The effect of state-owned venture capital on enterprise innovation: Evidence from China

Chenyang Yu, Mengke Wang, Changluan Fu and Jinbo Song

Finance Research Letters, 2024, vol. 67, issue PA

Abstract: Venture capital (VC) funded by state-owned enterprises constitutes a significant component of China's state-owned capital (SOC) investment. This paper empirically investigates the impact of state-owned venture capital (SOVC) on enterprise innovation and identifies that SOVC exerts a more pronounced influence on enhancing enterprise innovation capability. SOVC facilitates the enhancement of enterprise innovation capability by alleviating financial constraints, fostering joint investments, and attracting technical talents. This paper not only aids in identifying effective approaches to advance SOC reform but also contributes to enhancing enterprise innovation capability through the utilization of SOC.

Keywords: state-owned venture capital; financing constraints; joint investment; technical talents; enterprise innovation (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:67:y:2024:i:pa:s1544612324008341

DOI: 10.1016/j.frl.2024.105804

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