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| The Impact of SOEs’ Participating in Venture Capital as Limited Partners on Innovation Output |
| SHI Guoping，CHEN Demian，DONG Jianwei，ZHENG Xiaobin |
| 1.Tongji University, Shanghai, China; 2.Northwest University, Xi’an, China; 3.TDG Holding Co., Ltd., Haining, Zhejiang, China |
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Abstract Using panel data of Chinese A-share listed companies from 2009 to 2016, this study investigates the impact of SOEs’ participating in venture capital as limited partner(LP) on their innovation output. The empirical results indicate that: Firstly, from the overall perspective, participating in venture capital as LP can significantly increase SOEs’ innovation output. Secondly, the positive effects are stronger when: ①SOEs face higher industrial competition; ②the management institutions of fund that SOEs participate in are lead venture capital firms; ③investee companies are located in regions with low degree of market. Lastly, further examinations show that the promoting effects of private enterprises’ participating in venture capital as LP on their innovation are stronger than that of SOEs.
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Received: 11 October 2019
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