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| Does Venture Capital Promote Industrial Structure Optimization?An Investigation from the Spillover Perspective of Invested SMEs |
| Cao Wenting,Yang Yonghua |
| (School of Economics and Management,Yunnan Normal University,Kunming 650500, China) |
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Abstract At present, China's economy has shifted from a stage of rapid growth to a stage of high-quality development. The venture capital market has also achieved rapid development during this period. Venture capital is an important capital force to promote the entrepreneurship and innovation strategy, while SMEs are the principal part carrying the entrepreneurship and innovation strategy and the basis for realizing industrial structure optimization. It is believed that there is a close connection among venture capital, SMEs development and industrial structure optimization. However, neither the relationship nor the theoretical system with empirical support is clear and available. From the perspective of the invested SMEs, this article analyzes the impact of venture capital on industrial structure optimization and the influence mechanism. At the micro level, it can better promote the integration of venture capital and SMEs development, then cultivate and develop "New Special Expertise" SMEs. At the macro level, it can better promote venture capital to release the spillover effect of industrial structure optimization and accelerate the formation of a modern industrial system. This will provide useful reference for the formulation and implementation of relevant policies.#br#By combing the literature and drawing on relevant theories (including venture capital theory, enterprise growth theory, enterprise innovation theory, etc.), the study proposes three mechanisms. That is, venture capital acts on SMEs to promote industrial structure optimization through "resource allocation mechanism", "collaborative link mechanism" and "competitive innovation mechanism". Industrial structure optimization includes two aspects: industrial structure rationalization and industrial structure advancement. In the process of industrial structure rationalization, the coordination ability between industries is strengthened, the level of association is improved, and the quality of aggregation is optimized; the industrial structure advancement is a dynamic process in which the industrial structure develops from a low level to a high level. During this process, the technical level of various industries has been continuously improved, and emerging industries have continued to grow into leading industries.#br# Further investigation is conducted from an empirical point of view, and the study selects data from 31 provinces from 2010-2020 in China, and constructs an econometric model by quantifying various indicators such as venture capital, SMEs development and industrial structure optimization. The conclusions are as follows:venture capital plays a significant role in promoting the development of SMEs; venture capital is conducive to industrial structure optimization, for venture capital can significantly reduce the deviation and improve the quality of the industrial structure; venture capital promotes the development of SMEs, thereby enhancing the level of industrial structure optimization. In the relationship between venture capital and industrial structure rationalization, SMEs play a partial mediating role. However, in the relationship between venture capital and industrial structure advancement, SMEs act as a complete mediator, indicating that the development of SMEs has played a very important role in the process of venture capital affecting industrial structure advancement. The above empirical results have been confirmed by the robustness test, and instrumental variables are selected to deal with the endogeneity problem. Thus it is suggested to provide more policy support and guarantee for the development of venture capital industry, strengthen the support for SMEs and enhance the growth ability of SMEs, and promote the integration of venture capital and SMEs' development from multiple channels.#br#Compared with previous research with the focus on the impact of venture capital on micro-enterprises, this study focuses on the impact of venture capital on the industrial structure optimization from the perspective of the invested companies which is highlighted as a unique perspective. Then in the research on the venture capital issues, the data of listed companies are mostly used in the previous results. In view of the important role of SMEs in China's national economy, this study focuses on the industrial structure optimization effect of venture capital spillover by affecting the development of SMEs. Lastly from the theoretical aspect, this study clarifies the mechanism by which venture capital affects the development of SMEs and the industrial structure optimization, enriching the research in the existing field.#br#
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Received: 16 May 2022
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