Venture Capital and Technological Commercialization: The Mediating Role of Resource Acquisition in Chinese Startups

Zhihao Chen
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Zhihao Chen: Centre of Postgraduate Studies, Asia Metropolitan University (AMU), Johor Bahru, Malaysia.

Journal of Scientific Reports, 2025, vol. 8, issue 1, 14-26

Abstract: This study explores the impact of venture capital on the technological commercialization performance of Chinese technology-based startups, focusing on the mediating role of resource acquisition capability. By examining a sample of 418 firms, the research identifies how venture capital—encompassing capital investment, value-added services, and risk control—contributes to enhancing startups’ commercialization outcomes. The study finds that venture capital positively influences technological commercialization performance both directly and indirectly, with resource acquisition capability serving as a crucial mediator. The results show that while capital investment is the most significant direct driver of commercialization, value-added services and risk control have an indirect impact by strengthening resource acquisition. This research contributes to the venture capital literature by presenting a multidimensional view of its role in entrepreneurial ecosystems and highlights the importance of strategic involvement beyond financial support. It also provides practical implications for entrepreneurs and venture capitalists, emphasizing the need for a comprehensive approach to venture capital that integrates financial, managerial, and strategic support. The findings offer valuable insights for policymakers aiming to foster innovation and entrepreneurship in emerging economies.

Keywords: Venture Capital; Technological Commercialization; Resource Acquisition Capability; Chinese Startups; Innovation Performance; Value-Added Investment (search for similar items in EconPapers)
Date: 2025
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