capital has the orientation of policy,stronger orientation of invention and longer investment time,which can significantly improve the improvement of the company’s innovation performance,while the impact of private venture capital and foreign venture capital on the company's innovation performance is not completely stable.
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Received: 15 November 2019
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