Publication Type
PhD Dissertation
Version
publishedVersion
Publication Date
2-2025
Abstract
The paper explores the impact of venture capital (VC) on the innovation performance of companies listed on the ChiNext and STAR markets of China’s A-share market. By examining the effect of VC involvement on the number of patent applications and patents granted to listed companies, the study reveals the role of VC in promoting corporate innovation and its potential mechanisms. The research finds that venture capital significantly enhances firms’ innovation performance through increased R&D investment and management incentives. Additionally, the degree of marketisation, as an important external factor, significantly amplifies the positive impact of VC on corporate innovation.
The paper also investigates the regional differences in the effects of VC, finding that the impact of venture capital varies significantly across different regions of China. The eastern region, benefiting from a higher level of marketisation, experiences more pronounced innovation effects from VC. An analysis at the industry level also shows that high-tech industries benefit more from VC involvement than non-high-tech industries. Furthermore, the study highlights a clear difference between state-owned and non-state-owned enterprises regarding the innovation effects of VC involvement, with non-state-owned enterprises being more likely to stimulate innovation activities through VC.
The findings of this study enrich innovation and venture capital theories and provide practical guidance on how companies can select and use venture capital. Moreover, they offer a decision-making basis for policymakers and regulatory authorities to standardise the VC industry, promote development, and improve the VC ecosystem.
Keywords
Venture Capital, Corporate Innovation Performance, Management Incentives, Marketisation, Regional Differences
Degree Awarded
Doctor of Bus Admin (CKGSB)
Discipline
Corporate Finance | Finance and Financial Management
Supervisor(s)
FU, Fangjian
First Page
1
Last Page
161
Publisher
Singapore Management University
City or Country
Singapore
Citation
DONG, Jia.
Venture capital, marketization, and corporate innovation performance. (2025). 1-161.
Available at: https://ink.library.smu.edu.sg/etd_coll/724
Copyright Owner and License
Author
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.