Publication Type

PhD Dissertation

Version

publishedVersion

Publication Date

4-2026

Abstract

Amid the ongoing advancement of China’s innovation-driven development strategy, the effective transformation of scientific research into industrial impact has become a central concern. Corporate Venture Capital (CVC), as a strategic investment mechanism connecting industrial capital with entrepreneurial ventures, is increasingly viewed as a critical external resource for high-technology start-ups. At the same time, Academic Entrepreneurship Firms (AEFs), characterized by their deep research capabilities and original technological trajectories, play a distinctive role as knowledge suppliers in uncertain, emerging industries. However, whether AEFs can effectively attract CVC support and convert it into innovation performance remains an open empirical and theoretical question.

This dissertation investigates the mechanisms through which CVC supports AEFs, constructing a two-stage empirical framework based on 627 CVC investment events in China’s high-technology sectors from 2010 to 2021. The research focuses on two core questions: (1) the capital accessibility of AEFs within the CVC system; and (2) the performance implications of CVC investment for AEFs’ innovation output.

Study 1 uses cross-sectional data to examine factors influencing the amount of CVC financing received by AEFs. The results show that, compared to non-academic start-ups, AEFs secure significantly larger investment amounts, driven by their technological credibility and signaling value. Furthermore, technological proximity and portfolio diversity of the investor positively moderate this relationship, while technological diversity exerts heterogeneous effects depending on institutional ownership. These findings reveal that AEFs’ financing advantages depend not only on their internal attributes but also on the structural alignment with investor characteristics.

Study 2 adopts a difference-in-differences approach using an unbalanced panel dataset of 6,368 firm-year observations to analyze changes in innovation performance following CVC investment. The analysis shows that AEFs experience significantly greater improvements in innovation output—measured by invention patent grants—than non-academic firms. Additionally, the positive effect is strengthened when the investor exhibits high technological proximity, portfolio diversity, and technological diversity, indicating that the transformation of external capital into innovation outcomes depends on the depth of knowledge and strategic fit between the two parties.

Theoretically, this research: (1) establishes a dual-stage framework linking resource acquisition and innovation response in the context of academic entrepreneurship; (2) introduces investor-side heterogeneity as a structural condition influencing both financing outcomes and innovation returns; and (3) highlights the embedded nature of value realization for AEFs within the broader configuration of strategic capital. The findings offer practical implications for corporate investors in optimizing investment strategies, for start-ups seeking to enhance structural compatibility and absorptive capacity, and for policy makers aiming to improve the coordination between academic research and industrial application.

Keywords

Corporate Venture Capital; Academic Entrepreneurship Firms; Financing Accessibility; Innovation Performance; Investor–Investee Fit

Degree Awarded

Doctor of Business Administration (Accounting and Finance)

Discipline

Entrepreneurial and Small Business Operations | Technology and Innovation

Supervisor(s)

YUE, Heng

First Page

1

Last Page

208

Publisher

Singapore Management University

City or Country

Singapore

Copyright Owner and License

Author

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