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Venture capital shareholding, tolerance for technological innovation failure, and technological innovation performance: evidence from China

Guang Li, Yulong Liu and Qiqi Zhang

Asia-Pacific Journal of Accounting & Economics, 2024, vol. 31, issue 5, 876-893

Abstract: This paper studies the impact of venture capital’s tolerance for technological innovation failure on invested companies’ technological innovation performance using Chinese data. The results show that the higher venture capital’s tolerance for technological innovation failure, the better the performance of the company’s technological innovation. The heterogeneity of venture capital is further examined. We find venture capitals that invest jointly, with foreign-funded or governmental backgrounds can positively regulate the effect of tolerance on performance. However, in industries where innovation is of high difficulty, participation of government venture capital inhibits this effect. Our conclusions provide enlightenment for improving companies’ technological innovation performance.

Date: 2024
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DOI: 10.1080/16081625.2023.2268140

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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