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Abstract This paper investigates how venture investments influence the efficiency of government subsidies on corporate innovation behavior, based on a broad cross-sectional sample of A-share listed firms from 2009 to 2015. We also analyze the differences among various characteristics of venture investments and its influencing mechanism. The findings are as follows. First, government subsidies and venture capital have a complementary effect on the corporate innovation; through its professional knowledge skills and management experience, venture capital can help enterprises allocate government subsidies resources more effectively, and increase the invention and utility model patents. Second, the effect of venture capital is different due to its characteristics, among which the high shareholdings and high reputation venture investments can better increase the high-quality innovation outputs. In addition, good corporate governance is necessary for the role of venture investments in corporate innovation. Third, as supervising and serving role is limited in firms with high management fee rate, venture investments of high reputation do not improve corporate innovation quality. Last, state-owned venture investments may participate in strategic innovation in state-owned enterprises and enterprises with high management expense ratio.
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Received: 23 February 2018
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