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Venture Capital And Corporate Innovation Input From The Perspective Of Syndicated Investment

Author

Listed:
  • Ning Jiang

    (Zhejiang University of Finance and Economics)

  • Yuan Yang

    (Zhejiang University of Finance and Economics)

  • Bingkun Yang

    (Zhejiang University of Finance and Economics)

  • Wenli Huang

    (Shanghai University)

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 show that 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.

Suggested Citation

  • Ning Jiang & Yuan Yang & Bingkun Yang & Wenli Huang, 2019. "Venture Capital And Corporate Innovation Input From The Perspective Of Syndicated Investment," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 22(1), pages 1-18, April.
    • Handle: RePEc:idn:journl:v:22:y:2019:i:1b:p:1-18
    DOI: https://doi.org/10.21098/bemp.v22i1.1036
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    Citations

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    Cited by:

    1. Zhou, Lu Jolly & Zhang, Xinyu & Sha, Yezhou, 2021. "The role of angel investment for technology-based SMEs: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    2. Wei, Wei & Zhang, Wan-Li & Wen, Jun & Wang, Jun-Sheng, 2020. "TFP growth in Chinese cities: The role of factor-intensity and industrial agglomeration," Economic Modelling, Elsevier, vol. 91(C), pages 534-549.

    More about this item

    Keywords

    Venture Capital; Syndicated Investment; Innovation Input;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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