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发布日期:2022-11-07 02:12    来源:

Government Capital and Firm Innovation: Evidence from high-tech industries in China



摘要: In the past two decades, with the rise of government venture capital (GVC), government has been supporting firm innovation in a new way. Prior literature, however, ignores the nuances between different types of GVCs, namely, government-owned venture capital (GOVC) and government-sponsored venture capital (GSVC). This paper examines the different impact of these two types of GVCs on firm innovation. Combing VC investment and patent data in biotech and IT industry in China from 2009 to 2019, this paper finds that GOVCs and GSVCs contribute to different venture innovation outcomes. While GOVC-back ventures’ innovations are more novel, GSVC-backed ventures’ innovations are more focused. In addition, such effects are amplified in regions with stronger industrial policy support and weaker industry development.


嘉宾介绍:Chengyan Zhan is a PHD student in National School of Development, Peking University. She received her bachelor's degree from Sichuan University Business School. Her research interests include innovation, venture capital and non-market strategy.