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Venture Capital, Institutional Context and the Industrial Upgrading:Empirical Research Based on Chinese Provincial Panel Data |
Pang Mingchuan1,Zhang Chong2,Jiao Weiwei3 |
(1.Institute for Economic and Social Development,Dongbei University of Finance and Economics;2.School of Investment Engineering Management,Dongbei University of Finance and Economics;3.School of Business Administration,Dongbei University of Finance and Economics,Dalian 116025,China) |
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Abstract After China's economy has entered a new normal, venture capital will play a critical role in the transformation and upgrading of the industrial structure in the innovation-driven strategy-oriented economic environment. Based on the panel data of 30 provinces in China, this paper systematically explores the impact of venture capital on the transformation and upgrading of industrial structure. Simultaneously, this paper introduces the degree of openness and social trust as institutional context variables to explore its impact on the relationship between venture capital and the transformation and upgrading of industrial structure. It is showed that venture capital can promote the transformation and upgrading of industrial structure by financing emerging industries and forming industrial diffusion effect. The optimization of institutional context can effectively alleviate the information asymmetry in venture capital and further promote the transformation and upgrading of industrial structure while improving the innovation willingness and innovation factor matching efficiency. Given the objective situation of China such as the short time of our country venture capital development and the immature market mechanism, the government should make efforts to enhance the impact of venture capital on the transformation and upgrading of industrial structure. First of all, the government should strengthen supervision while encouraging the cooperation of venture capital. Second, it is of great importance that to create conditions for the overseas development of domestic venture capital in the process of actively attracting foreign venture capital. Finally, we should strengthen the construction of relevant laws and regulations and market mechanism to make the most advantage of venture capital.
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Received: 15 December 2020
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