风险投资
业务
社会风险投资
中国
激励
开放式创新
产业组织
独创性
吸收能力
新兴市场
财务
营销
经济
市场经济
创造力
政治学
法学
作者
Rui Yi,Haojun Wang,Bei Lyu,Qinghua Xia
出处
期刊:European Journal of Innovation Management
[Emerald (MCB UP)]
日期:2021-06-14
卷期号:26 (1): 1-26
被引量:26
标识
DOI:10.1108/ejim-03-2021-0161
摘要
Purpose The study aims to empirically study the effect of venture capital on open innovation of China's enterprises. Design/methodology/approach This paper selects China's A-share listed companies on the small and medium-sized enterprises (SMEs) board and the Growth Enterprise Market from 2014 to 2018 as research samples to empirically study the effect of venture capital on open innovation of China's enterprises. Findings The authors find that venture capital can significantly promote open innovation of enterprises. This promoting effect is more significant when the venture capital institutions have profounder industry experience, higher shareholding ratio and are syndicated. Further research finds that venture capital mainly promotes open innovation through three mechanisms: increasing monetary funds, improving absorptive capacity and strengthening executive incentives, and the effect of venture capital on open innovation is significantly different under the conditions of different regions, industries and property rights. Originality/value This paper not only reveals the effect of venture capital on enterprises' open innovation and the specific mechanism, but also provides empirical evidence for emerging economies to build a national innovation ecosystem and make use of capital markets to accelerate innovation strategies.
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