Document Type
Article
Abstract
Using data for 341 enterprises listed on the Growth Enterprise Market (GEM) of the Shenzhen Stock Exchange and taking R&D expenditure as an indicator of innovation investment, this paper implements multiple linear regression to test whether venture capital promotes corporate innovation input. It also considers the relationship between the syndicated investment of venture capital and innovation input. The results showthat venture capital indeed promotes R&D in the invested enterprises. The innovation input of syndicated investment enterprises is significantly higher than that of sole investment enterprises. Under syndicated investment, the higher the number of syndicated investment members and the greater the heterogeneity of the shareholding ratio among the members, the higher is the innovation input. The reputation of the syndicated investment team, however, has no significant impact on innovation input.
Recommended Citation
Jiang, Ning; Yang, Yuan; Yang, Bingkun; and Huang, Wenli
(2019)
"VENTURE CAPITAL AND CORPORATE INNOVATION INPUT FROM THE PERSPECTIVE OF SYNDICATED INVESTMENT,"
Bulletin of Monetary Economics and Banking: Vol. 22:
No.
1, Article 4.
DOI: https://doi.org/10.21098/bemp.v22i1.1036
Available at:
https://bulletin.bmeb-bi.org/bmeb/vol22/iss1/4
First Page
29
Last Page
46
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Country
China
Affiliation
Zhejiang University